HomePersonal FinanceWhat All Adults Should Know About their Own Personal Finances

What All Adults Should Know About their Own Personal Finances

I am not sure how many people with out a personal finance blog actually know how they are doing with their personal finances.  I can’t imagine that many people actually take account of their net worth or even how much debt they actually have.  At most, maybe, someone will know their 401(k) balance.  Notwithstanding, there area  number of items that every adult who is in charge of their household’s finances should know.

What Every Responsible Adult Should Know About their Personal Finances

I am sure the list is not complete so if you have any ideas I’d love to hear them:

  1. How Much Credit Card Debt Do You Have?
  2. What is your Mortgage(et. al.) and/or Rent Payment?
  3. What are the terms of your mortgage?
  4. Does your company offer a 401(k) Match?
  5. Are you taking advantage of your 401(k) Match?
  6. How much are you saving per month?
  7. Are you paying/overpaying for home owner’s insurance and/or Auto Insurance?
  8. What is your risk tolerance?
  9. Is your asset allocation in line with that tolerance?
  10. Do you have a will? If not do  you understand what happens without a will?

I would say this is a top ten list, but would love to hear other ones.




  1. I totally agree. Everyone should know the answers to these questions for their situation. I would like to add:
    11. What is your credit score?
    12. How many months worth of living expenses do you have saved in cash?
    13. What is your monthly savings rate?

    • I agree with 12, but not sure everyone always needs to know 11 and 13 at all times. Rather I would say someone would just need to know where they are headed (i.e. around XXX score and X% rate)

  2. One big one. What is your biggest monthly expense and how much is it? The correct answer is “taxes,” and hardly anyone knows how much it is.


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