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The Benefits of Financial Well-being

Finance • by Paul de Beyer • 25 June 2019
Financial well-being isn’t something we talk a lot about. More often than not it’s swept under the carpet of conversation as we discuss our favourite sports teams’ failures or the latest Netflix show. However, our financial status has further-reaching consequences than just the price of milk.

While it might not be a “hot topic” around the braai, understanding your current financial situation, as well as working to improve it, has further-reaching benefits than your bank balance at the end of the month.

Working on your financial fitness not only reduces your overall stress levels, but ultimately leads to a happier life. The more knowledgeable you are, the more confident you feel, and the same goes for improving your financial life.

Understanding your spending habits will help with unnecessary spending habits, reduce debt and ultimately improve your credit score. So, how do you get to grips with your financial well-being?

1. Boring old budgeting
You knew it was coming! We’ve all heard that we should budget, but so very few of us do. Unfortunately, it’s one of the cornerstones to a healthy financial life. Try to keep things simple: understand how much money you have coming in each month and then how much is going out.

Make a list of all your expenses and break it down into those you are comfortable with and those you really aren’t.
Once you know where your money is going, you can begin taking the first few steps to exercising your financial muscles.

2. Make small choices
It might sound a little silly, but don’t try to cure world hunger on your first day. Making big, sweeping changes to your life in one go can often lead to failure. Instead, start small.

Make a few small changes and set yourself up for early success. That continued success will build your financial fitness, allowing you to push further and further, ultimately giving you the ability to make the big changes in the end.

3. Set one big goal
While you’re building your confidence through budgeting and succeeding at small goals, start to plan out one big goal you want to achieve. This goal needs to be realistic but one that you can work towards over a longer period of time.

Make the goal fit your new spending habits and, more importantly, your budget. It might be paying off a credit card debt you’ve had for a while or saving towards buying a new stove. Whatever it is, make sure it fits your budget.

Finally, tell someone about it. Use your support structures and get a friend or family member to “spot you” as you work towards your goal. Their encouragement and engagement will help keep you motivated and on track.

How can Creditgenie help?
As a member of the Creditgenie family, your financial well-being means the world to us. So much so that we’ve created an entire Financial Wellness Programme to help you work towards your ideal, financial future-you.
While you gain full access to the Financial Wellness Programme, you also get someone to coach you through the journey.
Your financial expert will not only help you budget, understand your spending and help you set goals, but also assist you in understanding your quarterly credit report and how to continue improving your credit score.