Most financial calculators require you to enter a lot of numbers, after which they spit out more numbers in return. What if you’re not a numbers person? The BBC offers a financial healthcheck tool that uses plain English to help evaluate your money situation.
Our financial healthcheck will give you some tips for a healthier financial lifestyle — now and in the future. It will only take a few minutes. There’s no need to dig out bank statements or old insurance policies. Just answer a few simple questions and we’ll make some suggestions based on what you tell us. Everything you tell us is confidential.
The financial healthcheck asks for your age, marital status, job, and current savings, but in abstract terms. For example, one question asks, “How far does your money stretch?” Possible answers include:
- “Not a problem. We can mostly afford what we want and often have money left over.”
- “We can mostly afford what we need, but there’s not much left over.”
- “We struggle to make ends meet.”
After a short series of questions, the tool offers financial tips based to your responses. Though this tool is geared toward citizens of the UK, anyone can use it.
[BBC: Financial healthcheck]
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This seems like it is most likely for people who haven’t researched personal finance much. I’m no where near an expert (barely past novice maybe) on personal finance, but I didn’t learn anything I wasn’t already aware of.
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Yeah, I think it’s meant for people who are just starting to think about money. But I have a couple of friend that I think could really use this…
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I think its pretty cool, especially as if you haven’t got a clue yet, you’re most likely to be put off by numbers.
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For those who are interested there is a Motley Fool UK forum called Living Below Your Means (LYBM). There is a regular discussion about how to reduce your outgo. There is also a Dealing With Debt forum where people who want help complete a worksheet to show where they stand. Once completed and posted people provide advice and encouragement during the debt reduction process.
LBYM -> http://boards.fool.co.uk/Messages.asp?bid=50074
DWD -> http://boards.fool.co.uk/Messages.asp?bid=50079
The UK Motley Fool site is free. The US Motley Fool site has some similar discussions but requires a fee based membership last I checked. Many of the principals are universal.
John Corey?- Real estate investor, 20+ years – multiple states and countries. Check my blog -?http://johncorey.wordpress.com/ – advice for real estate investors.
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