Improving your financial wellbeing

Money makes the world go round, so they say. Every day you spend money on bills, food, coffee, and just general life. 

Big or small financial decisions can impact us in many ways. That’s why it’s really important to be on top of your finances and make sure you’re covered financially for any unexpected costs (touch wood). 

Financial wellbeing is also key to your mental and physical health. We all know that financial stress can leak into other areas of our life. 

We’re here to help you relieve that financial stress and work with what you have for a better future!

What is financial wellbeing?

Financial wellbeing is not how wealthy you are or what your bank balance says. 

Financial wellbeing is simply your ability to manage your everyday expenses and debts effectively, and even make sure you’re prepared for a rainy day. It’s all about having financial freedom to enjoy life.

It’s also important to make sure you’re in a good financial position and set up for the future, particularly when it comes to retirement. 

How to assess your financial health

There’s a few things you can do to assess your financial health. You should always treat your own personal finance as unique. 

Never compare yourself to others as we all have different needs. Be kind to yourself with what you have to work with.

Look at your current financial status

Firstly, you want to look at your current financial health. You need to be able to have something to compare it to in future to see if you’re achieving your goals. 

How do you do this? Well, you track it. 

Know what you spend your money on and when and throw it into a spreadsheet. Until you know this, making a budget is very difficult.

Budget, budget, budget

We all have essential costs such as rent, utilities, food, and so on that we can’t avoid. 

Go through these and list out exactly how much and when you need these costs. Compare this against your income and this will give you a rough base of what you have to work with.

You may even want to consider setting up direct debit or opening a separate account (with no or minimal fees of course) for essential costs so that you can keep them separate and ready to go when the bills are due!

Set your goals

Once you’ve got your essentials covered and can see any unallocated spend, set your savings goal!

Perhaps you want to allocate half to a rainy day fund and half for some future investment opportunities. It’s really up to you how you want to do it.

Typically a rainy day fund would be three months of your full wage. But it’s really whatever you can do within your restraints. 

Setting a goal will give you a clear direction and (hopefully) hold yourself accountable to your spending habits.
It’s not about being rich, it’s about feeling secure.

Savings tips

We all know the classic ways to save money, such as making coffee at home (the cost of coffee at cafes is a bit much everyday right?).

There’s many different ways you can maximise your savings within your budget:

  • Cutting down or utilising subscription services (food, entertainment, etc.).
  • Bulk buy food in regular grocery shops (look for sales).
  • Bring your lunch to work.
  • Cut down on alcohol.
  • If you rent, negotiate (depending on the market)!

How we can help

We exist because of our customers so we’re always here to empower you to make the best decisions for you, when it comes to your finances. 

We have a range of savings accounts and other services to help you maximise your savings and achieve your financial goals.

If you’re a little unsure on how you can work towards your financial goals, our Financial Planning services can help you assess your financial health. 

Get in touch with our Financial Planning team today on 1300 654 193 to kick-start your future financial goals.