Can you Benefit from Hiring a Money Coach?

Until now, you may not have even heard of a money coach… so how would you know if you can benefit from hiring one!? We created this simple quiz to give you a general sense of your financial picture. Based on your answers, you can find out if you can benefit from working with a money coach. Ready? Let’s get started!

Do you know how much you spend each month on food (groceries and dining out)?

I have a general idea, but it’s probably too much.

I have a general idea, and it’s probably about right for my situation.

I have no clue.

I know exactly how much.

Which best describes your relationship with spending plans (budgets)?

I know how much my bills are each month, and I spend whatever money is left over.

I have a budget for major categories (groceries, savings, housing, dining out, etc.) that I stick to month-to-month.

I don’t have a plan for any of my spending.

I have a spending plan that I stick to and review at least once per month.

Which percentage of your total household income is spent on your rent/mortgage?

Over 40%

Between 30% and 40%

I do not know.

Under 30%

How would you describe the way you feel about how you manage your money?

I can buy what I want to buy, but I know I would be in trouble if anything major (car breaking down, losing a job, health emergency) came up.

I can probably do a better job with the way I manage my money, but I think I’m doing better than my peers.

Money stresses me out.

I feel very good about my finances.

What is your system for reviewing your finances?

I check my bank account and credit card balances before I buy anything to see what I can afford.

I have alerts on my accounts to notify me if I go below a certain amount.

I don’t have a system and I’m often surprised when I look at my checking account or credit card balance.

I use budgeting tools that I use to review my finances often.

Do you know how much total credit card debt you have?

Yes. I pay it down sometimes but then it creeps back up. It’s always about the same amount no matter what I do.

Yes. I’m comfortable with how much debt I have because I’m working on paying it off.

I have no idea!

I don’t have any credit card debt. I pay off the balance every month.

Imagine you need to buy a car. What do you do?

Go to a dealer or financial institution and see how much financing I can get, then buy a car I can afford (based on how much I can borrow).

I know how much I can put down and how much I can afford each month for a car payment, so I’d shop around for a loan that works for me, and then buy a car within that range.

I’m not sure, but I know it would be difficult.

I pay cash for the car I want.

How disciplined would you say you are?

If I had a plan, I might follow it, but not consistently.

I’m somewhat disciplined. I work best within a plan that has some flexibility.

I’m not very disciplined at all, and would really benefit from having some accountability.

I’m very disciplined.

What is your financial goal?

I’d like to get out of debt.

I’m slowly working toward paying off debt and/or saving (toward emergency savings or a down payment on a house)

To not get deeper into debt every month.

I have no debt and a fully funded emergency savings account. I’m working toward early retirement and/or paying off my mortgage.

10.

[BUSINESS OWNERS ONLY] How much do you earn from your business?

I earn whatever I have left over from business income after I pay my business bills.

I transfer money from my business to my personal account regularly after factoring in business expenses, but the amount varies sometimes.

My business and personal spending are mixed together.

I earn a set amount from my business after accounting for all business expenses and taxes. I’m paid the same amount on a regular basis (every two weeks, once a month, etc.).

Can you Benefit from Hiring a Money Coach?

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