Are you ready to be money-smart in 2018? Test your financial chops by deciding on this quick true or false quiz.

Personal financial management software is more trouble than it’s worth.

False. Software makes it easier to see where your money is going so you can find and plug any spending holes.

The average household with credit card debt owes about $8,000.

Visa Credit CardTrue and False. The average credit card debt for all American households is $8,377. (Source: But, when you exclude households that pay off their debt every month, that average shoots up to $16,000. (Source:

Little expenses matter just as much as big ones.

True. Although spending $5 on a coffee here, and paying 10 cents extra per gallon of gas rather than shopping around may not make a big difference in your daily budget, when you add up those extra expenses over the long term, they can be a big portion of your spending.

As long as I’m keeping track of my bills, I don’t need to check my credit report.

False. It is essential to check your credit report on a regular basis so you can find errors and clear them up in a timely manner. And you’re entitled to one free credit report from each of the three main reporting agencies once a year. Make sure you grab those at — don’t be fooled by look-alike services that charge fees.

Money affects your physical and emotional health, not just your wallet.

True. The American Psychological Association found that money is one of the most common stressors. Over time, stress can cause symptoms of depression and lead to unhealthy coping strategies. In addition, people often cite money concerns as a reason for delaying health care. (Source:

You should save and pay off debt at the same time.

True. Given the importance of reducing debt, it can be tempting to put all extra funds toward paying off debt. However, this can leave you without an emergency fund — and when an emergency hits that you don’t have a cash reserve to cover, it’s probably going to go right back on the credit cards.

How did you score on this quiz? If you need help hitting your financial goals, don’t hesitate to contact us at 207-872-2636 or— our team of professionals can help you with savings and debt reduction.