Financial Fitness Calculator
ET Online | Updated : May 21, 2018, 02.14 PM IST
Do you find yourself fretting about your finances often? It could possibly be because your personal finances are still not under control and well-managed. At times you could even struggle meeting certain daily or monthly household expenses with ease. Using the financial fitness tool will help you understand the way you have been making your financial decisions till now, and hence, will help you rectify the mistakes, if any.
Why you should use it
The financial fitness tool is more like a tool to help you gauge your control over your household finances. Having an understanding of your financial health will help you set financial goals for important life events like retirement, wedding, car, property, and education, and will help you keep a track of them. More importantly, you can connect your goals to your existing portfolio and check how your portfolio is helping you achieve your goal.
How to use it
All you have to do is to answer 12 multiple-choice questions, and pick an answer that is close to your real life situation. The questions are primarily about your financial life, i.e., the way you handle your savings, debts, investments, insurance cover, and so on. Go on clicking on your choices, and you will get a verdict on the state of your financial fitness at the end of the exercise. This tool will tell you if your money habits will ensure a healthy financial life or not.
What it shows
Once you answer the questions, you will get to know the total score as well as the whether your finances are on track or not. If a drastic change in approach towards money matters is needed, it will be recommended to you.
You will get the results in three parts, you can click on any one of these buttons:
1. Insight: Based on your choices for each of the questions, under 'Insights', you will get to know the right approach when it comes to dealing with credit cards, investments , insurance and other money matters.
2. Certificate: On successful completion of the quiz, the user has the option to download a 'certificate' carrying name, date, and the final score.
3. Compare Results: In case you wish to know how your peers have scored, click on compare results. You only need to tell us your age group.