Steps to be a Financial Winner

Bringing home the financial gold medal is possible, even without an Olympic effort. "Financial stability is the result of a series of small, smart steps repeated over time," said Gail Cunningham, spokesperson for the National Foundation for Credit Counseling (NFCC).

"Consumers can take the winner's stand by implementing the following tips into their financial planning," Cunningham continued.

• Go for the gold by having a life plan. You can't know where you're going unless you know where you are. Take stock of your current situation, and then develop realistic short and long-term financial goals.
• Race to the finish line by planning for your retirement from your first day on the job. Time is money's best friend, and small, consistent contributions into your company's retirement plan can add up to a fortune over time.
• Impress the judges by having three to six month's income in your rainy day fund. Emergencies will present themselves, and always at the worst time. Prepare today for the unexpected.
• Don't break training by breaking one of the most basic financial rules. Pay your bills on time. Increase the likelihood of this happening by becoming financially organized and setting up automatic bill pay.
• Dive into a pool of knowledge by getting your credit report. Go to www.annualcreditreport.com and obtain your report free of charge. Get one report from a different bureau every four months to check for identity theft and fraud.
• Score a perfect 10 by knowing your credit score. You will have to pay for this bit of information, but it could be some of the best money you'll ever spend. If your score is above 700, do what it takes to keep it there. If it's not, take the necessary steps to improve it.
• Don't wrestle with credit card debt. Charge only the amount you can pay for in full when the bill arrives. No one needs more than two credit cards. Less plastic equals less temptation, so unload your wallet.
• The balance beam may seem tricky, but you're sure to stumble if you don't balance your bank statement each month. Insufficient fund charges and overdraft fees add up fast. Make a habit of reconciling your checkbook the day your statement arrives.
• Be a track star by tracking your spending each month. If you've ever wondered where all your money goes, find out by writing down every expense for 30 days. At the end of that time, review your spending choices and make necessary adjustments.
• Insure your success by having an annual insurance check-up. You don't want to be over-insured or under-insured, but you also don't want to discover loopholes or where coverage is lacking after you've filed a claim. Make sure you're paying for exactly the coverage you need.
• Be a marathon runner by staying financially informed. There are books, magazines, online sites and professional counselors who can help you map out a financial plan and stay the course.

With more than 2,600 certified credit counselors, the NFCC Member Agencies stand ready to help consumers score a financial first place. To find an agency near you, call toll-free to (800) 388-2227, or go online to www.DebtAdvice.org. To locate a Spanish-speaking counselor, dial (800) 682-9832.