Check Your Financial Health
At Bills.com, we strive to help you make financial decisions with confidence. While many of the products reviewed are from our Service Providers, including those with which we are affiliated and those that compensate us, our evaluations are never influenced by them.
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How is Your Financial Health?
How are your finances? Are you satisfied with your financial health? Are you taking systematic steps to measure and improve your finances or playing it by ear? Are you answering from a feeling or do you measure it in some way?
Eating a healthy diet, exercising, and getting regular medical check-ups are important to your physical health. Avoiding bad behavior is important, too; not smoking, drinking excessively, or abusing drugs.
Your financial health is similar, and is also a critical element of your overall health and happiness, studies show. There are basic practices you need to make a habit, and bad habits you need to avoid.
Bills.com takes your financial health seriously.
You have a unique set of circumstances and your own financial goals. You may be strong in some areas, like paying your bills on time, and weak in others, like saving money for retirement.
We provide a variety of free tools and information, making it easy for you to understand your strengths and weaknesses and put in place the right habits that will lead to good financial health.
Financial Health Categories
Take account of the different aspects of your finances and financial habits in order to get an accurate understanding of your financial health. Bills.com's Financial Health Survey measures your financial health by looking at your spending, saving, borrowing, and planning.
Do you know how much you spend each month and on what you spend it? Keeping a budget makes it easier to control your spending, pay your bills on time, put money in savings, and, hopefully, have something left over to have a good time. There are a lot of budgeting apps available, but the main thing is to keep on top of your spending.
Do you have enough in your bank account to pay for an emergency expense? Deposits in a savings account or money market account give you access to money in an immediate need arises. You also want to build up savings in your retirement and investment accounts, to help you buy a home, pay for college, and secure a healthy financial future.
Who doesn't borrow money? Mortgages, personal loans, and credit cards are common ways to borrow money. Your credit score is important when you borrow money, but only one small factor in your financial health. Remember, taking out loans is one part of borrowing money. How about paying off your debt? Do you have affordable payments?
Are you a planner? Or, do you let things slide by? Keeping a budget, making financial goals, and tracking your finances helps you stay healthy. Proper planning includes building savings and having insurance coverage. With the appropriate health, life, auto, and homeowner's insurance you can overcome difficulties and survive serious financial shocks.
Bills.com Financial Health Tools
- Debt To Income Ratio Calculator No one has to tell you how important it is to have enough money each month. It's obvious. But how do you measure how you are doing, other than "I'm broke at the end of the month," or "I made it through the month without running out of money"?Housing costs, whether mortgage payment or rent, are a major monthly expense for the average person. If you are like others, you probably have at least one of the following: credit card debt, a car payment, a personal loan, or student loans.Good financial health means not taking on more debt than you can afford. Lenders use a debt-to-income ratio to measure one aspect of your financial health. Use the Bills.com Debt-to-Income Calculator to see how you're doing. Coming back and measuring it regularly will provide you a good snapshot of your progress and help you make realistic plans to buy a home or make other important financial decisions.
- Your Monthly Savings Ratio Calculator Remember the grasshopper and the ant? If not, the grasshopper sang and enjoyed himself, while the ant worked hard and put aside food for winter. Guess who had something to eat later on?Saving money is another important part of staying financially healthy. It is important to put away money each month for a number of different reasons: in case of emergencies, to pay for a big expense, for a down payment on a home, and your retirement.How much do you save each month? Check out Bills.com's Savings Calculator to see just how much of your income you are saving.Savings don't happen magically. They take time and effort. You may need to prioritize one area to build savings and then move to another. The key to success is making savings a habit.Keep track of your savings rate and see how small changes you make lead to big progress on building savings.
Check Out Your Financial Health
Is there one best way to measure your financial health? No there isn't, but Bills.com gives you a free, effective way to assess your current financial health and understand where you need improvement. Your answers to 12 questions will give you a meaningful snapshot of how you are doing in the key areas that determine your financial health.
Our Financial Health Survey is a free and easy way to measure the health of your financial habits. Get your financial health score in how you spend money, manage debt, build savings, and plan to avoid financial problems, as well as receive an overall score. This is a simple and scientific way to find your financial weaknesses and strengths.
Your financial health score gives you a baseline, so you can track your progress, and measure your results as you take steps to improve your financial health
Take the Financial Health Survey today and get immediate recommendations to improve your financial health, as well as access to free tools and information that will support your progress towards a more financially secure future.
Get Your Financial Health Score