Most of us understand the importance of self-care and wellbeing. We talk openly about our health wellbeing and our mental wellbeing, but what about our financial wellbeing.
I believe to live a holistic life we need to have a balance with our health, mental and our financial wellbeing. We need to be Happy, Healthy and Wealthy. Especially given the statistics by AMP 2019 Financial Wellness Report that 2.44 million Australians are suffering from financial stress.
So what is Financial Wellbeing, “Financial Wellbeing is about a sense of security and feeling knowing you have enough money to meet your needs. It's about being in control of your day-to-day finances and having the financial freedom to make choices that allow you to enjoy life.
Many people find money a topic that they don’t want to talk about or that seems taboo to talk about. There are so many more interesting things in life to focus on rather than money. But what happens is that when people bury their heads in the sand and are disconnected from their money story, instead of growing and learning they end up ignoring the issues which can then accumulate and cause stress and anxiety. It's one of those things, that you can’t just push under the rug, otherwise it will fester.
When you deal with your money fears and blocks you will be able to work out solutions and become connected to your money story, so you will be in control of your financial future. Improving your mindset in regards to money is the first step towards financial wellbeing.
If we wanted to improve our health we would exercise and eat well, for our mental wellbeing we may meditate, have long bubble baths, or journal, but what do you do to improve your financial wellbeing.
Here are some tips to help you start on your journey of financial wellbeing:
Understand your spending habits, patterns and behaviors. Know what you have coming in and out of your accounts. Evaluate your spending and create a budget that works within your means.
Look at your accounts and your financial position, your assets and liabilities. What is your net worth? What is your money going towards? Are you reducing your debts, or increasing your savings? What do you have to show for all the hard work you do. Be honest with yourself. This may be hard, but the self-realisation is what will help you move forward.
Talk about money, research about money, increase your awareness of the subject. It's not something that is taught at school, uni or talked about much at home. It's something that is usually learnt from observed behaviors which may not always be the best example. So take control of your money journey and learn from experts.
Set yourself financial and life goals. When you have goals you have something to work towards. Create a vision board and manifest your goals, put it out into the universe and watch your dreams come true. This might sound a bit woohoo… but just try it anyway.
Understand that your money journey is personal to you. You are unique, stop judging and comparing yourself to others. Try not to stress about money and remember to breathe, take a moment to pause and reflect on how far you have come and pat yourself on the back for taking the first steps towards financial freedom.
These are just some tips to help you get started on your wellness journey. It's not about being the richest person on the planet, it's about living a holistic life, where you are happy, healthy and financially content.