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How to get financially fit

If you’ve ever felt overwhelmed by your finances, you’re not alone. Many people find it difficult to stretch their income to cover their living expenses or plan for their future.

It’s not always easy to change your situation, but you can take some steps to improve it. 

Financial wellbeing is all about feeling secure and in control of your day-to-day finances. This includes having enough money set aside to pay your bills and feeling confident that you can reach your financial goals. 

First, it can be helpful to analyse your financial fitness. 

How financially capable are you? 

Healthy Coping Struggling Unwell
I rarely stress about my finances I sometimes feel stressed about my finances I often feel stressed about my finances I'm always stressed about my finances
I live within my means I can mostly meet my bills and expenses I often need to borrow money for basic expenses I can’t afford to cover basic expenses like food and utilities
I’m planning for my future and retirement I’m able to save a little from time to time I don’t have a plan for my future or retirement I have a credit or debit card that I can’t manage
I can talk to loved ones if money becomes a concern I can talk to loved ones if money becomes a concern I find it hard to talk to loved ones about financial concerns I would never talk to loved ones about my finances
I can handle a major unexpected expense I could handle a major unexpected expense without hardship I couldn’t handle a major unexpected expense I could never handle any major expense
It’s easy for me to get reliable advice and support I know where to find financial advice and support I find it hard to find reliable financial advice and support I don’t know where or how to find financial advice and support
Healthy I rarely stress about my finances I rarely stress about my finances
Coping I sometimes feel stressed about my finances I sometimes feel stressed about my finances
Struggling I often feel stressed about my finances I often feel stressed about my finances
Unwell I'm always stressed about my finances I'm always stressed about my finances
Healthy I live within my means I live within my means
Coping I can mostly meet my bills and expenses I can mostly meet my bills and expenses
Struggling I often need to borrow money for basic expenses I often need to borrow money for basic expenses
Unwell I can’t afford to cover basic expenses like food and utilities I can’t afford to cover basic expenses like food and utilities
Healthy I’m planning for my future and retirement I’m planning for my future and retirement
Coping I’m able to save a little from time to time I’m able to save a little from time to time
Struggling I don’t have a plan for my future or retirement I don’t have a plan for my future or retirement
Unwell I have a credit or debit card that I can’t manage I have a credit or debit card that I can’t manage
Healthy I can talk to loved ones if money becomes a concern I can talk to loved ones if money becomes a concern
Coping I can talk to loved ones if money becomes a concern I can talk to loved ones if money becomes a concern
Struggling I find it hard to talk to loved ones about financial concerns I find it hard to talk to loved ones about financial concerns
Unwell I would never talk to loved ones about my finances I would never talk to loved ones about my finances
Healthy I can handle a major unexpected expense I can handle a major unexpected expense
Coping I could handle a major unexpected expense without hardship I could handle a major unexpected expense without hardship
Struggling I couldn’t handle a major unexpected expense I couldn’t handle a major unexpected expense
Unwell I could never handle any major expense I could never handle any major expense
Healthy It’s easy for me to get reliable advice and support It’s easy for me to get reliable advice and support
Coping I know where to find financial advice and support I know where to find financial advice and support
Struggling I find it hard to find reliable financial advice and support I find it hard to find reliable financial advice and support
Unwell I don’t know where or how to find financial advice and support I don’t know where or how to find financial advice and support

Once you’ve worked out your level of financial fitness, you can explore ways to make some positive changes. Here’s how to start.

1. Get talking

Some people struggle to talk openly to their family and friends about money, but this can be good for you.

Finances are a common source of stress, so talking about this to someone you trust can help lift the burden. It’s good for your mental health and your relationships.

Being open about your situation can also make you more accountable and more likely to take action. 

2. Make a plan

Once you’ve taken stock of your financial situation and opened up to those you trust, you can start to formulate a plan.

Think about what changes you can make, in the short and long term, to improve your financial wellbeing. Remember to be realistic.

The simple act of making a plan and writing it down can help lift a weight off your shoulders.

3. Take action

No plan is going to work unless you stick to it. So once you’ve made your plan, try to follow it as closely as possible. It may be difficult at the beginning, but the sense of relief and accomplishment you feel when you see it starting to work will be worth the sacrifice. 

Remember, financial wellbeing is important for our overall wellbeing. Being financially stressed impacts the rest of our lives, especially our relationships and physical and mental health. Those who enjoy good financial wellbeing tend to be happier, more confident, and more productive. 

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Next steps

Explore more

The sooner you start to save for your retirement, the more you’ll save, and the more comfortable you’ll be.

Find out more about putting money aside for insurance cover and towards your retirement to ensure you’re well protected.

Find out how to use the power of interest and compound interest to make your money generate more wealth.