People often talk about how to look after your physical health or your mental health – we know we need to eat well, exercise regularly and get plenty of water and rest. But do you know how to take care of your financial health? Or what being financially fit even looks like? We’re here to help with that.
Financial health isn’t the same as financial wealth. It’s less about your net worth and more about your relationship with money – whether it keeps you awake at night or is something that motivates you, for example.
Financial fitness is about how being in control you are on where your money goes and how you spend it. And it’s about having peace of mind that you’ve got a buffer to fall back on if the unexpected happens. While your financial situation may change with life and your financial wellbeing may go up or down, there are 5 actions that can help you stay financially fit – now and in the future.
Staying engaged with your money – when you’re engaged with your money, you know where your money is going, pay bills on time and can make changes if you need.
Spending within your means – when you know how much you need for bills, debt and savings, you’re able to make smart, guilt-free decisions about your spending.
Being smart with your debt – when you can pay down debt, you’ve got the financial freedom to spend and save in the future.
Having a plan for the unexpected – when you have money set aside for rainy days and emergencies, you can bounce back without dipping into savings or relying on credit and paying interest.
Reaching your long-term goals – having a regular savings habit and making progress towards your financial goals can give you a sense of accomplishment and enjoyment.
In the financial fitness quiz, we ask you 5 questions about your money behaviours and provide you with short and simple learning materials that will help you build your financial fitness in the 5 categories above.
We’re here to make money simple, not stressful – no matter where you’re at on the journey. Stay tuned for more tips and tricks to keep financially fit.