The term “financial health” is used to describe the state of one’s personal financial situation. There 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
  • developing plans for the future that align with your personal goals and;
  • grow skills to improve understanding of financial products and their suitability to your needs.

Whilst understanding financial products and services can be a lifelong pursuit, the information provided is to assist in setting a foundation for improved financial health.

Manage Money

Developing positive money habits centre quite simply on understanding what is your current financial position, where your money goes, what are your spending priorities, how your debt is being managed and when will be in a position to have an emergency fund, to provide a stress relief valve in case of uncertainty arises.

Each one of these elements, starting from your calculating your current financial position, provide a natural process to follow to assist in identifying the foundational components of your finances in order to build a brighter future.

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 comfortably in retirement. Starting with small goals and achieving them quickly builds confidence to take on larger challenges with greater vigour.

Grow Skills

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 financial outcomes, being able to identify products that provide less value and don’t align with your needs or plans, improving your cash flow and providing opportunities to save, invest or spend on your personal priorities.

My Financial Health Assessment

The assessment, consisting of nine questions, provide insights into key elements of financial health and assists in identifying areas that are on track, and others that may require greater focus. After completion of the survey, weekly content will be provided with tips and tricks to improve each element. If you would like to know further details on the My Financial Health assessment and supporting content, please feel free to contact me to discuss further.

 

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Bondi Broker

PO Box 353 Bondi NSW 2026
M: 0437 763 637 | E: gino@bondibroker.com.au

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Credit Representative Number 496117 is authorised under Australian Credit Licence Number 389328. Your full financial situation and requirements need to be considered prior to any offer and acceptance of a loan product.

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