Financial Fitness Test

  • Financial un-fitness, like being physically un-fit, doesn’t happen overnight. It is the result of a series of small events and decisions that gradually creep up on you, and eventually reach the point where they can seriously impact your financial security, your emotional well-being and your health.

    So how financially fit – or un-fit – are you? Take the Copperjar System™ fitness test to find out where you fall on the financial fitness scale!

      Questions Yes No
    1 Do you own property?
    2 Do you have a mortgage?
    3 Is your mortgage in good standing?
    4 Is your mortgage principal amount greater than or less than 50% of the fair market value of your house?
    5 Is your mortgage principal amount greater than 50% and less than 75% of the fair market value of your house?
    6 Is your mortgage principal amount greater than 75% of the fair market value of your house?
    7 Is the amortization period for your mortgage 10 years or less?
    8 Is the amortization period for your mortgage 15 years or less?
    9 Is the amortization period for your mortgage 20 years or less?
    10 Do you rent?
    11 Is your rent paid on time?
    12 Do you bike, walk or take public transportation to work?
    13 Do you have a car?
    14 Do you have a car loan/lease?
    15 Is your car loan/lease in good standing?
    16 Is the original term of your car loan/lease 3 years or less?
    17 Is the original term of your car loan/lease 4 years or less?
    18 Is the original term of your car loan/lease greater than 4 years?
    19 Do you have a credit card?
    20 Do you have more than one credit card?
    21 Do you have more than 5 credit cards?
    22 Do you pay all of your credit cards in full every month?
    23 If you carry a balance, does your total credit card debt exceed $5,000?
    24 Does your total credit card debt exceed $10,000?
    25 Does your total credit card debt exceed $20,000?
    26 Does your total credit card debt exceed $50,000?
    27 Do you only pay the minimum on your credit cards each month?
    28 Do you have a line of credit with a balance outstanding?
    29 Is your line of credit gradually increasing?
    30 Do you have any savings?
    31 Are you living from paycheque to paycheque?
    32 Do you know where you spend your money every month?
    33 Do you balance your chequebook every month?
    34 Do you match your credit card receipts with your credit card statement?
    35 Do you have segregated accounts for different purposes?
    36 Do you discuss your financial affairs with your spouse or partner on a regular basis?
    37 Do you both have access to your bank statements and investment statements?
    38 Do you have lots of assets – cars, boats, cottages, televisions, iPods, cell phones – but always feel short of cash?
    39 Do you make regular charitable donations?
    40 Do you often fight with your spouse or partner over bills and expenditures?
    41 Do you have life insurance?
    42 Do you have home insurance?
    43 Are all of your premiums paid up to date?
    44 Are you getting reminder notices on your bills?
    45 Do you pay your bills before the due date?
    46 Are you getting calls from creditors and collection agencies?
    47 Do you avoid the mail or telephone because of creditors?
    48 Do you use paycheque loans?
    49 Do you hide your purchases from your spouse or partner?
    50 Are you embarrassed about your financial situation?
    51 Do you avoid going out with other couples because you can’t afford to pay your share?
    52 Do you use plastic instead of cash all the time?
    53 Do you use a debit card most of the time?
    54 Do you use a credit card most of the time?
    55 Have you consolidated your debts with a new loan?
    56 Have you added the outstanding balance on a car loan to a new car loan for a replacement purchase?
    57 Do you have a Will?
    58 Do you have a Power of Attorney?
    59 Have you done a benefit plan review?
    60 Do you have a Registered Retirement Savings Plan?
    61 Do you have a Tax Free Savings Account?
     

    Score:

    1 point for each YES to Questions 2, 5, 6, 9, 13, 14, 16, 17, 19, 20, 23, 24, 25, 26, 27, 28, 29, 31, 38, 40, 44, 46, 47, 48, 49, 50, 51, 52, 54, 55 and 56.

    1 point for each NO to Questions 1, 3, 4, 5, 6, 7, 8, 11, 12, 15, 18, 21, 22, 30, 32, 33, 34, 35, 36, 37, 39, 41, 42, 43, 45, 53, 57, 58, 59, 60 and 61.

    If you scored between 0 and 5, congratulations – you’re financially very fit.
    If you scored between 5 and 15, you’re slightly unfit financially.
    If you scored between 15 and 30, you’re unfit financially.
    If you scored between 30 and 40, you’re seriously unfit financially.
    If you scored more than 40, you’re a candidate for a financial cardiac arrest.