Five steps to guide you toward financial wellness

MOBILE, Ala. (WALA) – October is Financial Planning Month, and that means it is time to get down to business. Before the year wraps up, take time to evaluate where you have come, where you are and where you are heading. Navigator Credit Union has five steps for creating a financial plan that works for you.

Take time to imagine your future.

Before you dive into crunching numbers, take time to imagine your future self. What will you look like? What will you need? Who will depend on you? How will you need to support them financially and yourself?

Building an emotional connection with your future self is critical to motivating you to set up healthy financial habits today. So, in your financial planning, make sure to keep your future self in mind. The choices you make today will impact the person you are tomorrow.

Set short-term and long-term goals.

Write down your goals to make your financial plans a reality. Short-term goals, which take less than a few years to complete, can be easier to focus on. Long-term goals, like a down payment on a home and retirement, require setting up a solid plan to accomplish.

Check in on your goals.

If you set goals at the beginning of the year, check and see your progress. If you are a little bit behind, reshape your goals to end the year on a winning note. Every little step toward your goal is something worth celebrating.

Reevaluate your current budget.

While you are examining your goals, take a look at your budget as well. If there are areas of your spending that you could eliminate or cut back on, start trimming away. Take notes on what works for you and what needs to be changed. Next, do the hard work of actually implementing the lessons you learned.

Plan for the unexpected.

Financial planning is easy for things that are anticipated. However, unexpected expenses can often wreck your budget. A rule of thumb is to have at least six months of your expenses in an account you can easily access. In a situation where you lose income, an emergency fund would support you for a while so you could cover essential expenses such as a mortgage payment or rent, insurance, food, etc.

About Navigator Credit Union

Navigator Credit Union is a not-for-profit credit union, here for Members, not Wall Street investors. That means the Credit Union can provide a full range of financial products and services, with better rates, fewer fees and more flexibility than most banks, including free checking, home loans, auto loans and credit cards. Navigator has 11 full-service Branches from Gulfport, Miss., to Daphne, Ala., and is committed to providing the strength, stability and financial resources Members need – no matter what happens on life’s journey. Visit navigatorcu.org to learn more or apply for membership.

Navigator Credit Union

Daphne, Ala to Gulfport, Miss

(800) 344-3281

www.navigatorcu.org

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