Financial Wellness

What is financial wellness?

Being financially well means living within your means and prioritising saving for your future appropriately.

This includes having the capacity to absorb an unexpected financial shock e.g. losing a job, feeling in control of day-to-day and month-to-month finances, being on track of financial goals e.g. saving for a house, and affording to enjoy activities that enhance your life e.g. holidays. It can be a challenge to achieve, but small steps can lead to big results. 

“There is a lot of support and professional guidance available for those wanting to make improvements with their finances, including those who may have a problematic relationship with money e.g. compulsive spending.”

Why is financial wellness important to overall wellbeing?

While finances can be difficult to talk about, or even boring to some, achieving security in this pillar will likely have a significant impact on your overall wellbeing. In addition to specific financial or legal stress, issues with financial wellness can cause or worsen physical, emotional, or mental health problems. A willingness to take an honest look at the situation is an important first step, along with the commitment to make lasting positive changes.

How can I assess my financial wellness?

Below are some questions to think about when assessing your financial wellness.

Does the state of your financial life match your goals?

Do you feel financially secure?

Are you confident that you will be able to provide financially for your family? Even in the event of your death?

Are you able to live the lifestyle that you aspire to?

How can you achieve financial wellness?

Here are 5 top tips to help kickstart your journey into boosting your financial wellbeing:

Prepare financially for life’s eventualities.

This can include paying into a pension for retirement, preparing for a child’s education, and having appropriate insurances (house, contents, medical, life etc.).

Set aside money each month for the things you are passionate about

these can be non-essentials like dining out, going to the cinema or theatre, or anything else that brings you joy. After all your hard work budgeting, you deserve a little treat.

Make paying off debt a priority.

Becoming free from debt is an integral part of financial wellbeing.

Create a budget

with the help of an online system like Mint, or a personal financial planner.

Prepare adequate legal documents

such as a will and trusts, to ensure your finances are in place, and your loved ones have financial security after you have gone.

Please note

It should be noted that the path to wellness is not one size fits all, but the common thread for everyone is that wellness requires a holistic approach. The eight pillars are not prescriptive but should help form the basis of a personalised journey.

While there are many ways for you to take charge of your financial wellness, the help, guidance, and experience of a wellness professional can give you the boost you need, when you need it most.

If you would like to develop your financial wellness but don’t know where to start, please use the Wellness Wide directory here to find a professional today.

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