These 5 Questions Can Determine Your Financial Well-Being

‘Am I saving enough?’ ‘Am I prepared for financial emergencies?’ ‘Is my financial condition healthy?’

If you have heard yourself say such things, then don’t worry you are not alone. We all have concerns about our financial health. But the difference lies in how we assess our financial well-being and what we do to improve our current situation.

But how to assess your current financial health? Is there a magic formula?

Well, not a formula, but Wizely has developed a systematic process for how you can know your current financial health and also know what steps to take to improve the state of your finances.

It is a simple process:

  • Download the Wizely app.
  • Answer 5 simple questions.
  • Based on your answers, you will be assigned a Financial Wellness Score along with a list of recommendations that can help you improve your score and in turn, improve your financial well-being.
  • Follow the recommendations and improve your score. So the more recommendations you complete, the better your score becomes.

That’s it.

                                         Measure Your Financial Wellness on Wizely

Now, are you wondering what are the 5 questions that you will be asked? Let’s find out.

5 Questions That Can Determine Your Financial Well-Being

  1. How do you feel after your monthly spending?

    This is to know whether you are worried or comfortable with your monthly expenses. Based on this, you can decide on your monthly budgets and allocate money to save and invest accordingly.
  2. What do you do when you have to make an expensive purchase?

    Answering this question helps us know whether you take a loan, borrow or save in advance for an expensive purchase. Based on this, you can decide how to plan and save up in advance for expensive purchases.
  3. Are you paying off any loans?

    Managing debt is a big part of your financial well-being. So how you manage your current loan can help you take better financial decisions with respect to debt in the future.
  4. Do you save money every month? If yes, when?

    Saving money is an integral part of your overall financial well-being. So how, when and how much you save is a key indicator when it comes to assessing your current financial situation and making recommendations based on your current status.
  5. How do you feel about investing?

    Investing is an important way how you can grow your money. So it is essential to know whether you feel good about investing your money or find it risky. This will help you plan and manage your finances in a more effective manner.

So now that you know how to determine your financial well-being, what are you waiting for? Download the Wizely app and get started now!

Follow our 'Financial Score Vs Credit Score' Blog Series:
When is it Smart to Harm Your Credit Score
Do You Know Your Financial Score? Find Out

Asha Ritu

Asha Ritu