Pretty much everybody stresses about their personal finances to some degree. These days, it’s only natural to wonder how you would cope if you or your spouse lost a job, had a big medical expense, etc.

The Wall Street Journal has an interesting piece out today, entitled “5 Tips for Passing a Personal-Finance Stress Test.” Here are the bullet points…

• Debt-to-Income Ratio: How much money comes and goes out each month
• Discretionary Expenses: Which things can you cut back (gym membership) and which you can’t (your mortgage.)
• Emergency Savings: Enough to pay 3 months of expenses at the minimum
• Additional Income: Cutting grass? Paper route? Sell your stuff? Etc.
• Total Assets: Everything you own, divided by monthly expenses, to see how much cushion you have

There’s more info at the original piece, so check it out!

Figuring out where you stand in your personal finances may not change any facts on the ground. You may not like the result, but it can help erase the uncertainty and maybe help you focus on solutions.

So, have YOU done an inventory like this? Did it help you focus and make some changes? Let us know over at the MindField Online Facebook page, and have a great weekend!