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How’s Your Financial Wellness?

In recent years the notion of “Wellness” has become a buzzword around health and wellbeing. If you have been mindful to take care of your physical and mental health because of this “wellness” movement you’ve no doubt reaped rewards. But how does your scorecard stack up when it comes to your Financial Wellness?  Take our test to find out.

To achieve Financial Wellness, it means you have made financial decisions that have been informed, responsible and in alignment with your goals and values.

To see if you ace our Financial Wellness test, give yourself a point if you can tick off any of the below criteria.

  • 1. Budgeting     Have you created and follow a budget that understands your income, expenses to effectively manage your funds allocation? If so, you are less likely to overspend and therefore set yourself up for a financially stable future.
  • 2. Savings     Do you have an emergency fund? Saving for not only short term and long-term goals is essential but  further to that it is important to have funds set aside for a rainy day, as life will invariably throw you curve balls that may have an adverse impact on your finances.
  • 3. Investing    Do you have wealth creation strategies in place? Having investments that grow your wealth can set you up effectively. Whether it be real estate, stocks or retirement accounts, seeking information from an appropriate source such as a licenced financial planner can be a great way for those not knowing where to start to get going.
  • 4. Debt Management    Are you managing all your debts effectively? It is crucial to take the time understand your loan facilities including the interest rates you are on, ensuring your repayments are always on time and engaging a mortgage broker to review your products regularly to ensure your facilities remain competitive.
  • 5. Financial Education    Are you financially literate? It is important to be proactive in keeping abreast of your financial products and the implications of your financial choices. Whilst it is a savvy move to engage industry professionals like a financial planner and a mortgage broker this should be in tandem with your own proactive self-education from legitimate sources.
  • 6. Insurance    Do you have appropriate insurance? Having coverage for particularly health, life, and property insurance is wise, as no one plans for unforeseen events but that doesn’t mean they don’t occur.
  • 7. Retirement Planning    Do you have a plan in place for retirement? It is safe to say that everyone aspires to have a comfortable lifestyle in their golden years. The best way to achieve that is to actively contribute to retirement accounts such as superannuation and understand what pension plans you may qualify for.
  • 8. Financial Goals    Do you have goals in place to work towards?  Having financial goals in place will provide you with a roadmap for financial success. These goals can be both short and long term, but as long as you have something to work towards, you are more likely to achieve what it is you aspire to.

So how did you fare? If you have most or all the above covered, good for you, you are doing well!  However, if there are several points you were unable to check then there is no better time than now to get on the front foot and start your journey to Financial Wellness.

Don’t know where to start? Contact the Blackburne Mortgage Broking team for more information and to make your financial dreams a reality sooner.

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Take control of your finances and start paying less on your mortgage today. With our no cost, no obligation review of your existing loan, our expert mortgage brokers will analyse your current loan and provide you with a tailored solution to help you save on interest and pay your loan off quicker.

Paul Prindiville


0438 196 695