Are you a money-savvy woman?
Being savvy means to have practical knowledge – you know how to do things, not just think about them or talk about them. Take our quiz to find out how money savvy you are.
The Bayport quiz to find out if you are a money-savvy woman
1. I have a healthy relationship with money YES NO
Financial wellness starts with your relationship with money. To answer this question, think with how much respect you treat your money, whether or not you keep your financial commitments. Are you scared of money, intimidated by it? Do you resent money (and people who have it)? Do you use money to shame yourself or others? Or do you love money for all the good things it allows you to do?
2. I budget three to six months in advance YES NO
Why? Because there are birthday celebrations, anniversaries, school trips, car services, routine medical checkups and so on throughout the year that you need to plan for. Just like businesses forecast (budget) their expenditure months in advance to make sure they can meet their cash- flow needs, so should you. The amounts may not be 100% correct but it will give you a good sense of what you need to plan for.
3. I have a plan to pay off my debt YES NO
Debt costs a lot of money. Without credit card debt, unnecessary personal loans, an overdraft
and that loan you got from your brother, you will have more disposable money to put towards savings and investments. Come up with a plan to pay off your debt and stick to it.
4. I am honest about my finances YES NO
Lying about your money situation to yourself and your family members, will not solve any of
your problems. Budget honestly, capture ALL your expenses, open your accounts and say “no” to friends, partners or children if you have to.
5. I plan for retirement YES NO
On average, women live longer than men, which means you will need money for longer. Start
saving towards retirement as soon as you start working and, even more importantly, don’t cash in your retirement fund when changing jobs.
6. I manage my risks YES NO
This includes having medical aid, life insurance (especially if you have dependants) and income- protection cover, as well as car insurance and an emergency fund. With these safety nets in place, you and your loved ones will be far less vulnerable when life throws unpleasant surprises at you.
7. I have a plan to create wealth, and implement it YES NO
The only way to create long-term wealth is to have assets. This can be property, stock-market
investments, shares in a business, and so on. The aim is to build assets that will generate an
income for you in future so that you don’t have to work all your life.
8. I invest time and effort to learn more about money YES NO
You can only become more confident with money when you know more about it. You cannot
leave your financial education to chance or to your partner. When you understand financial
matters, you can have informed discussions with financial institutions and you will be far less likely to fall for scams.
9. I don’t live a champagne lifestyle on a beer budget YES NO
You don’t support an expensive lifestyle with credit, which means you won’t go broke trying to look rich or keeping up with your friends.
10. I track my expenses YES NO
You have to know where your money goes before you can make better decisions about spending it. A budget without expense tracking is only half the job done. Tracking your expenses and using that information to change your money habits, is true financial savviness.
