Did you find this article useful?
If you’ve ever felt overwhelmed by your financial situation, you’re not alone. Many people struggle to stretch their income to cover their living costs or plan for their future.
Financial wellbeing is a piece of the overall spectrum of wellness. If one piece of the spectrum is jeopardised, you may feel it in other areas.
Poor financial wellbeing has knock-on effects on our mental health, physical health and our relationships. On the other hand, people who enjoy good financial wellbeing tend to be happier, more confident and more productive at work.
Achieving financial fitness means feeling confident that your finances are in good shape and that you can achieve your financial goals. First, it can be helpful to analyse your current situation.
| Healthy | Coping | Struggling | Unwell |
|---|---|---|---|
| I rarely stress about money | I sometimes stress about my finances | I often feel stressed about my finances | I’m always stressed about my finances |
| I live within my means | I can mostly meet my bills and expenses |
I often need to borrow money for basic expenses | I can’t afford basic expenses like food and utilities |
| I’m planning for my future and retirement | I’m able to save a little from time to time | I don’t have a plan for my future or retirement | I have a credit or debit card that I can’t manage |
| I can talk openly to loved ones about money | I can talk to loved ones if money becomes a concern | It’s hard to talk to loved ones about financial concerns | I would never talk to loved ones about my finances |
| I have money set aside for emergencies | I could handle a major unexpected expense without hardship | I couldn’t handle a major unexpected expense | I don’t know where to find financial advice and support |
| Healthy | I rarely stress about money | I rarely stress about money |
|---|---|---|
| Coping | I sometimes stress about my finances | I sometimes stress about my finances |
| Struggling | I often feel stressed about my finances | I often feel stressed about my finances |
| Unwell | I’m always stressed about my finances | I’m always stressed about my finances |
| Healthy | I live within my means | I live within my means |
| Coping |
I can mostly meet my bills and expenses |
I can mostly meet my bills and expenses |
| Struggling | I often need to borrow money for basic expenses | I often need to borrow money for basic expenses |
| Unwell | I can’t afford basic expenses like food and utilities | I can’t afford basic expenses like food and utilities |
| Healthy | I’m planning for my future and retirement | I’m planning for my future and retirement |
| Coping | I’m able to save a little from time to time | I’m able to save a little from time to time |
| Struggling | I don’t have a plan for my future or retirement | I don’t have a plan for my future or retirement |
| Unwell | I have a credit or debit card that I can’t manage | I have a credit or debit card that I can’t manage |
| Healthy | I can talk openly to loved ones about money | I can talk openly to loved ones about money |
| Coping | I can talk to loved ones if money becomes a concern | I can talk to loved ones if money becomes a concern |
| Struggling | It’s hard to talk to loved ones about financial concerns | It’s hard to talk to loved ones about financial concerns |
| Unwell | I would never talk to loved ones about my finances | I would never talk to loved ones about my finances |
| Healthy | I have money set aside for emergencies | I have money set aside for emergencies |
| Coping | I could handle a major unexpected expense without hardship | I could handle a major unexpected expense without hardship |
| Struggling | I couldn’t handle a major unexpected expense | I couldn’t handle a major unexpected expense |
| Unwell |
I don’t know where to find financial advice and support |
I don’t know where to find financial advice and support |
Once you’ve worked out how financially fit you are, you can explore ways to make some positive changes.
Some of us struggle to talk to our family and friends about money, but this can be helpful. Finances are a common source of stress, so talking about this to someone you trust can help lift the burden. It’s also good for your mental health and your relationships.
Being open about your situation can also make you more accountable and more likely to take action.
Think about what changes you can make in the short and long term to improve your financial wellbeing. Remember to be realistic. Simply making a plan and writing it down can help lift a weight off your shoulders.
Explore: How to save money
Once you’ve made your plan, try to stick to it. It may be difficult at the beginning, but the sense of relief and accomplishment you feel when you see it starting to work will be worth it.
Find out more about how to create a better financial future.
Did you find this article useful?
