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Find your Rx for Financial Health

Financial health doesn't happen overnight, but the first step is understanding where you stand today.

Answer the following questions to better understand your current financial condition. Then get your prescription for financial health—things you can do to improve it.

Step 1 of 6

About You

First, tell us a little bit about yourself so we can best help you.

Have questions about any of these terms? Check out our glossary for more information.

Step 2 of 6

Your Income

Your income is the money you have coming in. It’s what you use to pay for your living expenses, debts, and save for your goals.

  1. $

    Your total monthly income before taxes or deductions are taken out of your pay.

  2. $

    Your total monthly income after all taxes and deductions are taken out of your pay. It’s also called your take home pay.

Have questions about any of these terms? Check out our glossary for more information.

Step 3 of 6

Your Savings

Savings is the money you set aside from your income. You could be saving for emergencies, the holidays, retirement, or some other goal.

  1. The amount you save each month for large purchases and long-term goals, such as retirement.

  2. This is the amount you set aside each month for emergencies. If you don’t have any then enter “0” and if you don’t distinguish between emergency & long-term then enter the total amount you save each month and enter “0” in emergency savings.

Have questions about any of these terms? Check out our glossary for more information.

Step 4 of 6

Your Monthly Expenses

Monthly expenses are your regular living expenses. They include housing, utilities, transportation, food, childcare, health care, and more.

Total Monthly Expenses

Have questions about any of these terms? Check out our glossary for more information.

Step 5 of 6

Your Debt

Debt is money you owe because you have borrowed it. This could be payments on your car, your home (if you own it), credit cards, student loans, or money borrowed from a friend.

  1. $

    Include the total monthly debt payment on all of the debts you owe.

Have questions about any of these terms? Check out our glossary for more information.

Step 6 of 6

Results

Learn where you stand, where you’re strong, and where you financial health could use some extra care and how to provide it.

  1. Savings Rate

    This is the portion of your income you set aside for goals and emergencies each month. For optimal health, try to reach 20%.

    Additional Resources:
    Test Link
  2. Expenses to Income Ratio

    This is the amount of take home pay you use every month. For optimal health, you want this number to be less than 1. The lower the number, the better.

  3. Housing to Net Income Ratio

    This is the amount of your take home pay that covers all expenses related to housing. For optimal health, try keeping this number at 30% or less

  4. Debt to Income Ratio

    This is the percentage of your income that you spend on paying back money you owe each month.

Credit Score Information

Remember to check your credit. Your credit reports and/or scores may be used to evaluate you for loans, credit cards, bank accounts, apartments, insurance, utilities, cell phone plans, and jobs.

Your credit scores are based on the information in your credit reports. So, get and review your credit reports. Fix any errors. Make a plan to improve or build your credit.

You will be less likely to be denied a product, service or job with positive credit reports and higher scores. You will pay less in interest, fees, and security deposits, too.

Have questions about any of these terms? Check out our glossary for more information.