The term “financial health” is used to describe the state of one’s personal financial situation. Thre are many dimensions to financial health, including the amount of savings you have, what you spend, what finances you will have for your retirement, as well as your knowledge of financial products. Governments and not for profits globally are coordinating to develop strategies to improve financial capability, however the key challenge is for people to be able to have access to trusted information and services, prior to making financial decisions.
My Financial Health was borne from identifying this need and creating information and education services to support Australians in their journey to improve their financial wellbeing. The three key elements of the program are understanding how to improve your effectiveness in managing money, develop plans for the future that align with your personal goals and grow skills to better understand financial products and their suitability to your needs.
Developing posititve money habits centre quite simply on understanding what is you curent financial position, where your money goes, what are your spending priorities, how your debt is being manged and when will be in a position to have an emergency fund, to provide a stress releif valve in case uncertainty arises.
Plan for the Future
Having a plan for the future is critical to improving your financial situation around prioritising what is important, setting goals to achieve short and mid term savings targets as well as plans for living comfirtably in retirement.
Whilst managing money and planning for the future are key foundational elements in improving your financial health, taking time to grow your financial skills through understanding how financial companies look at you and determine risk, as well as the fundamentals of investment and insurance will provide a heightened awareness in all financial decisions in the future. This increased knowledge will improve your finanical outcomes, being able to identify products that provide less value and don’t align with your needs or plans, improving your cashflow and providing opportunities to save, invest or spend on your personal priorities.