Many Australians have, at one point or another, experienced anxiety or stress related to money. In fact, a 2015 study from the Australian Psychological Society found financial issues were the leading cause of stress for one in two Australians over five years of surveys.
For some, this can go beyond the occasional bout of worry. According to the Australian Government’s Head to Health service, mental health and financial safety are “strongly linked”; experiencing a mental illness can add to financial stresses, and financial stresses can add to a mental illness.
So, just like it’s important to visit your GP for a regular check up of your physical and mental wellbeing, it’s also important to take stock of your financial wellbeing every so often.
What is financial wellbeing?
Financial wellbeing or wellness can be broadly defined as:
- A state of being healthy, happy, and free from any financial worries and stressors
- Being able to live your desired lifestyle for the rest of your life without financial anxiety or fear
- Having a clear understanding of your financial situation and having the ability to live within your means
How to take stock of your financial wellbeing
Make (or review) your budget and your money habits
First things first: if you don’t have a budget, it’s important to make a budget. While you may have a general idea of where your money’s coming from and where it’s going, a budget can help you put goals in place and stay on track to achieve them.
If you already have a budget, you should take the time to review it every so often. It’s easy to get lax after a while, so it’s important to ensure that your income is up to date and all your expenses are accounted for – maybe you’ve finished paying off your car, but have started paying school fees, for example.
It may also be worthwhile assessing your money habits and whether there are any that perhaps aren’t serving you well. Maybe you’ve started using the tap-and-go payment feature on your smartphone, for example, leading you to spend at times when you previously wouldn’t have because you didn’t bring your wallet with you.
Book a session with a Super Adviser
Here at Qantas Super, we believe the way to get control of your financial future and wellbeing is through expert advice.
As a member, you get access to a range of advice options at no additional cost. Whether you prefer to discuss your super in person, over the phone, or learn some tips and tricks online, we’re here to help you.
A Super Adviser can help you review your Qantas Super, and help you put a plan in place to achieve your retirement goals.