Let’s think about it. If your finances are not under control, this can cause stress and anxiety which can lead to poor mental and physical wellbeing. Conversely, when you are financially secure and in control you feel more relaxed and confident, you’re able to make clearer choices, enjoy less worry and potentially get more out of life.

Your personal wellbeing also impacts on your financial wellbeing, because it can impact your ability to manage your money well, work to your full potential and engage the right resources to support better financial decisions.

Being conscious of how financial and personal wellbeing are connected is the first step to finding balance and taking steps to improve both.

The idea that certain behaviours or lifestyle choices are likely to impact your quality and length of life makes intuitive sense. But when you look at the numbers, the picture is striking. Research released by AIA Australia in 20211 has led to the insight that just 5 modifiable, behavioural factors:

• physical inactivity
  
• poor nutrition
  
• smoking
  
• excessive alcohol consumption, and
  
• interaction with the environment
  

lead to 5 non-communicable (non-catchable) diseases (NCDs):

• cancer
• diabetes
  
• respiratory disease
  
• heart disease, and
  
• mental health conditions
  

which are responsible for 90% of deaths in Australia every year.

The good news is, we each have the power to change our behaviour and reduce our health risks. Even small, positive steps can make a difference to our health and wellbeing in the long term.

The key to good health and wellbeing isn’t ‘all or nothing’. It’s the small ‘somethings’ in between. Essentially, small lifestyle changes like going on a daily walk, getting a good night’s sleep, having a balanced diet and not smoking can make a big difference not only to your physical health, but also your mental health.

Make a commitment to one small change to your lifestyle today, to improve your mental resilience and wellbeing.

Getting your finances under control can be very liberating but taking the first step can feel intimidating. If you’re struggling with tackling the financial things on your to do list or are under financial stress, here are some initial steps you can take:

1. Accept that managing your financial situation can take time; there’s no magic wand that puts everything in order at once, but taking things one step at a time will bring you closer to your goals.
   
   
2. Make a list of your key action items or goals and break it down into manageable tasks so you can chip away, one hour/one day/one week at a time, e.g.: tally up all your debt one week, create a household budget the following week (there are lots of templates online you can download for free), review your insurances to see if you can get a better deal, monitor your superannuation.
   
   
3. Schedule a regular financial check-up, just like you would with your car. This could be every quarter, twice a year or annually - whatever timeframe you feel is doable. If your financial check-up saves you money then reward yourself with a portion of the proceeds.
   
   
4. If you have experienced negative emotions about your financial situation or you regularly engage in a cycle of impulse shopping followed by regret, then you could benefit from practicing mindfulness.
   
   
5. Reach out for professional help from a qualified financial planner or accountant.
   
   

There’s no ‘one size fits all’ solution to managing your finances because everybody has different situations, goals and needs. But just like your health, if you keep doing the same thing you’ll keep getting the same result. Change starts with small steps, which if you stick with it can become good habits – for both your financial and personal wellbeing.

Talking to a financial planner can help you understand your situation and make confident financial decisions (big or small) so you can get the most out of life.