Being rich is having money, being wealthy is having time. Margaret Bonnano
While we know that we need to ensure we are mentally well, that we care for our physical health and maintain strong relationships, we sometimes forget to take time to ensure that we have strong financial wellbeing. Interestingly, our finances are intrinsically linked to most aspects of our overall wellbeing – the impact of financial stress impacts our health and our motivation - even our self-esteem in some cases.
Building financial wellbeing will assist us to be in control of our finances, to feel financially secure now and plan to build security for our future.
Money matters! It can determine how we live, where we live, in fact all aspects of our lifestyle are linked to our finances. Taking control of our finances provides us with options. Alternatively, having no prudent measures in place to manage our money may leave us feeling stressed about our financial future.
If we find we are constantly feeling challenged by managing our money matters, we most likely will find that our levels of general happiness and wellbeing are also negatively impacted. This often leads to worrying about other financial matters such as our ability to access health and wellbeing services.
However, what constitutes a healthy and comfortable financial situation is different for everyone. It is dependent on individual needs, responsibilities, lifestyle priorities and choices.
Managing your financial wellbeing
UniSuper is here to help you with information or personalised advice about your membership and the range of products. You can meet with a super consultant or financial adviser on campus or via secure video conference.
UniSuper also deliver seminars and webcasts that focus on financial wellbeing and provide tools to help plan for the future.
Building financial wellbeing
Creating a budget
Having a budget will help you feel in control of your money.
To create a budget first you must
- Record your income. Make a list of all money coming in including how much, where from and how often.
- Track your expenses and ensure you include your fixed expenses (rent/mortgage, utilities, etc) and debts (loans, credit card, schooling expenses)
- Unexpected expenses (car repairs, medical bills, pet costs)
- Set up a saving plan (aim for at least 10% of your income)
- Budget your discretionary spending limit – this is for your day to day living expenses such as entertainment, eating out and hobbies.
- Money Smart - How to do a budget
Get cash back – check your regular deductions!
It is important to regularly check the payments you are making for insurances, interest rates, utility bills and entertainment memberships
- Checking your energy providers are giving you a great deal is one way to claim cash back into your pocket. Energy Made Easy is government website that assists you compare these costs.
- Have you got the best deal possible with your home loan? Money Smart has some great tips on choosing a home loan. You can also call your bank and negotiate a better rate for you home loan.
- It is worth making some time to compare your life insurance, house and content insurance and your car insurance. It is better to call around and find out. Thirty minutes on the phone may say you hundreds of dollars. Resources are available on life insurance or home insurance.
Financial wellbeing isn’t just about people’s financial situations. It is about having enough money to meet expenses, but also about having spare cash to make choices, feeling in control of your financial situation, and whether or not you worry about money.The Centre for Social Impact, 2017
More wellbeing resources
- Financial Spring clean - How to clean up your finances
- Money Smart - How to do a budget
- Money Smart - How to choose a home loan
- Compare energy costs with Energy Made Easy
- Negotiate a better home loan with your bank
- Resources for life insurance or home insurance
- Financial wellbeing is about more than finances
Please contact the Central HSW team