You May Not Be As Financially Fit As You Think

My Money CheckupMany people have the belief that they are doing alright financially when they truly aren’t. 

But how can you really know for sure where your finances stand? 

There is a vast amount of resources available to help people gauge their financial fitness. 

With so many places to turn, and so many pieces of advice, how then are you to know where to start?

National Foundation for Credit Counseling is a non-profit agency, and the nation’s largest financial counseling organization.  The NFCC was established in 1951 and provides financial services to more than 3 million people each year via telephone, internet, or in person at one of more than 700 community offices throughout the nation.

The financial services offered by the NFCC include general education, bankruptcy counseling and education, budget counseling and education, credit counseling, housing counseling, debt management plans, and a wide array of publications, worksheets, calculators and other resources.  One of the best resources they have for people to gauge their financial fitness is MyMoneyCheckUp.

What is MyMoneyCheckUp?

MyMoneyCheckUp is a free online analysis and budget tool.  It was first released in 2011 and has recently been updated to include Spanish language support to assist this fast-growing segment of the population.

The tool helps you gain a better understanding of your financial fitness and build a monthly budget, in addition to providing links to resources where you can learn more about managing your individual finances. 

The tool is very easy to use and only takes about 15 minutes to complete.

 
You start by answering questions about your finances about everything from your accounts to budgets, savings, home, retirement, and borrowing.  After completing the survey, you will be presented with a traffic-light style summary that gives you a better understanding of your financial fitness, including where you are doing well and the areas where you should take a closer look.

Moneycheckup1

The final section allows you to create a monthly budget.  It uses the answers to many of the questions you already completed as well as asking for additional information about your monthly expenses.  When complete you are able to instantly see your net total each month.  The tool also gives you the ability to save and download your budget as a PDF file or an excel workbook file.

Moneycheckup

While the individually personalized information is certainly useful, it’s not the main benefit you will receive from this tool.  Its ability to give you a better idea on the areas where you might want to focus in order to improve your financial health is its true value.

Even with the large availability of advice and tools, too many people fail to properly plan and budget their finances.  That is the true value of this tool; helping to better educate consumers about their finances, allowing them to become better informed and make better decisions.

Has MyMoneyCheckUp helped you?  We’d love to hear about it in the comments. 

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Comments | 4 Responses

  1. says

    It is definitely a good idea to know where you are at financially. That way you know what needs to be worked on and where you are already doing well. Great idea to use a resource like the NFCC in order to see where you stand.

  2. Alysa says

    This is a great resource! I have been looking online for a budget tool for a few months now ant this is perfect! Thank you so much!

  3. says

    Great post as to the Achilles heel of most Americans. With the almost elimination of defined benefit pension plans over the last few decades and such plans being replaced by defined contribution plans such as profit sharing, money purchase and 401(k) plans , it is almost impossible to fund enough for retirement just by contributions to such plans. Additional savings and investments are not only recommended but actually essential to duplicate retirement plans of the past. Not sure everyone knows this or understands this very important issue.

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