Subject: Financial Fitness Calculator

Answer Yes or No for each question to calculate your financial fitness. Yes/No
1. Are you 30 or older?
2. Do you have at least RM3,000 or three months of living expenses saved to cover emergencies?
3. Are you contributing to EPF or participated any private retirement scheme (PRS)?
4. Do you save or invest beyond your retirement plan and emergency fund?
5. Do you know how much you need to save each month to retire at the age you would like?
6. Do you have life insurance (at least enough to cover funeral expenses)?
7. Do you have adequate car insurance coverage?
8. Do you have health insurance?
9. Do you have insurance that covers disability (besides Social Security Organization (SOCSO), or also known as PERKESO (Pertubuhan Keselamatan Sosial))?
10. Do you have a will?
11. Do you spend less than 25 percent of your income on your rent or mortgage?
12. Are you investing or saving money with each paycheck in a savings account, money market account or mutual fund?
13. Are you paying your credit cards in full each month?
14. Are you paying all of your bills in full each month?
15. Do you know the interest rates on your checking, savings and credit card accounts?
16. Have you reviewed your credit report lately?
17. Do you balance your checkbook each month?
18. Do you track your monthly expenses?
19. Do you regularly read about improving your personal finances?
20. Do you have a financial plan?
21. Are you saving at least 10 percent of your gross income each month?

 

How did you score? I’d love to hear about it!

Watch out for my next post for the scoring.