Our year of financial wellbeing.
As we enter the end of financial year (EOFY), we can be bombarded with sales offers and pressure to start collecting our information for tax purposes. It can be a lot, especially if our relationship with money is less than favourable.
Instead of fretting during this time of year, why not use it as a check-in on our financial wellbeing and how we can better it for the FY-ahead?
Financial wellbeing is linked with financial freedom. It’s the ability to make the choices that allow you to enjoy life. This doesn’t mean being wealthy in the sense of travelling all the time and buying designer brands, but instead means having the freedom to live in wellness.
Having ‘enough’ money is relative, but we know that it opens doors for a better life. If we have the financial freedom to book a dentist appointment and take sick leave to do so, it can prevent a dental disease – and time off work – later down the track. If we have enough money to see a therapist, we can work on our mental health and prevent unhelpful reactions to adversity in days to come.
Mental health and financial challenges are intrinsically linked.
People experiencing financial challenges are twice as likely to experience mental health challenges, and vice versa*.
So, how can we increase our financial wellbeing? The first step is in taking a good, hard look at where we’re spending, where we’re saving, what our goals are, and what changes we can make to reach them. I’ve developed a Financial Wellbeing Workbook to support in this process, download it via this link.
The four pillars of financial wellbeing include budgeting, saving, investing and planning. A clear understanding of weaknesses in any of these areas helps us to accept where we are, and commit to a way forward.
With the current costs of living resulting in increased household stress, some people are reporting poor mental health symptoms – including headaches, insomnia, difficulty breathing and other symptoms of anxiety. As with any problem in our life, only facing it can put us in a position to challenge it.
To do so, let’s set a financial wellbeing goal – how we want to feel when we think about money. This helps us to get better in-tune with our emotions around cash and unpick any unhelpful beliefs. For personal financial advice, speak to a financial adviser. But to challenge your thinking and emotions around money this new financial year, consider getting real about your hang-ups, and setting a goal that unlocks financial freedom.
This month I’m…
Reading: Safe Space by Alyssa Huynh, a beautifully-designed exploration of racism in Australia as experienced by an Asian-Australian. I attended Alyssa’s book launch with Yumiko Kadota (who wrote Emotional Female, which I also loved) and learnt a lot – it’s never too late to challenge our own beliefs.
Viewing: 8 Out Of 10 Cats Does Countdown, the perfect evening entertainment. A little bit brain-teaser, a lot comedy, this show brings me joy on evenings when I need to unwind with a giggle.
Following: Whatever Daisy and Jess at Read My Blurb are reading. These women recently took some beautiful photos of Paperback Therapy being read around the world, and I trust their book reviews intrinsically. Notifications on for your next good read.
Something else I did:
Spoke with Dr. Jodi Richardson of Well, Hello Anxiety about managing my anxiety as a people-pleasing professional woman, including by using Box Breathing and Socratic Questioning. Listen to the interview here.
Presented alongside the Jill Stark and Elfy Scott on a Words On The Waves writers festival panel, moderated by Annika Blau. We busted such mental health myths as mental health being linear, labels defining us, schizophrenia and violence being an intrinsic truth, and more.
*ASIC and Beyond Blue, 2022.
This article should not be taken as personal financial advice.
