Good cardio financial health can be determined by how your finances look at month end. You want to ensure you’ve paid your bills without breaking a sweat and you have money left over.
What you will need to take the Financial Cardio test:
Net pay amount, any other monthly income amounts, current credit card, LOC and chequing statements, loan payments - including your mortgage, and a calculator.
Select your pay period: Monthly Bi-Weekly Weekly
Enter your net pay: $
Other monthly income: $
Total monthly income = $0.00
Note: If you share any loan payments just use your portion in your calculation.
Take the total of your minimum monthly payments on all credit cards and LOCs: $
(Visa=$27, HBC=$43, LOC=$95; Total = $165)
Take the total of your monthly payments on all other loans, including your mortgage: $
Your total monthly loan payments = $0.00
Note: Do not include loan payments that you listed in STEP 2.
Take your chequing account statement and add up all debits: $
(withdrawals, cheques, direct payment purchases, service fees and other payments)
Your monthly cash flow =
Your place on the Cardio Scale =
No matter where you fit it is a great place to start. That's the point - it is a starting position. You need to know it so that you can watch your cardio health improve over time. The goal is to get this number as high as possible. To increase your monthly cash flow you have to pay down debt, decrease spending or increase income. The first place to start is to understand your monthly expenses and work out a realistic budget.