The data in NerdWallet's August Financial Resilience Index suggests that the majority of Americans' feeling that they're in control of their daily finances may be more felt than earned.

Three-quarters of Americans (75%) feel in control of their day-to-day finances, according to NerdWallet's August Financial Resilience Index, indicating that many feel an overall sense of financial security. But the index also finds that a third of Americans (33%) couldn't cover an unexpected $1,000 expense, and around the same percentage (36%) say they'll have to rely on credit for at least some of their expenses this month.

Is financial security measurable, or simply in the eye of the beholder? While there's something to be said for feeling good about your money, if that just means that you're able to pay your bills on time in a normal month, your actual financial security may be lacking. These three gut checks can reveal whether your good vibes are backed up by your bank account balance.

Could you cover an unexpected $1,000 expense?

This question is part of NerdWallet's Financial Resilience Index for a reason - many Americans simply don't have a cash buffer to get them through financial hiccups, which could lead them to take on high-interest debt.

To add a layer of security to your financial plan, consider whether $1,000 is a sufficient backstop for your situation. Start by reviewing your various insurance deductibles. While many potential emergency costs could be covered by some type of insurance, you'll generally have to first pay a deductible. That's the amount you're responsible for before your insurance company pays.

Gut check: Between those potential payouts and your current savings balance, could you cover your necessities for up to six months?

If not: Know what you're entitled to in the event of a layoff. Many don't know that contractors generally don't qualify for unemployment benefits from their state. Look into the rules where you are, before you're facing a job loss, to see how much more you need to save up to withstand one. Saving enough to cover lost income could take a long time, but you're putting yourself in a more secure position with each dollar you save.

So back to the question: Is financial security in the eye of the beholder? To an extent. While security can mean different things to different people, some indicators of financial stability are clear cut: having enough savings to cover unexpected expenses or a loss of income, and not relying on credit to cover cash shortages.

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