A midlife money checkup

You've become an expert juggler - what with the mortgage, college tuition and monthly bills. But in that financial scramble, you may have lost track of just how much you owe, especially if you keep tapping your home equity for spending money.

Sure, some debt makes sense - taking out a loan to buy that house in the first place, for one. But too much debt can cripple your finances, especially if you carry credit-card balances. The worst scenario would be to head into retirement with mushrooming interest payments and only a fixed income to pay them off.

Use these four guidelines to see if you're in over your head:

• 28%: Devote no more than this amount of your monthly pretax income to your mortgage.
• 75%: By age 45, limit your home loans to this portion of your home's value, says Phil Dyer, a financial adviser in Towson, Md.
• 36%: Spend no more than this much of your pretax income on all debts, including your mortgage and credit cards.
• 3 months: Set aside three months' worth of living expenses for emergencies. In tough times, six is even better.