With money matters being a huge contributing factor to your mental health, it is crucial to keep a good financial well-being. It is no secret that money is one of the top stressors, especially these days. According to Melbourne Institute’s world-first research, many Australians face financial uncertainty now and in the future. About 1 in 3 respondents have low financial resilience, 31% observed a low savings balance, and 37% said they could not handle a major unexpected expense.
No wonder why “to become debt-free” or to “make more money” are one of everyone’s manifestations at the start of every year. But with no proper planning, healthy money habits, and trusted tools, achieving financial wellness is not likely to happen.
With that, here are useful ways to boost your financial wellness.
Keep the discipline and mindset
The first step to boosting your financial health is having the self-discipline to stay on your budget and the mindset of being economical. No matter how big or small your salary is, if you do not mindfully and economically use it, you’ll never achieve your financial health goals.
Create a budget and track it effectively
This is the ultimate core when it comes to managing your money. It is always, always important to keep a budget and track your spending. It is helpful when you know where your money goes each month, and it goes without saying that you should spend less than you earn.
Do not just save, invest too
Saving up for future use is important but looking for ways to grow your money is wise. Set a minimum of 10% of your salary for savings. Use your spare money to invest in something that you understand.
Get financial advice
With life and work happening simultaneously, it is unavoidable that managing your money becomes a daunting task for you. Getting advice from a trusted financial adviser is a wise thing to do, especially if handling money matters is not your cup of tea.
Commentaires