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What’s financial wellness?


What’s financial wellness? And why is it important?

Exercise and meditation is good for your overall health, especially at a time like this*. But have you thought about your financial wellness? Here’s some guidance on reducing financial stress and increasing your financial wellbeing.

Never heard of financial wellness before? Totally fine - it’s a concept that’s become popular in the last 12 months and can be practised by every Aussie regardless of financial position. Here you’ll find out what financial wellness is, what financial fitness looks like, as well as tips on how to increase your financial wellbeing.

What does financial wellness mean?

Financial wellness refers to how healthy your finances are. It’s how you manage daily expenses, making time for budgeting and health checks as part of your financial routine. It also factors in things like how prepared you are for a rainy day.

But how do you go about measuring financial wellbeing? Like your mental health, it’s not something you can really put a number on. Instead, it could be things like an open discussion about money, having confidence in your financial decisions, and having the freedom to do the things you love. 

What is financial fitness, and why is financial fitness important?

Financial fitness is about setting goals, managing debt, saving for emergencies and still having a bit left over for treat yo’ self moments. Just like exercise and meditation, it’s the little activities that contribute to your overall financial wellbeing.

What are the steps for creating a budget? And what are some financial fitness tips?

So how do you become financially fit? Like all good training routines, it’s one step at a time. Here’s some financial wellness tips to get you started:

  1. Create a budget, starting with your earnings and expenses. Be honest with the numbers (nobody else has to see it).
  2. Now that you’re aware of your incomings and outgoings, begin to look for potential savings.
  3. Start building your emergency fund. Life can be full of surprises and a savings safety net could help give you peace of mind. It doesn’t have to be much, but regular contributions could prepare you for things like a broken washing machine or health concerns.
  4. Set yourself a financial goal. This could either be a savings target or maybe a big-ticket item like a new car.
  5. It’s time to test your budget in the real world! If it doesn’t work for you, feel free to change it up. A budget might make you reconsider how you spend your money, but it shouldn’t turn your life upside down.

Pro Tip: 
Free2Spend is our in-app savings tool. It scans your accounts and provides a daily spending number to help you reach your financial goals. Consider it your very own financial fitness app.**

Think of financial wellbeing and financial fitness as exercise. It might be hard getting into the routine, but once you do, you’ll be left feeling better than ever.


*As always, our top priority is helping our customers and keeping our staff safe. If you’re experiencing financial stress, please click here to find out how we’re supporting UBank customers at this time.

**Consider if these products are right for you by reading the relevant product terms and conditions here before deciding. Product issuer is National Australia Bank Limited.

The information contained in this article is of a general nature only. It doesn’t take account of any person’s objectives, financial situation or needs. Before acting on this information, you should consider whether it is appropriate for your circumstances and seek independent legal, financial, and taxation advice.