Cents and Sensibility

How Close Are You to Financial Freedom?

Money going down the drain.
Credit: Thinkstock

Are you sprucing up your finances or barely getting by?  If you’re not sure, don’t worry.  Cents and Sensibility has got the quiz for you.  Answer these five questions to see where you stand.  No peeking at the answer key.  You want to know the truth, right?

1. Do you spend time throughout the month reviewing your finances?
a. I spend time after each pay period reviewing my finances.
b. I sometimes review my finances, if I feel that it is necessary.
c. I never review my finances. I just pay bills when I receive my check.
2. Do you run from your creditors?
a. No. I answer all calls from them and I reach out to them as well.
b. If they call me, I will answer and speak with them.
c. Yes, I run. I do not answer any 1-800 numbers.
3. Have you mastered using cash instead of credit cards?
a. I use cash all of the time. I only use credit cards for emergency purposes.
b. Sometimes; I use cash if I remember, but I also use credit cards for everyday purchases.
c. I always use the plastic.  Why pay today when you can delay?
4. Do you use direct deposits for your checks?
a. Yes, all of my pay goes straight to the bank.
b. No, I spend money cashing my checks at the nearby currency exchange.

c. It goes into the bank for a hot second, but I withdraw it pretty quickly.
5. Do you get into debt?
a. No, if I can’t afford it, I don’t buy it.
b. Not really though I finance big purchases (house, car, and student loans).
c. Yes, I spend money even if I don’t have it.  Tomorrow’s never financed.
Answer Key:
If answered all with “A”= 100% You are close to financial freedom
If answered 3/5 with “A”=60% You are on your way
If answered 2/5 with “A”=40% You have work to do


About Dr. Karen Ratliff

Karen Ratliff

Credit: Dr. Karen Ratliff

Dr. Ratliff is a certified life coach and professional educator, assisting many people in accomplishing financial, career, and educational goals.  She is also the author of “Tightening Your Bootstraps: 104 Tips to Kick Your Debt to the Curb Now.” Keep up with her budgetary advice via Twitter @drkarenratliff  her website at, and her facebook fanpage “Financially Focused with Dr. Karen Ratliff.”