Financial Wellbeing is one of the five areas that have been identified as impacting people’s overall wellbeing, according to Gallup’s recent research. The other areas are Career, social, Physical and Community.

Improving our client’s financial wellbeing is core to everything we do. We work with our clients to build a plan to achieve their financial goals, enhance their ability to cope with financial shock, create financial options and provide clarity and security for those they leave behind.

There are some easy steps to improving your financial wellbeing starting with:

Understand ‘Why money is important to you? Sounds dramatic but asking yourself that simple question and jotting down the answers will get to the root of what you want from your money and what you value most in your life.

Define your specific financial goals. Three simple questions will help here. What is the goal? When do you want to achieve that goal by? And how much will it cost?

Assess where you currently stand financially. This is as simple as two lists. A list of everything that you own (your assets) and a list of everything that you owe (your liabilities). Add up the value of your assets and take away the value of your liabilities and the figure you get is your personal net worth. You need to know where you are today to get to where you want to be in the future.

To narrow the gap between where you are now and where you want to be, then you need to carry out a budgeting exercise. This is not number crunching to punish you for spending. But instead getting clarity and awareness of where you spend your money and crucially finding out if it is on the things that are important to you.

Save as much as you reasonably can towards that financial goal. How much is reasonable/ Well it depends on your circumstances. By getting on top of your budget, you now know how much you could afford to save towards making those goals a reality.

Make a start; take at least one action today to work towards your future financial goals. And if you need any help then please reach out to us. Take that next step and let’s have a chat today.