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What is financial wellness?

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by Mariel Rubinstein
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Looking after your physical and mental well-being is starting to become the norm.

With technology like Fitbit and apps like Headspace, we’re becoming more switched on when it comes to taking care of ourselves. And more importantly, we’re really starting to understand why we need to do it.  

But as a society, we still haven’t realised how essential financial wellness is to our mental wellbeing.

Nowadays, people are more ambitious and want to achieve even more in life. But, we’re not very conscious of how money affects those things.

So, what does it look like to be financially well?

1. You understand your money

Understanding your finances

You don't need to understand where every penny of your money goes, but you do need to be more mindful of your finances.

As hard as it might be, checking your bank balance often and knowing what it looks like is so important for your financial health.

It might sound silly, but just knowing what financial stuff you have on, can make all the difference to how you feel about your money.

2. You’ve got a financial safety net

financial safety net

Sometimes, bad things happen unexpectedly. As you have no idea when these things will happen, a lot of the time, you can be left in a difficult money situation.

Planning for these emergencies is a major part of looking after your financial health.

Keeping an ‘emergency fund’, which could be roughly 3-6 months of income, is a good way to keep you financially happy.

3. You have financial goals

Financial goals

Setting yourself a goal in life can give you a real sense of purpose. When it comes to your money, there’s no exception.

Money comes into almost everything, so your financial goals might be the same as your life goals.

Whether you want to buy a house, travel the world or just comfortably enjoy your day-to-day life, setting yourself a goal can change the way you think about money for the better.

Like when starting anything new, don’t jump into doing everything at once.

You can’t commit to the gym 7 times a week, so don’t expect to your new financial wellness habits to come totally easily.

Start small, make a plan and don’t be afraid to get a little help when you need it.

 

Download our free Employee Financial Wellness Checklist to help your employees take control of their money.

 

Posted: 04/10/2017

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