Financial Wellbeing

What is Financial Wellbeing

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Financial wellbeing means you have the ability to generate and maintain financial resources to meet your needs and aspirations. To attain financial wellbeing, you should be  mindful of your financial decision making. You should develop an understanding of, and ability to function within, your economic and tax system. You need to differentiate between and balance needs and wants, so as to allow for the development of short and long-term financial goals and budgeting skills, as well as avoiding unnecessary debts and  living within your means. This also includes behaviour choices that ensure adequate income, insurance, health benefit coverage, and investing and saving for future needs. Strong financial wellbeing allows for the capacity and opportunity to make contributions that support others (friends, family/children, and not-for-profit organizations).

 

Ways to improve Financial Wellbeing

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• Understanding of our own state of wealth

• Differentiating between needs and wants

• Regular savings

• Planning for emergencies (savings fund)/ Retirement planning

• Track and review your spending by monitoring your bank account and keeping a list of all purchases in one week – it may be more than you think

• Start with small changes that will add up over time (i.e. make your own coffee rather than buying it)

• Write a list and set a budget for yourself before going shopping

• Take a budgeting course to enhance your financial literacy.

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Sources:

https://wellness.huhs.harvard.edu/your-wellbeing

https://uwaterloo.ca/engineering-wellness-program/nine-dimensions-wellness#emotional