how to improve your financial wellbeing

Even in healthy economic times, life can be expensive. There’s food to put on the table, bills to pay, gifts to buy... And that’s not even half of it.

Due to high interest rates and the impacts of inflation, many of us are feeling the pinch right now, so we’ve put together some tips to help you feel more in control of your money, even in difficult economic times.
 

But first: what exactly is financial wellbeing?

According to Beyond Blue, financial wellbeing is about having the financial freedom to make choices that allow you to enjoy your life. Every day we make choices with our money. Each of these decisions, small and large, impacts our lives, and these decisions also impact what we call financial wellbeing.¹

Financial health and mental health are linked. Financial challenges can cause significant stress, which can impact our mental health and wellbeing. Similarly, the state of our mental health can make it harder to get on top of our finances.²
 

Ways to increase your financial wellbeing
 

1. Recognise financial ‘red flags'

These may include getting behind on your mortgage repayments and paying bills late or not paying them.
 

2. Be financially honest 

It’s important to be honest with yourself if you’re under financial stress. You can find support services near you using Ask Izzy, a website that connects people who are in crisis with the services they need.
 

3. Plan and budget

A clear budget and financial plan can help you restructure spending, manage debt, and change spending habits. Check how much you’re spending and work out where your money is going with ASIC's MoneySmart Budget Planner. 

4. Get sound advice

You can access advice whenever you need it from HESTA, over the phone or face-to-face. We offer several advice options for members, including our super health check service which is available to you at no extra cost. HESTA members can also access mental health support through MyPsychologist.

5. Look for quick wins 

Simple steps like combining old super accounts can help you feel more in control and keep your money on track, both now and into the future. You should review any other benefits such as insurance cover before combining.

¹ https://www.beyondblue.org.au/mental-health/financial-wellbeing

² https://www.beyondblue.org.au/mental-health/financial-wellbeing

My Psychologist is a partnership between AIA Australia Ltd and HealthBright Operations Pty Ltd. Ask Izzy is owned and operated by Infoxchange ABN 74 457 506 140. Third-party services are provided by parties other than H.E.S.T. Australia Ltd and under the terms and conditions of those parties. H.E.S.T. Australia Ltd does not recommend, endorse or accept any responsibility for the products and services offered by third parties or any liability for loss or damage incurred as a result of services provided by third parties. You should exercise your own judgment about the products and services being offered.