Are you financially fit?

06.02.09
By Nicholas Storie

Going the gym, taking yoga classes and buying organic food are some of the trends that many Americans embrace as a way to stay fit and lead a healthier lifestyle.

But with all the time and money people devote to physical health and wellbeing, how many devote the same attention to financial fitness?

The Dallas Morning News recently suggested that consumers should consider an analysis of their own personal financial habits - much like the government recently did of the big banks.

In talking with a variety of credit experts and personal financial gurus, the news source suggested individuals and families take a serious look at their saving and planning goals including an assessment of how long current savings would last should a main income earner lose his or her job.

And, if you carry credit card debt, says the Dallas Morning News, take a look at how you would handle an increase in your annual percentage rate or how you might cope with any changes to your mortgage loan rates.

The news source also cited understanding your credit score - and how it affects your borrowing limits - as one way to plan for the future.

While it's important for an individual to have a grasp on their financial situation, couples about to get married or merge finances are also advised to have open, honest communication about financial goals.

A Reuters article suggests that couples should have an annual sit-down to go over collective financial goals and the best way to meet them. Families need to prioritize expenses - from vacations to household purchases.

And spending habits and savings plans go beyond ensuring financial stability for retirement or socking away enough money to buy a house. The news source suggests that setting a good example for your kids by demonstrating sound financial skills as adults can go a long way toward setting them up for personal financial success in the future.

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Some Americans are reassessing their financial plans