I found an interesting site that aims to quantify your “BillsIQ”. What the heck does this mean? Well, the site basically presents you with a short financial quiz to help you assess where you are in terms of getting your financial house in order. The quiz has five sections: credit, debt, budget, wealth, and life plan. Each section has five simple yet insightful questions to help assess how you are doing in each area.
After I completed the quiz, the result said that my BillsIQ was 97% A. Where did I get dinged? Well, I lost some points because I don’t keep a detailed budget and only keep track of things in my head. I do a budget periodically for planning purposes but never really go back and track how I did against the budget. My theory is as long as you keep a frugal mindset keeping a detailed budget isn’t quite as important.
I also got dinged on the “life plan” section for two things. First, I do not regularly contribute to a 529 plan for my kids’ college. We do put money aside for it, but we haven’t gotten around to opening the accounts yet. Secondly, I got dinged for not having a will written, which I totally know I absolutely need to get done.
So what did I learn? Honestly, I didn’t really learn anything, but it did serve as a reminder of the things I need to do. It is a good straight forward assessment of where you are financially. It is certainly worth a few minutes of your time. Perhaps it will tell you that you need to Consolidate debt?