Financial wellbeing is about managing your money now and into the future, as well as being in control of it. Take a look at these tips to help improve your financial wellbeing.
Disclaimer: This information is general in nature and does not take into account your personal situation
MANAGING WEALTH FOR BETTER FINANCIAL HEALTH
To improve your financial wellbeing, you need to:
- Know where, when and what you spend your money on
- Have a budget and savings plan in place to help you successfully manage your finances
Financial wellbeing is one of the most important elements of your mental and physical wellbeing so setting achievable financial goals is an important step to helping you gain control.
NAVIGATING TOUGH TIMES
Money worries can be all consuming so it’s important to take steps to look after yourself and your finances. This includes understanding your debt level and how you plan to manage and make repayments (a financial advisor can help you with this). You can also look for ways to help with spending such as:
- RENT/MORTGAGE: Ask your landlord or mortgage provider about rent or repayment options
- UTILITIES (gas, water, electricity): Ask your provider about payment options, look for providers with better deals
- FOOD: Advance meal planning and prep (e.g. cook a big batch that you can divide into portions and freeze
TIPS FOR CONTROLLING YOUR FINANCES
- Create a budget that works for you and your circumstances (try using one of the free budgeting apps available)
- Review any non-essential spending
- Don’t be afraid to seek professional advice
- If you’re feeling overwhelmed by financial issues, you can start by calling the free National Debt Helpline on 1800 007 007. The helpline is open Monday to Friday, 9.30am to 4.30pm
LOOKING AFTER FINANCES DURING COVID-19
Bills to pay and essentials to buy during challenging times can feel overwhelming. Financial support is available to help you manage the effects of the coronavirus (COVID-19). Visit https://moneysmart.gov.au/covid-19/financial-assistance
SAFETY GOES 24/7
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