Due to high interest rates and the impacts of inflation, many of us are feeling the pinch right now, so here are some tips to help you feel more in control of your money, even in difficult economic times.
But first: what exactly is financial wellbeing?
According to Beyond Blue, financial wellbeing is about having the financial freedom to make choices that allow you to enjoy your life. Every day we make choices with our money. Each of these decisions, small and large, impacts our lives, and these decisions also impact what we call financial wellbeing.1
Financial health and mental health are linked. Financial challenges can cause significant stress, which can impact our mental health and wellbeing. Similarly, the state of our mental health can make it harder to get on top of our finances.1
Even in healthy economic times, life can be expensive. There’s food to put on the table, bills to pay, gifts to buy… And that’s not even half of it.
Ways to increase your financial wellbeing
1. Recognise financial ‘red flags’
These may include getting behind on your mortgage repayments and paying bills late or not paying them.
2. Be financially honest 
It’s important to be honest with yourself if you’re under financial stress. You can find support services near you using Ask Izzy, a website that connects people who are in crisis with the services they need.
3. Plan and budget
A clear budget and financial plan can help you restructure spending, manage debt, and change spending habits. Check how much you’re spending and work out where your money is going with ASIC’s MoneySmart Budget Planner.
4. Get sound advice
Getting some professional financial advice tailored to your situation can help lay the foundation for a more secure financial future. HESTA members have access to dedicated experts that can give them a super health check at no extra cost, in person or over the phone. HESTA members can also access mental health support through MyPsychologist.
5. Look for quick wins 
Simple steps like combining old super accounts can help you feel more in control and keep your money on track, both now and into the future. You should review any other benefits such as insurance cover before combining.
Reference
1 https://www.beyondblue.org.au/mental-health/financial-wellbeing
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