Home > Financial > Quiz: How Much Do You Know About Your Finances?

Quiz: How Much Do You Know About Your Finances?

By: Emma Jones - Updated: 4 Dec 2012 | comments*Discuss
 
Quiz: How Much Do You Know About Your Finances?

Money makes the world go round but if your partner has been dealing with the finances, then you may not know how it turns. When you are facing separation you need to know how you stand financially. From joint investments such as mortgages, to debts, savings and budgeting – you need to understand them. Take our quiz to find out how much you know about your finances.

Is your mortgage jointly in you and your partner’s names?

  • a) Yes
  • b) I’ve been paying him rent, does that count?
  • c) I have no idea, maybe

Do you know how much debt you have?

  • a) Yes, I know exactly how much we owe and the interest rates
  • b) Vaguely. I try not to think about it
  • c) No, I just give my partner money each month

Do you know your monthly outgoings?

  • a) I keep a record of all our bills, expenses and mortgage payments
  • b) I couldn’t tell you exactly but we always manage to pay them
  • c) What do you mean by outgoings?

Are your savings joint with your partner?

  • a) Some, but I also kept my own
  • b) Yes, I think we have some somewhere
  • c) He always saved but I didn’t

Do you have a pension?

  • a) Yes, I pay into a private pension each month
  • b) My employer takes money from me each month, does that count?
  • c) No, I’m way too young for a pension!

Mostly As

Well done, you have a good understanding of your finances, how much you owe and your monthly outgoings. You have been saving which will help you be independent and are thinking about your future. Remember that when you separate you will be living on one income though so you will need to readjust and reassess your finances.

Mostly Bs

You have been managing fine financially but you don’t have a great understanding of exactly why. You need to find out what is in your name and what it is in your partner’s name to see what you are entitled to. Now you are going to be living alone you need to take a better grip of your finances.

Mostly Cs

As a responsible adult you need to take control of your finances. Your partner has been in charge of them up until now, but it is now your turn. Learn the basics of budgeting so you can manage what is going in and out. Start saving so you have a back up and talk to a lawyer to make sure you get everything your are entitled to form the separation.

Money can be an awkward subject to talk about but it is essential that you understand your finances and can manage them on your own. If accounts have been in your joint names then you need to split them fairly and then learn to look after your part. Be sure you know hoe much money you have, how much money is going out and put a bit aside for the future.

You might also like...
Share Your Story, Join the Discussion or Seek Advice..
Why not be the first to leave a comment for discussion, ask for advice or share your story...

If you'd like to ask a question one of our experts (workload permitting) or a helpful reader hopefully can help you... We also love comments and interesting stories

Title:
(never shown)
Firstname:
(never shown)
Surname:
(never shown)
Email:
(never shown)
Nickname:
(shown)
Comment:
Validate:
Enter word:
Topics
Latest Comments
  • son
    Re: Selling the Jointly Owned Home
    my ex parther want me to sell our family home or buy him out . i would like to stay in my home . dont know wot to do ...
    19 August 2019
  • SouM
    Re: Buy Out The Mortgage From Your Ex
    Me and my ex partner (not married) own a house as tenants in common. He has put 80% of the deposit and I have put 20%. We…
    10 August 2019
  • NIC
    Re: Selling the Jointly Owned Home
    Hi i left my ex 4 years ago and I remained in the jointly owned property with our 2 kids. Since we split I have paid the…
    3 August 2019
  • Minam
    Re: Should You Tell Your Ex You're Dating Again?
    I don't want my ex back but I feel sorry for him he always cry for and I've found someone new .I broke up…
    11 July 2019
  • Mrs Jennifer Swift
    Re: Selling the Jointly Owned Home
    Hi I split up with my partner 2 years ago and moved out, we have 2 children together, we agreed on splitting everything down the…
    8 July 2019
  • Oli
    Re: Selling the Jointly Owned Home
    My wife and I are separated. Have two children. She lives in the house we jointly own with our children. Up until late last…
    23 June 2019
  • Juju
    Re: Selling the Jointly Owned Home
    A friend brought his house with his then girlfriend 10years ago. She left after 2 years never paying anything but he now wants…
    10 June 2019
  • Shelley
    Re: Selling the Jointly Owned Home
    I have been separated from my husband for 5 years.He wont sign divorce papers and my name is on mortgage.How can I get my divorce
    9 June 2019
  • Lawrence Ham
    Re: Selling the Jointly Owned Home
    my wife has a house with her ex, (not married) she wants out of the mortgage so we can move forward. How do we get her name off…
    21 May 2019
  • Tara
    Re: Selling the Jointly Owned Home
    Hi there I have a slight problem with my partner we always angry with each other we live in the same house but not as partner I…
    13 May 2019