- 3 minute read
Financial Literacy Australia defines Financial Wellbeing as:
"when a person is able to meet expenses and have some money left over, is in control of their finances and feels financially secure now and in the future".
So, it's important to note that Financial Wellbeing is not just about the physical amount of cash you have or earn, its about how you manage it (budgeting), how confident you feel making decisions about investments, debt, savings etc, and how you feel about your life and plan moving forward (superannuation and insurances). To get started, I believe it is important to reflect on each of the following to determine how you feel about each one: - Savings - Investments - Debt -Insurances - Superannuation - Budgeting I have attached a worksheet here to help you visualise your Financial Wellbeing. Find somewhere quiet where you are unlikely to be disturbed, close your eyes, take a few deep breaths then bring your focus to the following: - How much knowledge / experience do you have about each of these topics? - Are you happy with the value of what you have for each? - Do you actually know the value of what you have for each? - How involved are you in making decisions about them? - What else could you be doing to improve your Financial Wellbeing? - Who can you talk to about these topics? As you reflect on the above color in each of the coin stacks to represent how happy you are with each topic. Studies have shown that individuals are reluctant to talk about these topics with family or friends, they may feel embarrassed or uneasy that it's something they should already know, they may have learnt growing up that you don't talk about finances, or it may just be that they feel they cannot change their Financial Wellbeing, but how are you expected to know or learn about something if you don't feel comfortable talking about it? Its time to break the social taboo and start discussing our finances - if you don't feel comfortable approaching family or friends just yet then book an appointment with a Financial Wellbeing Coach to get you started. I have different tips and tools to help you start making small changes that will have a big impact on your future.
So, it's important to note that Financial Wellbeing is not just about the physical amount of cash you have or earn, its about how you manage it (budgeting), how confident you feel making decisions about investments, debt, savings etc, and how you feel about your life and plan moving forward (superannuation and insurances). To get started, I believe it is important to reflect on each of the following to determine how you feel about each one: - Savings - Investments - Debt -Insurances - Superannuation - Budgeting I have attached a worksheet here to help you visualise your Financial Wellbeing. Find somewhere quiet where you are unlikely to be disturbed, close your eyes, take a few deep breaths then bring your focus to the following: - How much knowledge / experience do you have about each of these topics? - Are you happy with the value of what you have for each? - Do you actually know the value of what you have for each? - How involved are you in making decisions about them? - What else could you be doing to improve your Financial Wellbeing? - Who can you talk to about these topics? As you reflect on the above color in each of the coin stacks to represent how happy you are with each topic. Studies have shown that individuals are reluctant to talk about these topics with family or friends, they may feel embarrassed or uneasy that it's something they should already know, they may have learnt growing up that you don't talk about finances, or it may just be that they feel they cannot change their Financial Wellbeing, but how are you expected to know or learn about something if you don't feel comfortable talking about it? Its time to break the social taboo and start discussing our finances - if you don't feel comfortable approaching family or friends just yet then book an appointment with a Financial Wellbeing Coach to get you started. I have different tips and tools to help you start making small changes that will have a big impact on your future.