Want your kids to develop fiscal responsibility in a consumer culture? Start by taking your own financial pulse with this short quiz, adapted from the Financial Habits Checkup in Nathan Dungan's book Prodigal Sons and Material Girls (Wiley & Sons, 2003).
Questions:
1. Do you currently carry a balance on a credit card?
2. In the past year, have you ever paid only the minimum due on a credit card?
3. Is your mortgage payment more than 30 per cent of your annual household income?
4. Are you currently behind in paying any of your bills?
5. Do you own or lease vehicles whose total sticker price exceeds 50 per cent of your annual income?
6. In the last year, has money caused tension in your relationships?
7. Have you adequately protected yourself with disability and life insurance?
8. Do you follow some kind of a budget?
9. Do you save ahead for large expenses, like a vacation or home upgrade?
10. Do you have specific financial goals?
Scoring:
For questions 1 to 6, give yourself one point for each "no" answer.
For questions 7 to 10, give yourself one point for each "yes" answer.
If your points total less than 8, you probably need to make some changes to improve your financial health.
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