Start your journey towards financial wellness!

We all have goals — ranging from personal goals to professional goals to financial goals. In order to achieve these goals, we have to put guidelines in place to ensure that we make the right decisions and actively work towards achieving them.

Author Alan Lakein has a famous saying that goes: “Failing to plan is planning to fail.

Creating financial wellness is not something that is done overnight. It requires you to reach a place where you know that your current finances are secure and that your future wealth is steadily being built. As with any other goal, it requires diligent planning, hard work and discipline.

One of the biggest factors that play a part in how easily and effectively we can achieve our financial goals is often our income. From your current point of view, financial wellness may look unobtainable, but that does not have to be the case.

The start of your journey is a proper financial plan: Prioritising your needs and goals and allocating the necessary funds to where they need to be. Ask yourself the following questions:

  • Are your risks adequately covered? (Have you insured your assets? Do you have adequate medical aid? What happens when you die; will your family be taken care of? Do you have a Will? Do you have an income protector for when you are unable to work?)
  • Are you saving (enough) towards retirement?
  • Are you saving towards personal and financial goals? (An overseas trip, a new car, a home?)
  • Are you making adequate provision for ALL your expenses in your monthly budget?
  • Have you made provision for unexpected expenses?
  • What is standing in the way of your financial wellness? (Consider whether the following is affecting your financial situation: Bad debt, living above your means, or not allocating your surplus funds towards your financial goals.)

These are the basic things to consider in any financial plan. But your financial plan should be unique and must cover the aspects that are unique in your life.

It is important to remember that a financial plan is only effective as far as it is carried out. Financial wellness can only be achieved by having a consolidated look at your needs, your goals, and your resources, formulating a strategy and sticking to your plan!

As with any plan, talking about it is much easier than implementing and carrying it out. Fortunately, you do not have to do this alone! Your financial adviser can help you to formulate a financial plan that suits your life goals and review it regularly to ensure that it is relevant in all stages of your life.

It is important to remember that your financial wellness will look different to someone else’s. At the end of the day, it’s about making the most of your situation to achieve the goals that you have set out for yourself.

Start building your financial wellness today.


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