In recent times in society, there has never been a greater emphasis on our health and wellbeing.
However, there is a crucial element that is often overlooked – financial wellbeing. When considering overall health, it is essential that we also look at the responsibilities and stressors that come with managing finances.
According to the Organisation for Economic Co-operation and Development (OECD), the average Australian household finds themselves in debt around 203% of their net disposable income, ranking us fifth worldwide behind countries such as Denmark and Norway. In this debt race, the further away from first place we come, the better!
With little education around budgeting and responsible spending, it can be easy to fall into an unhealthy financial position. However, it is comforting to know there are a range of basic strategies you can implement into your daily lifestyle to keep on top of your finances, all while positively contributing to your own health and wellbeing.
Proactively managing your finances is the very best way to boost your financial wellbeing, lower stress, and keep you feeling your best during these uncertain social and economic times.
Source
https://www.nerdwallet.com/article/finance/how-to-budget ‘Budgeting 101: How to Budget Money’ Bev O’Shea, Lauren Schwahn (13/01/2021) (Accessed on 04 March 2022)
The information contained on this website has been provided as general advice only. The contents have been prepared without taking account of your personal objectives, financial situation or needs. You should, before you make any decision regarding any information, strategies or products mentioned on this website, consult your own financial adviser to consider whether that is appropriate having regard to your own objectives, financial situation and needs.