DePaul University

Have You Mastered Your Money?

Do you track your expenses daily?

I have a system that allows me to track how much I spend every day.

I don't always keep track of my expenses.

I don't know how much money I spend on a daily basis.
Do you have a written monthly budget?

I have a monthly budget that I review and update regularly.

Sometimes I write down what I want to spend for the month but not every month.

I don't have a budget.
Do you balance your checkbook at least once a month?

I always balance my checkbook monthly.

Sometimes I balance my checkbook but when I get busy I miss doing it.

I do not keep track of my checking account myself instead I use the balance on my ATM receipts, call the automated line or check on-line.
Have you set financial goals and developed a plan to reach them?

I have short term, intermediate and long-term financial goals with the steps to reach them written down.

I have an idea of what I want to do with my money for the next year.

I rarely think about what I want to do with my money in the future.
Do you save at least 10 percent of your monthly income?

Every month I take 10 percent of my income and put it in my savings account.

I try to save 10 percent every month but sometimes I save less or none at all.

I never seem to be able to save money.
Do you comparison shop for the purchase of most items?

I regularly compare prices to ensure I'm getting the best deal.

If I have time to comparison shop I will but that does not always happen.

I don't shop around for the best prices, I just buy what I want.
Do you spend more than 15% of your monthly income on debt payments including credit cards and car payments?

I keep my debt to a minimum and make sure it's never more than 15% of my monthly income.

Most months I stay under 15% but sometimes I charge more than that.

I don't know what percentage I pay monthly.
Do you pay your bills on time every month?

I know my due dates and pay my bills on time always.

For the most part I pay on time, but sometimes I forget and miss a due date.

I frequently pay late and end up paying late fees too.
Do you have enough money to last the entire month?

I always am able to cover all my expenses for the month.

Occasionally I have run out of money before the end of the month and I have to borrow money or charge items to make ends meet.

I am always out of cash before the end of the month.
Do you only charge items you can afford to pay for when the bill comes?

I plan ahead of time what I can afford to pay before I use my credit card.

Occasionally I charge more than I can afford to pay and I have to carry a balance.

I regularly use my credit card to buy things I want or need even though I don't have the money.

20 - 15 You are generally practicing good money management skills and are mastering your money. Review any questions you answered B or C to and begin taking corrective measures. Review the Get A Money Plan section for suggestions.

14 – 7 You have started down the path of mastering your money. There are some areas you are on top of but there is still some room for improvement. Any B or C answers signal any area for improvement. Attending the Get The Most Out Of Your Money workshop may assist you in getting to next level of mastering your money.

6 - 0 You are not getting the most out of your money. In order to take control of your situation you need to take immediate action. Either register for the Get The Most Out Of Your Money workshop or schedule an advising appointment with Financial Fitness.