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Posted on: December 15, 2021

Wellness Wednesday: The Accountant Will See You Now

Wellness Wednesday

What is a Financial Checkup?

A financial checkup is as important as a physical checkup. A regular check of financial health can identify problems, chart progress, and outline action steps to achieve goals. It can also provide motivation to change.

Take a Financial Fitness Quiz

Take this quiz to get an idea of how you are managing your money. Think of it as you would an annual physical with a health professional — a checkup to improve your financial health and screen for potential problems.

Choose the score that best describes your current financial management practices: 

5 = always (or yes); 4 = usually; 3 = sometimes; 2 = seldom; 1 = never (or no, or don’t know)

Financial Management 

___ I have a checking account (or credit union share draft account) with which to pay bills.

___ I have enough money to pay my rent/mortgage and other monthly expenses.

___ Less than 20% of my monthly take-home pay goes to credit cards, student loans, and car payments.

___ I pay off credit card bills to avoid interest charges.

Financial Planning

___ I have written financial goals with a date and dollar cost (e.g. “save $5,000 for a car by October”).

___ I have a written plan or budget for spending/saving.

___ I have at least three months’ expenses set aside in a readily accessible account.

___ I have enough money for an emergency, such as an unexpected vehicle repair bill.

Investing 

___ I have a personal investment account for retirement (other than a pension).

___ I have money in more than one type of investment (stocks, bonds, mutual funds).

___ The after-tax yield of my savings and investments is greater than the rate of inflation.

___ I calculate my net worth (assets minus debts) at least annually.

Insurance and Estate Planning

___ I have insurance to cover large, unexpected expenses, such as a hospital bill or disability.

___ I have a current will.

___ I keep financial records organized and can find important documents easily.

___ I know my federal marginal tax bracket (e.g. 15%, 25%).

Spending & Savings

___ I comparison-shop for major purchases by checking at least three sources.

___ I avoid impulse purchases and don’t use shopping as a form of recreation.

___ I increase my investments/savings when I receive a salary increase.

___ I save regularly for long-term financial goals (e.g. education for my children, a house, retirement).

Scoring Your Quiz 

0-20 points: You need to make some changes, but don’t despair. It’s never too late to improve your finances.

21-40 points: You could be headed for financial difficulty. Now is the time to reverse the trend.

41-60 points: You are doing a fair job of managing your finances and have taken some steps in the right direction.

61-80 points: You are doing a good job and are above average in managing your finances.

81-100: You are in excellent financial shape!

Need Financial Help?

Even if you scored well overall, individual items scored 1, 2, or 3 indicate areas to improve your financial fitness. If you would like help managing your finances, a good place to start is the Advocate Aurora Employee Assistance Program. As part of this free service for City employees and their families, you can receive a 30-minute phone consultation with a financial consultant.

To learn more, visit aah.org/eap or call 800-236-3231.


HRA Reminder:  THE DEADLINE IS TODAY!

To be eligible for a discount on your health insurance premiums for the next benefit plan year, you must complete all parts of the HRA by December 15, 2021. Visit askallis.westalliswi.gov/HRA to learn more!

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