08 9442 0000
Home
Financial Planning
Financial Planning
Family Package
Superannuation
Corporate Super
Self Managed Super Funds
Investment & Wealth management
Wealth Management
Asset Management
Age Care Advice
Pre-retirement Planning
Retirement Planning
Government Benefits
Estate Planning
Business & Personal Insurance
Business Insurance
Personal Insurance
Wealth Protection
Working with Provident
Our Advice
Our People
Insurance Services
Insurance Services
About us
Commercial Insurance
Domestic Insurance
Travel
Claims
Workers' Compensation
Working with Provident
Our Advice
Our Process
Our People
Lending Solutions
Client Testimonials
Client Testimonials
2019 Enjoy Factor
2018 Enjoy Factor
2017 Enjoy Factor
2016 Enjoy Factor
2015 Enjoy Factor
2014 Enjoy Factor
2013 Enjoy Factor
2012 Enjoy Factor
2011 Enjoy Factor
About
About
Our people
Leadership Team
Financial Planners
Insurance Consultants
Support Team
Giving Back
News
News
Latest News
Market update
Videos
Blogs
Contact
7 tips to improve your financial wellness
See more
Latest News
3 Golden rules that make saving for retirement easier
Do I need Professional Indemnity Insurance
Is it the right time to refinance an investment property?
Market Update December 2020
Federal Budget 2020-21 round-up
Market outlook Q&A - disconnect to real economy, growth v value, vaccines, property, gold, inflation
Cyber security will be a key risk for years to come
Come prepared: your home loan application guide
Essential checklist for the end of financial year
Diversification - why it matters more than ever
Phishing attacks - Will you take the bait?
Preserving retirement savings during COVID-19
Why it is NOT the time to cancel your insurance
A homeowner's guide to refinancing
Working from home because of COVID-19? Be wary of new Cyber scams
Federal Government stimulus package
What effects may the Coronavirus have on insurance?
The plunge in shares - Seven things investors need to keep in mind
Dividends Explained
How does using an Insurance Broker benefit you?
Why it's a good idea to get pre-approval
Three reasons why low inflation is good for shares and property
The China Coronavirus outbreak -economic and investment market implications
Why super and growth assets like shares really are long-term investments
7 tips to improve your financial wellness
How safe is your ID?
The hidden insurance risk lurking in our homes
Perth Property market signals the bottom of the market.
Commonwealth Seniors Card - qualifications, issues and considerations
Making downsizer contributions into super - what you need to know
Rates Fall - Lending Appetite Increases - Consumers Win!
The insurance implications of working from home
Record keeping in managing slip and trip risk goes digital
Are you underinsured?
Falling home prices & the impact on jobs - will the RBA react?
Navigating the small business lending market
RBA cuts rates to a new record low - Why? Will it Work? How low will rates go? and What does it mean
The nine most important things I have learned about investing over the past 35 years
The 2019-20 Australian Budget
4 Ways to avoid risk when buying property this Autumn
5 Life insurance questions you've always wanted to ask
6 Steps to get your money stuff together
Managing Driver Fatigue
Most older Aussies prefer home care over a nursing home
Airbag Recall
How much super should I have at my age?
How to protect your personal assets if your small business is sued
I'm young - do I need life insurance now?
Protect your home from water damage
The tradie’s guide to insurance
Setting up an emergency response plan
What are the 3 biggest living expenses for households?
Would you like to retire by 40?
Are you entitled to a tax deduction on personal super contributions?
The value of an insurance representative
Can I go back to work if I’ve taken my super?
I have health insurance, what else do I need?
What is the retirement age in Australia?
Make the most of your retirement entitlements
6 tips for retiring earlier
5 ways to a longer, healthier, happier life
How do I care for children and ageing parents?
Getting ready for retirement: 11 things to address
2017 has been kind to investors
How to retire, your way
Don't want to be retired and in debt?
Market update
Videos
Blogs
Latest News
Market update
Videos
Blogs
7 tips to improve your financial wellness
| 3/12/2019
How you feel, is your wellness. How you feel about your money is your financial wellness. This can be measured by the financial wellness index, which measures a person's satisfaction with their current and future situation.
What is financial wellness?
How you feel, is your wellness. How you feel about your money is your financial wellness. This can be measured by the financial wellness index, which measures a person’s satisfaction with their
current and future financial situation.
Some days you might feel confident you can meet your needs within the boundaries of your current income, whereas other days you may feel like you don’t have nearly enough funds in order to do so. The truth is, you’re not alone. Nearly 2.5 million Aussies say they feel moderately to severely financially stressed, even though financial stress has been decreasing year-on-year in Australia.
Improving your financial wellbeing
On a positive note, research identified that those who have been financially stressed in the past were often able to recover through changes to their behaviour and mindset.
Here are some suggestions of things you could do (if you aren’t already) which may help you to improve how you feel financially
1. Create a budget that works for you
When it comes to creating a budget, try jotting down into three categories - what money is coming in, what cash is required for the mandatory stuff (such as bills), and what dough might be left over (which you may want to put toward existing debts, savings or your social life).
Writing up a budget may take an afternoon out of your diary, but it will help you to more easily identify where there’s room for movement. For instance, could you reduce what you’re spending on luxury items, subscription or streaming services, eating out or clothing?
2. Consider rolling your debts into one
If all the small debts you once had, have multiplied and grown into bigger debts – you could look to roll them into a single loan, and reduce what you pay in fees and interest.
This could help you to save a significant amount of money (depending on what you owe) and make it easier to manage your repayments, as you’ll potentially only need to make one monthly repayment rather than having to juggle several.
The main thing to ensure is you are paying less than what you are currently when it comes to interest rates, fees and charges, and that you’re disciplined about making your repayments.
3. Try to save a bit of money regularly
Even a small amount of cash deposited on a frequent basis could go a long way toward your savings goals, with a separate research report indicating the average savings target for Aussies is a bit over $11,000. Some tips people said helped them along the way was transferring spare funds into an actual savings account, setting up automatic transfers to their savings account (so they didn’t have to move money manually) and putting funds into an account which they couldn’t touch
4. Set aside some emergency cash
With research showing that an emergency fund of between $4,000 and $5,000 is generally enough to cushion most working Aussies when it comes to unexpected expenses, it’s probably worth some thought.
An emergency stash of cash could give you peace of mind and reduce the need to apply for high-interest borrowing options should you be faced with a busted phone, car tyre, or bad landlord.
5. Be open to talking money with your partner
One in two Aussie couples admit to arguing about money, so if you haven’t already, it might be worth sitting down to ensure you’re on the same page and that both parties’ goals are being considered.
6. See if you can get a better deal with your providers
You more than likely have several product and service providers, and figures show you could save more than a grand annually on energy alone just by switching from the highest priced plan to the most competitive on the market. Again, this may take a couple of hours out of your day, but the savings you could potentially make may make a real difference to what you cough up throughout the year
.
7. Don’t be afraid to seek financial assistance
If you are struggling to make repayments, you may be able to seek assistance from your providers by claiming financial hardship. All providers must consider reasonable requests to change their terms in instances where you may be suffering genuine financial difficulties and feel help would enable you to meet your repayments, possibly over a longer period.
Back to News