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- Are you Financially Healthy?
Are you Financially Healthy?
Do you want to know how financially healthy you are?
1. Which of the following describes how you earn your income?
Formal employment with monthly salary
Informal employment with daily or weekly payment
Business Owner
Farmer
Dependent with allowances from benefactor
1 / 21
2. Do your expenses exceed your income?
Always
Sometimes
Most times
Never
2 / 21
3. In the last 6 months how many times have your expenses exceeded your income?
Never
1
2 - 4
Above 4
3 / 21
4. How do you make ends meet when expenses exceed your income?
Reduce costs
Use savings
Borrow from friends and family
Delay payments
Borrow from bank, sacco, MFI, financial institution
Take goods on credit from shop
Borrow from mobile lenders e.g. M-Shwari, Branch, Tala
4 / 21
5. Do you pay your bills on time?
Always
Sometimes
Most times
Never
5 / 21
6. Do you save?
Always
Sometimes
Most times
Never
6 / 21
7. How do you save?
I include savings in my budget
I only save what is left over after expenses
I only save when I have an unexpected windfall e.g. bonus or commissions
All the above
None
7 / 21
8. What do you save for?
Future expenses e.g. school fees, uniforms, car service, dowry, wedding, etc
Unexpected occurrences e.g. sickness, death, accidents, increase in prices, etc.
Investments e.g. land, house, further education, new business/side hustle etc.
Emergency fund e.g. loss of employment, disability, etc.
Retirement
Leisure activities e.g. holidays, gifts, etc.
8 / 21
9. Where do you save the bulk of your money?
My transactional bank account
My savings account i.e. separate your savings from your operating account
Mobile money account e.g. M-Shwari, Airtel Money, M-Pesa
Fixed deposit account
Unit trust
Treasury bills
Other financial instruments
Purchasing assets e.g. livestock, land, etc.
Chama
9 / 21
10. If you were to lose your source of income today how long would your emergency fund last without having to sell assets?
Less than a month
1 - 2 months
3 - 6 months
7 - 12 months
Over an year
10 / 21
11. What do you borrow money for?
Consumption i.e. to make ends meet
School fees
Mortgage
Working capital
Investment
Property i.e. land, construction/renovation, etc
Medical care
Leisure activities
Car loan (not for investment)
11 / 21
12. What percentage of your income do you spend repaying loans? (total amount paid for loans/total income)
Zero
Less than 20%
21% - 50%
50% - 70%
Above 70%
12 / 21
13. Do you pay your loan on time?
Always
Sometimes
Most times
Never
13 / 21
14. How do you make credit card payments?
Don’t have a credit card
100% payment when bill is due
Minimum amount payment when bill is due
Minimum amount + some amount but not full payment when bill is due
14 / 21
15. Do you find yourself borrowing to repay other loans?
Always
Sometimes
Most times
Never
15 / 21
16. Which of the following represents your primary financial goal?
To make ends meet every month with a surplus
To be debt-free/ to have manageable debt
To save enough to have money when income is inconsistent
To retire comfortably
To open a new business
To invest
To improve my quality of life
To pay school fees
To have an emergency fund that covers financial shocks and/or loss of income
16 / 21
17. Do you have a plan to achieve your goal i.e. articulate goal, milestones towards achieving goal and actively track progress?
Yes
No
17 / 21
18. Do you always stick to your budget?
Always
Sometimes
Most times
Never
18 / 21
19. Do you have any of the following insurance?
Medical insurance (not paid for by employer)
Medical insurance (paid by employer)
Life insurance
Disability insurance
Property insurance
NHIF
None
19 / 21
20. Which insurance do you have for your car?
Don't have a car
Third party insurance
Third party with top - up
Comprehensive insurance
20 / 21
21. Which of the following does a credit score mainly indicate?
Knowledge of consumer credit
Attitude toward consumer credit
Amount of consumer debt
Risk of not repaying the loan
Financial resources to pay back the loan
21 / 21
You scored a -66
Very Unhealthy
This is not clearly not good. But don't worry. The first step towards achieving financial health is knowing where you are. Financial health is about meeting your expenses, planning for the future and taking charge of your financial goals. You need to adjust your spend, save, borrow and plan habits in order to improve your performance. Start by creating a budget and definitely seek assistance from someone with financial knowledge.
You scored a 0
Fairly Unhealthy
This means we can do with some improvement. The key considerations in improving your financial health are;
1. Spend less than income
2. Pay bills on time and in full
3. Have sufficient living expenses in liquid savings
4. Have sufficient long term savings or assets
5. A sustainable debt load
6. Ease of accessing additional credit
7. Use of appropriate financial instruments including insurance
8. Plan ahead for expenses
You scored a 51
Healthy
Well done! You are on the right track to achieving financial health. Look at your spend, save, borrow and plan habits to see how you can improve. List your financial goals and articulate clear actions that will enable you achieve them.
You scored a 96
Perfectly Healthy
Congratulations!!!! You are perfectly healthy. Your spend, save, borrow and plan habits ensure that you make your ends meet and can absorb financial shocks without pressure. You also take your planning seriously and follow up on your goals to ensure they are achieved. Keep it up!