Have you ever looked at your monthly account statement to find a charge for a subscription service you no longer use? Small purchases like these can create spending leaks that could end up costing you more. Having the ability to tell the difference between necessary and unnecessary purchases is an important part of building financial resilience. From knowing how to manage your money to practicing better budgeting habits, a little financial know-how can go a long way in setting you up for future financial success.

What is financial illiteracy?
Financial illiteracy is lack of knowledge and understanding about financial matters–including budgeting, investing, money management, and more. If you find managing your money stressful or daunting, frequently overspend, or find yourself living paycheck to paycheck, you may want to consider growing your financial knowledge. There are many errors people can make when they aren't particularly savvy with money. These may include paying high credit card and interest rate fees on outstanding debt; frequently overspending resulting in overdraft or non-sufficient-funds fees; spending large amounts of money on luxury items to impress others; and even falling prey to fraudulent attempts.

Ways to improve your financial literacy
Practicing better money management skills is a great way to help grow your financial literacy, and here are a few ways to get started. First, consider setting a budget. A financial building block, a budget acts as your financial roadmap. Develop a system that works for you, and you'll always have a financial plan for getting from Point A to Point B. Another way to build your financial resilience is through growing your financial knowledge by talking to a financial professional. Small steps can quickly add up to financial gains. Our dedicated team of financial advisors in Member Investment Services would be happy to speak with you and help you establish goals based on your specific financial situation. Contact an advisor today. 

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. CDs are FDIC Insured to specific limits and offer a fixed rate of return if held to maturity, whereas investing in securities is subject to market risk including loss of principle.

This material was prepared by LPL Financial.

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Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker/dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. DuPont Community Credit Union (DCCU) and Member Investment Services (MIS) are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using MIS and may also be employees of DCCU. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliated of, DCCU or MIS. Securities and insurance offered through LPL or its affiliates are: