ASSESSMENT OF CURRENT FINANCES

1. I feel financially secure.
   

   1 2 3 4 5

2. Managing money is important to me.
   

   1 2 3 4 5

3. I have very little debt.
   

   1 2 3 4 5

4. I have a plan to be debt-free within the next five years.
   

   1 2 3 4 5

5. I use my money wisely and could help others do the same.
   

   1 2 3 4 5

6. I'm well organized when it comes to money matters.
   

   1 2 3 4 5

7. There aren't many things I need or want to do that are beyond my financial means.
   

   1 2 3 4 5

8. I consider myself very frugal.
   

   1 2 3 4 5

9. I'm financially better off than most people I know.
   

   1 2 3 4 5

10. I'm good at living within my means.
    

    1 2 3 4 5

11. I avoid people who want to hit me up for loans or donations to questionable causes.
    

    1 2 3 4 5

12. I primarily use credit cards for necessities.
    

    1 2 3 4 5

13. I really don't need any financial planning advice.
    

    1 2 3 4 5

14. I have a financial plan for the next two years.
    

    1 2 3 4 5

15. I have a financial plan for the next ten years.
    

    1 2 3 4 5

16. I have a retirement plan.
    

    1 2 3 4 5

17. I have a monthly budget and follow it closely.
    

    1 2 3 4 5

18. I use a professional financial planner.
    

    1 2 3 4 5

19. I save at least 5 percent of my paycheck.
    

    1 2 3 4 5

20. I can figure out how to cut back 3-5 percent on both my fixed and variable expenses.
    

    1 2 3 4 5

21. I have sufficient savings for at least three months of emergency expenses.
    

    1 2 3 4 5

22. I have a system for tracking my cash flow.
    

    1 2 3 4 5

23. I keep good financial records.
    

    1 2 3 4 5

24. I use a spreadsheet for my finances.
    

    1 2 3 4 5

25. I keep a good record of all fixed expenses, knowing exactly when they are due.
    

    1 2 3 4 5

26. I usually shop around for the best interest rates for savings.
    

    1 2 3 4 5

27. I know which websites will give comparative interest rates for loans.
    

    1 2 3 4 5

28. I know my credit limits.
    

    1 2 3 4 5

29. I know my credit score (FICO).
    

    1 2 3 4 5

30. I have a very high FICO.
    

    1 2 3 4 5

31. I usually check my credit report annually.
    

    1 2 3 4 5

32. I usually shop around for the best APR on loans.
    

    1 2 3 4 5

33. I have few credit cards.
    

    1 2 3 4 5

34. I often use a debit card.
    

    1 2 3 4 5

35. I have credit cards that give me rewards, such as miles or rebates.
    

    1 2 3 4 5

36. I always pay my credit card balance in full.
    

    1 2 3 4 5

37. I try to limit the use of credit cards.
    

    1 2 3 4 5

38. I always read the fine print.
    

    1 2 3 4 5

39. I always pay my bills on time.
    

    1 2 3 4 5

40. I have a good system for paying my bills.
    

    1 2 3 4 5

41. I use credit sparingly - only for major purchases, such as a car or house.
    

    1 2 3 4 5

42. I know the difference between good debts and bad debts.
    

    1 2 3 4 5

43. I know how to re-negotiate or consolidate loans at terms more favorable to me.
    

    1 2 3 4 5

44. I've never had a payday loan.
    

    1 2 3 4 5

45. I understand my military pay benefits.
    

    1 2 3 4 5

46. I understand my military health benefits.
    

    1 2 3 4 5

47. I understand my military child care benefits.
    

    1 2 3 4 5

48. I understand my military education benefits.
    

    1 2 3 4 5

49. I understand my military retirement benefits.
    

    1 2 3 4 5

50. I usually do my own taxes with few problems.
    

    1 2 3 4 5

51. I know where to go for tax advice.
    

    1 2 3 4 5

52. I know what federal, state, and local taxes I need to pay.
    

    1 2 3 4 5

53. I'm aware of several important tax-saving strategies for servicemembers.
    

    1 2 3 4 5

54. I know what I can and cannot deduct from my taxes.
    

    1 2 3 4 5

55. I know how much moving allowance I'll get.
    

    1 2 3 4 5

56. I know how much I get for a uniform allowance.
    

    1 2 3 4 5

57. I know how much I'm entitled to for a travel allowance.
    

    1 2 3 4 5

58. I have renters or homeowners insurance.
    

    1 2 3 4 5

59. My family has sufficient health insurance.
    

    1 2 3 4 5

60. I have good auto insurance coverage.
    

    1 2 3 4 5

61. I know how to save more on insurance.
    

    1 2 3 4 5

62. I understand compound interest.
    

    1 2 3 4 5

63. I have a checking account.
    

    1 2 3 4 5

64. I know exactly how much money is in my checking account.
    

    1 2 3 4 5

65. I have an interest-bearing savings account.
    

    1 2 3 4 5

66. I have a money market account.
    

    1 2 3 4 5

67. I own government bonds.
    

    1 2 3 4 5

68. I understand over-draft protection.
    

    1 2 3 4 5

69. I avoid ATMs that charge transaction fees.
    

    1 2 3 4 5

70. I understand the costs of using an ATM.
    

    1 2 3 4 5

71. I use online banking to transfer funds and to pay bills.
    

    1 2 3 4 5

72. I know the difference between yield and total return on investments.
    

    1 2 3 4 5

73. I know what are the safest and most risky investments.
    

    1 2 3 4 5

74. I'm invested in the stock market.
    

    1 2 3 4 5

75. I know how to diversify my investments in order to minimize risk.
    

    1 2 3 4 5

76. I only invest with money that is not obligated for other expenses.
    

    1 2 3 4 5

77. I avoid investments that I don't understand.
    

    1 2 3 4 5

78. I understand military education benefits, especially under the new GI bill.
    

    1 2 3 4 5

79. I've taken advantage of educational benefits by enrolling in programs that will make me more marketable in the civilian world.
    

    1 2 3 4 5

80. I have an educational finance and savings plan for my children.
    

    1 2 3 4 5

81. I have very good spending habits.
    

    1 2 3 4 5

82. I consider myself a savvy shopper.
    

    1 2 3 4 5

83. I don't spend much on entertainment.
    

    1 2 3 4 5

84. I seldom if ever gamble.
    

    1 2 3 4 5

85. I avoid buying items from television ads that require monthly payments.
    

    1 2 3 4 5

86. I usually shop around for the best deals, whether online or in a store.
    

    1 2 3 4 5

87. Before shopping, I do product and pricing research and read reviews.
    

    1 2 3 4 5

88. I clip coupons and use them regularly.
    

    1 2 3 4 5

89. I go shopping with a list of things to buy and usually end up with only purchases on the list.
    

    1 2 3 4 5

90. I usually avoid making impulsive buys.
    

    1 2 3 4 5

91. When shopping, I often avoid pushing a large shopping cart that might tempt me to fill it with things I don't need.
    

    1 2 3 4 5

92. When visiting a store, I usually limit my shopping time - I get in and get out with a minimum number of distractions.
    

    1 2 3 4 5

93. I don't spend much money on alcohol or cigarettes.
    

    1 2 3 4 5

94. I have second thoughts about buying dealer add-ons to major purchases, such as service and maintenance agreements, extended warranties, protection plans, etc.
    

    1 2 3 4 5

95. I don't drink or eat out a lot.
    

    1 2 3 4 5

96. I try to buy many things on sale.
    

    1 2 3 4 5

97. I regularly shop at base exchanges, discount stores, or shopping clubs.
    

    1 2 3 4 5

98. When I shop online, I try to get the best deal possible by routinely checking the price comparison websites.
    

    1 2 3 4 5

99. I often buy and sell on eBay.
    

    1 2 3 4 5

100. I sometimes buy used items.
     

     1 2 3 4 5

101. I shop thrift stores and consignment shops.
     

     1 2 3 4 5

102. I use major credit cards rather than those issued by stores.
     

     1 2 3 4 5

103. I know how to get the best deal on a car.
     

     1 2 3 4 5

104. I know how to best finance a home.
     

     1 2 3 4 5

105. I negotiate the price of most major purchases.
     

     1 2 3 4 5

106. I sometimes negotiate the price of even minor purchases.
     

     1 2 3 4 5

107. I keep an eye open for end-of-season and clearance sales.
     

     1 2 3 4 5

108. I know how to save more money on my monthly cell phone charges.
     

     1 2 3 4 5

109. I know how to save more money on my monthly cable television charges.
     

     1 2 3 4 5

110. I know how to save money on my monthly Internet charges.
     

     1 2 3 4 5

111. I know where to get the best deal on servicing my automobile.
     

     1 2 3 4 5

112. I know where to get the best deals on home repairs.
     

     1 2 3 4 5

113. I know how to negotiate a rental contract or lease that will not leave me financially vulnerable should my assignment change.
     

     1 2 3 4 5

114. I buy rather than lease a car or furniture.
     

     1 2 3 4 5

115. I always take sufficient time to read the fine print before signing contracts or leases.
     

     1 2 3 4 5

116. I do not pay alimony or child support.
     

     1 2 3 4 5

117. I do not have a student loan.
     

     1 2 3 4 5

118. I do not make car payments.
     

     1 2 3 4 5

119. I do not have a home mortgage.
     

     1 2 3 4 5

120. I am not providing financial support for an extended family member.
     

     1 2 3 4 5

121. I am not paying off a court judgment.
     

     1 2 3 4 5

122. I do not pay interest on credit cards.
     

     1 2 3 4 5

123. I have a will.
     

     1 2 3 4 5

124. I have a Durable Power of Attorney for health care.
     

     1 2 3 4 5

125. I have a Financial Power of Attorney.
     

     1 2 3 4 5

126. I understand how to set up a Revocable Trust.
     

     1 2 3 4 5

127. I have a retirement savings plan.
     

     1 2 3 4 5

128. I know what I want to do when I leave the service.
     

     1 2 3 4 5

129. I often get rid of things I'm not using by selling them.
     

     1 2 3 4 5

130. I sometimes run garage sales.
     

     1 2 3 4 5

131. A member of my family contributes to our income with a full- or part-time job or through self-employment.
     

     1 2 3 4 5

132. I know I'm getting the best interest rates on my savings.

____________________________________TOTAL:______

If you scored over 230, you need financial planning help, now! If you scored under 180, you're probably doing well.

SOURCE: Adapted from Trudy S. Woodring and Ronald L. Krannich, Ph.D., The Military Personal Finance Pocket Guide (Impact Publications, 2009), pages 4-10. All rights reserved. Copying strictly forbidden.