Factors influencing your financial health
- Personal characteristics – like your age or marital status.
- Financial literacy – how well you understand concepts such as credit and affordability.
- Financial behaviour – how you manage your money through planning or investment.
- Stressors – events such as losing your job or becoming bankrupt.
- Financial situation – your position in terms of income, benefits, and assets, such as owning a home.
Tips for financial health
- Save, save, save.
- Avoid impulse spending.
- Cut unnecessary expenses.
- Ensure you have insurance.
- Limit your debt to what you can afford to pay off.
- Pay more than the minimum on your debt when you can.
- Use strategies that will help you achieve your goals.
- Create an emergency fund for unforeseen expenses.
- Learn more about credit and financial concepts.
- Believe you deserve financial security and pay yourself first by saving.
