Discover Your Financial Health: Assess Your Financial Balance Across 10 Key Areas
Understanding your financial health is about more than just knowing your income or savings. It’s about having a clear picture of all the critical elements that contribute to your overall financial well-being. Our Financial Life Balance Wheel evaluates 10 key areas to help you identify strengths, uncover potential blind spots, and take action toward building a stronger financial future.
What is a Financial Balance Wheel?
The goal of the Financial Balance Wheel isn’t to achieve a perfectly round wheel, with high scores in every category. In fact, even if you scored a level 1 in satisfaction across all areas, your wheel would be round, but you'd still be very dissatisfied! The purpose of this tool is to highlight which areas of your financial life are most out of balance and may need more attention.
Why Balance Matters:
When one area of your financial life is significantly lower than others, it can create stress and prevent you from reaching your overall goals. By identifying the areas that are most out of balance, you can focus on taking small, strategic steps to improve those aspects and create a more stable and fulfilling financial foundation.
Ready to Take Control of Your Financial Future?
Take the Financial Life Balance Assessment to get a comprehensive view of your financial health. This quick, interactive tool will guide you through these 10 critical elements, helping you understand where you stand and what steps you can take to improve.
To begin your assessment, click the button below. Once you're on the wheel page, drag the sliders to the number that represents your current level of satisfaction with that financial category. "10" = most satisfied; "5" = neutral; "1" = completely unsatisfied. You'll get a total satisfaction score and percent at the end.
When finished, feel free to save the image for reference later - especially if you do a coaching session with us!
Here are the Ten Most Critical Elements of Financial Balance in Life:
1. Income Stability
Is your income consistent and sufficient to support your lifestyle? This category helps you assess how stable and reliable your income sources are, and whether you have the capacity to manage unexpected changes.
2. Savings
Do you have enough saved for both short-term needs and future goals? This category evaluates your ability to save regularly, maintain an emergency fund, and prepare for upcoming expenses.
3. Debt Management
Are you in control of your debt? This element measures your ability to manage and repay debt responsibly, including credit cards, loans, and other obligations, without feeling overwhelmed.
4. Emergency Fund
Do you have funds set aside for unexpected expenses? Having an emergency fund is crucial for financial security. This category gauges how well-prepared you are for life's unforeseen events.
5. Retirement Planning
Are you on track for a secure retirement? Assess your progress towards your retirement goals, your understanding of retirement plans, and whether you're making regular contributions to ensure a comfortable future.
6. Insurance Coverage
Is your insurance coverage adequate to protect your financial well-being? This category examines whether you have sufficient health, life, and other insurances to safeguard against major financial setbacks.
7. Investments
Are your investments aligned with your financial goals? Evaluate your investment strategy, risk tolerance, and how comfortable you are with your current investment decisions.
8. Spending Habits
Are you mindful of your spending? This category looks at your spending patterns and whether you are able to maintain a balanced budget that aligns with your financial goals.
9. Credit Health
Do you know your credit score and understand how it impacts your financial life? Assess your awareness and management of your credit score, credit report, and overall credit health.
10. Financial Goals
Are you clear on your short-term and long-term financial goals? This category helps you evaluate the clarity of your goals, your progress towards them, and your motivation to achieve them.
