How Skilled Are You at Financial Planning?

I use a spreadsheet to track income and expenses, and make adjustments as needed.

I use financial software or apps to manage my budget automatically.

I write down my expenses and try to stay within limits.

I have a detailed budget plan including long-term and short-term goals managed through multiple tools and reviewing it regularly.

I set aside a small percentage of my income regularly.

My emergency fund strategy includes investments in low-risk vehicles to optimize growth while maintaining liquidity.

I occasionally save a bit of money when possible.

I have a defined savings plan to reach an emergency fund goal of at least 3-6 months of expenses.

I employ advanced debt reduction strategies, such as debt consolidation or negotiating lower interest rates.

I focus on paying off the smallest debts first to create momentum.

I make minimum payments to keep my accounts in good standing.

I prioritize paying off debts with the highest interest rates.

I have a general idea of my financial goals but don't track them closely.

I write down my financial goals and review them occasionally.

My financial goals are part of a comprehensive financial plan that includes regular assessments and adjustments.

I use specific tools or methods to set detailed financial goals and review them regularly.

I conduct detailed, regular reviews and analyses of my spending patterns using multiple tools.

I manually record transactions in a notebook or basic spreadsheet.

I use tracking software or apps to automatically categorize and monitor expenses.

I sometimes check my bank statements.

I have a basic understanding of stocks and bonds and occasionally invest through a brokerage.

I use sophisticated investment strategies, including options, futures, and other derivatives.

I diversify my investments across various asset classes for balanced risk and reward.

Investing seems complicated; I prefer to save money in a bank.

I monitor my credit report regularly and take corrective actions to maintain or improve my score.

I check my credit score periodically and aim to keep my payments timely.

I utilize advanced strategies to optimize my credit score, including balance transfers and credit utilization management.

I know it exists but haven't checked it recently.

My retirement planning includes diversified investments, tax-advantaged accounts, and regular financial reviews.

I have a retirement account but don't contribute regularly.

I contribute regularly to a retirement plan and review my portfolio periodically.

I haven't started planning for retirement yet.

I haven't used any financial tools or software.

I use basic financial tools like calculators or budget templates.

I use advanced financial software for comprehensive planning, portfolio management, and tax strategies.

I use intermediate tools like budgeting apps and expense trackers.

I make decisions based on basic research and advice from friends and family.

My financial decision-making process involves detailed data analysis and long-term projections.

I use systematic approaches like cost-benefit analysis for financial decisions.

I often rely on my intuition when making financial decisions.