financial fitness

Your 5 minute money health check

Quick money health tips that can assist you in taking charge of your financials and head towards achieving your goals.

2250 0

Women are usually pretty darn good at multi-taking, but we can also be just as good at parking that all important money health check. Thankfully here’s some tips that can help you get it done in 5-minutes!

The ability to earn an income is one of the most important assets that women have, so what you do with it, is key to your future success.

As a big believer in the need to plan ahead, here are five things which I have found to be most helpful when getting women thinking and doing more with their money.

  1. Be ready and willing to find out more about your money. This is an important step because sometimes women either don’t want to think about it, or they don’t have the need to think about it.
  2. Understand your own financial position. The details of your current income and assets, debt and expenses.
  3. Understand the need to plan for your future.
  4. Educate yourself and/or seek proper financial advice.
  5. Put a plan in place that helps you to achieve the goals you desire.

People’s wants today are insatiable.

As society grows, technology improves, there is greater luxury of choice, along with greater access to lines of credit – all of which means that some of us have the ability to achieve their money goals such as travelling overseas or making improvements to their home.

But for others, the days of previous generations where if you work hard you can be successful and enjoy the fruits of labor, achieving financial goals may still feel out of reach.

Add to that the fact that as baby boomers grow older, pressures on aged care will grow along with the significant costs associated with accommodating loved ones.

This could also mean that you cannot rely on wealth from inherited assets. These may need to be sold to help provide for costs associated with accommodating loved ones for example accommodation bonds and ongoing care fees.

So to this end, it’s so important to stop and think about how can you support yourself and help your children do the same in the future?

A person’s ability to earn an income is one of their most valuable assets as the income will be perpetual assuming good health.

The time to take action is now, putting steps in place is important.

You may not get everything you want or desire but at least you will have a plan in place and a clear vision to provide yourself and your family with a greater sense of financial security.

Subscribe to Financy®

Get your Financy fortnightly fix with Financy Rewards, content and more. Plus each quarter you'll receive the latest Financy Women's Index, helping you keep pace with women's financial progress.

In this article