Financial wellbeing relates to the extent you are managing your current commitments comfortably and having the financial resilience to maintain this into the future.
Financial wellbeing is closely linked to mental health, when our finances are stable, it positively impacts our overall well-being. Conversely, financial stress can negatively affect mental health. Here are some steps to improve your financial wellbeing:
- Create a budget: start by understanding where your money goes. Track your income and expenses. Moneysmart.gov.au have a budget planner that can help.
- Automate savings: set up automatic transfers to a savings account. This ensures consistent savings without relying on willpower alone. Even a small amount adds up over time.
- Build an emergency fund: aim for at least 3-6 months’ worth of living expenses. Having this safety net reduces anxiety during unexpected situations.
- Reduce Debt: prioritise paying off high-interest debts. Consider consolidating or refinancing loans to lower interest rates.
- Be mindful with spending: avoid lifestyle inflation. As your income increases, don’t automatically increase your spending. Save the difference instead.
- Invest and save: Explore investment options like stocks, bonds, or property. Compound interest grows your wealth over time.
- Ensure your superannuation is working best for you: UniSuper (UQ's default super provider) has On-Campus Super Consultants and Advisors who can assist you to understand your options as well as provide general and personal financial advice.
- Seek professional help: If you’re struggling, seek assistance from a free financial counselor through UQ's EAP Provider or the National Debt Helpline. They can guide you back on track and towards a better financial future.