10 Tips for Financial Wellbeing
Attaining financial stability reduces stress and anxiety while fostering empowerment and confidence. Therefore addressing wellness through education and professional advice can alleviate uncertainties and enhance mental calm. That’s why we’ve partnered with FinWELL. They offer educational content, interactive group workshops and personalised 1:1 sessions on financial wellbeing. So if your finances feel they are getting on top of you, or you’d rather bury your head in the sand - don’t suffer in silence. Reach out to them or hello@kellyscause.com, we are here to listen.
Below are 10 Tips to get on top of your Financial Wellbeing
1 - Don’t be ashamed of debt & release your inner critic.
2 - Find a budgeting tool that works for you - there’s no one size fits all.
3 - Follow the 50/30/20 budget rule, where you aim to spend 50% of your income (after tax) on essential ‘needs’, spend 30% on ‘wants’ and save the remaining 20%. *Note - with the cost of living right now this might look more like 70/20/10, and that’s ok.
4 - Look at your spending and where you can start making savings.
5 - Create separate pots to enjoy ‘guilt-free’ spending and break it down per week
6 - Build up your emergency funds. A good thing to work towards is having the equivalent of 3 months salary saved. Though it's understandable if this is less with the cost of living right now.
7- Learn how to protect what’s important including your income your family and your future.
8 - Understand your relationship with money and your areas of focus.
9 - Understand the power of compounding and basic principles of investing.
10 - Take Action!
Remember, just like easing poor mental health, the first step to healthier finances is to #TalkAboutMoney! The biggest tip of all is to take action otherwise nothing will change. Allocate time and try to buddy up with someone in a similar position to continue the conversations and don’t be too hard on yourself. Your finances, just like your career, relationships, progress and life itself is not linear. You can’t get through life’s rollercoaster ride without the ups and downs.