What is financial wellbeing?

Category: Financial Planning

I have always been passionate about helping people feel more financially confident and achieve financial security.

What this can be boiled down to is increasing financial wellbeing.

The Financial Wellbeing Book, published in 2016, laid out five parts to financial wellbeing:

  • A clear path to identifiable objectives
  • Control of daily finances
  • Ability to cope with financial shocks
  • Having financial options
  • Clarity and security for those we leave behind

There are a few steps to take to increase financial wellbeing

The first is to set some goals. These do not have to be set in stone. They should just ensure you are moving in the right direction. You may want to consider what matters to you and where you want to end up.

The second is to spend less than you earn and save for the future you want. A budget planner is useful here and you should always keep an eye on your spending.

You should also think about protecting your finances from financial shocks. Life is full of ups and downs so preparing for the financial effects of the unknown (e.g. illness, redundancy an accident) allows for peace of mind.

Finally, you want to start thinking about maximising what you get from your money.  Consider sitting down with a financial planner. We can help you be able to spend your money on what you want to when you want to.

Financial planning can help end the worries surrounding money and the future.

If you want to discuss this, feel free to book in a free no-obligation chat here or get in touch.

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