How smart are you when it comes to your money? More than one third of adults admit they spend more than they can afford, and it's been estimated that 70 percent of Americans are living paycheck to paycheck. Are you one of them? If you worry about surviving tough financial times, take these quizzes to evaluate your spending habits. Then, follow the steps on the Financial To-Do Checklist to make sure you don't find yourself broke.
Answer true or false to the following statements:
Count the number of true answers. If you answered true to any of these, you have an unhealthy spending habit. If you answered true to five or more, you are headed for serious financial troubles.
Answer yes or no to the following questions:
If you answered yes to more than three of these questions, it is time to reevaluate your spending habits. Don't live in fiction — know now and make the corrections to survive the money crisis.
1. Always set aside at least 10 percent of your income for savings and investing, using the payroll deduction method.
2. Always contribute the maximum amount of money to employer-sponsored pension plans, in order to get the maximum contribution from your employer every year.
3. Always use manufacturer's and retailer's coupons when possible, and send in for rebates.
4. Always look over sale flyers and comparison shop before spending money, especially on food.
5. Always comparison shop motor vehicle and household insurance policies when they come up for renewal.
6. Always pay credit and charge card purchases in full when the statement arrives, and never pay interest charges or penalty fees of any type.
7. Always keep banking and other receipts, even for smaller purchases, and note the details of the purchase on the receipt.