With consistent interest rate rises over the past 12 months. It’s a good time to think about how much your financial situation and money choices provide you with security and freedom of choice. It’s a good time to consider your financial wellbeing.
So, what is financial wellbeing?
It’s when you are able to meet all of your expenses and have some money left over for that “rainy day” or to cover unexpected expenses. This is when you are said to be in control of your finances and your anxiety over money matters can be managed.
Financial wellbeing can mean different things to different people. It is especially dependent on what stage of your life journey you are on. You could be just starting out in the work force and moving out of home for the first time. Or you could be looking toward retirement and considering how much of your nest egg is required to provide you with a comfortable life in retirement.
It’s important to feel financially included when considering your financial wellbeing.
This means having access to financial services and products. This may involve the assistance of a finance broker. In addition, it may require the support and advice of a financial advisor. Depending on your situation in life.
At Seek Financial, we are here to help you with this process.
A good way to think about your financial wellbeing and the things that influence it is to consider a tree. A tree’s health and wellbeing is affected by factors within and outside of it’s control. A tree’s branches could each represent aspects of your financial wellbeing. External factors effecting your financial wellbeing can be changes to government policy which may directly affect your wellbeing. A good example would be the recent interest rate rises or changes to superannuation rules.
Image from Centre For Social Impact.
You can find more information about financial wellbeing here.
If you would like to chat about your financial situation or have any concerns about your current loans please don’t hesitate to contact a member of the Seek Financial team, we are always here to help.
The above information is general in nature. It has been prepared without taking into account your objectives, financial situation or needs.