Are you financially fit? And if so, how fit are you? While there is no answer to fit everyone's situation, there are a few fundamentals to help increase your financial fitness. In today's blog we'll examine a few steps to help you in building your financial plan and achieving your goals.

Start with a budget.
First, make a reasonable and practical budget, assessing your income and expenses (by month, if possible). That way, you'll be able to better understand your cash flow and identify areas where you can trim costs. Revisit and review your budget regularly to ensure that it aligns with your personal financial goals.

Save for the unexpected.
Prepare for unexpected expenses, like medical emergencies or major home repairs, by establishing an emergency fund to cover these costs. (Ideally, you should keep between three to six months' worth of living expenses in this fund.) To make this an achievable goal, begin with saving one month of budgeted expenses first, and then continue until you have reached the entire amount.

Regularly review and adjust your goals.
Consider your short-, medium-, and long-term financial goals at least once a year. These can range from paying off your student debt, buying a new home, or even traveling during your retirement years. Long-term financial goals may not change often, but short-term goals–like paying bills and reducing debt–may need evaluation several times per year.

Prioritize your credit worthiness.
It's wise to check your credit report at least once a year for accuracy, while also utilizing it as a tool to make sure you are making timely payments and staying within your established credit limits. Actions like these can help increase your score. You are also entitled to a free copy of your credit report annually from the three major credit reporting companies–Experian, Equifax, and TransUnion.

Set up a retirement plan.
Saving for your retirement is a personal decision that can help shape your lifestyle during your Golden Years. It's never too early (or late!) to work with a financial professional to strengthen your retirement plan. If you are ready to discuss your retirement plan options, please contact one of our Member Investment Services representatives today.

Increase investment potential faster with early contributions.
Investing early and often, like setting up as small, recurring investment over a long period of time, can potentially produce greater returns than investing a larger amount over a shorter amount of time.

Review your financial plan regularly.
After you've established your financial plan, including a budget and clearly defined goals, you'll want to consider how often you'll review it. We recommend reviewing this plan at least once a year, possibly more, depending on your specific financial situation.

Increasing your financial wellness is an ongoing process and revising your plans and strategies can help you achieve your financial goals. Being financially fit looks different from person to person or family to family and ensuring that you've developed the best one for your situation is important. Contact a financial professional at DCCU today for more ways to prioritize your financial health. 

This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes. Investing involves risks including possible loss of principle. This material was prepared by LPL Financial, LLC.

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