What does financial wellness mean to you?
In our fast-paced world, financial wellness has become an important aspect of our lives. When you’re in control of your financial situation, you have a greater sense of security and are better able to meet your financial goals.
What financial wellness means to you is personal. It depends on the lifestyle you want, the goals you want to achieve and the future you envision for you and your family.
Achieving financial wellness starts with understanding your personal financial situation. By taking a close look at your income, expenses and financial goals, you can identify areas for improvement and develop a plan that aligns with your values and aspirations.
Remember, financial wellness is a journey, and it’s essential to focus on your own needs and priorities along the way.
Listen to our podcast
Everything Counts | Ep 1: What does financial wellness mean to you?
In this episode, we delve into the fundamentals of financial wellness. Host Motheo Khoaripe chats to leading financial consumer journalist Maya Fisher-French and seasoned Investec financial advisor Kgomotso Motlaung. They break down the basics of managing money, debunk the myth that you need a finance degree to be financially savvy, and share practical steps to take control of your financial future.
Making your financial wellness a living and dynamic relationship
Financial wellness is not a one-time fix.
It requires ongoing attention and adjustments. Regularly monitor your progress towards your goals and make necessary changes to stay on track. Stay informed about financial trends, investment opportunities and new methods to save money. Seek professional advice when needed, such as from a financial adviser, to ensure you are making informed decisions.
Remember, financial wellness is about continuous learning and adapting to new life stages and career development.
What is financial wellness?
Financial wellness is a position of financial stability where you can meet current and future expenses, manage debt, save for goals, and handle emergencies. It’s not just the absence of financial stress or worry, but also about a sense of financial security and freedom to make choices that lead to a fulfilling life.
Track your income and expenses. This you can do by looking through your bank statements.
Setting strict spending limits so you can avoid overspending and identify areas where money can be saved
Developing a habit of saving where you consistently set money aside for various purposes, including short-term needs, long-term goals and unexpected expenses
Keeping debt levels manageable, paying off debts efficiently, and avoiding high-interest ('expensive') debt that can lead to financial strain.
Having sufficient insurance coverage (health, life, disability etc) and retirement savings to protect against financial risks and ensure future stability
Understanding investment options and strategies to grow wealth over time and knowing how to diversify investments to manage risk.
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