How To Know If You Are In Good Financial Shape

Are you in good financial shape? How do you know if you are on the path to financial success or financial failure? In this post, you’ll be able to take a short, 7 question quiz to see if you are in good financial shape or not, and learn more about improving your personal financial situation.

How are you doing with your finances? Are you looking to improve your financial situation this year? Do you know if you are in good financial shape right now?

Before improving your personal finance situation, let’s see where you are currently with your personal finances.

In this post, I have created 7 easy to answer questions to determine your financial shape.
 

With this personal finance quiz, you can understand where you are in your personal finance journey and get some recommendations to better your financial future.

Let’s get into this personal finance quiz now!

7 Questions to Determine if You are in Good Financial Shape

How can you know if you are in good financial shape? What are the principles and foundations of personal finance, and how can you get started on your financial journey?

To answer these questions, I’ve created a simple 7 question quiz for you to take to determine if you are in good financial shape.

Below, I’ve listed the 7 questions you can answer to determine if you are solid financial shape, and in the following sections of this post, you can see the scoring for each of these questions.

  1. Do you track your income and expenses?

  2. Do you know your net worth?

  3. On average, how much time do you spend a month learning about personal finance?

  4. Do you have any debts?

  5. Do you have an emergency fund?

  6. Do you have any investments for the future?

  7. Do you have any financial goals?

Let’s get into each of these questions to determine your financial shape now.

Make sure to grab a pencil or something else to track your score!

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1. Do You Track Your Income and Expenses?

The first question is easy: do you track your income and expenses? Do you use a spreadsheet or use a personal finance tracking software tool to understand how much you spend on different categories each month?

Knowing your income and tracking your expenses is one of the most important things to do if you want to improve your financial situation.

One of my favorite quotes is “What gets measured, gets managed.” If you know how much you spend on food, you will be able to adjust your spending habits if it’s too much.

Likewise, if you don’t know your spending habits, then you won’t be able to improve on them!

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