How to achieve financial wellbeing all year round

ARTICLE

1 June 2025

3 min read

Australian Paralympian and AIA Financial Wellbeing Adviser Tristan Knowles knows just how hard it can be to get into a rhythm with your finances. Here is his guide to achieving financial wellbeing.

We all procrastinate. Whether we want to delay starting an unenjoyable task or fear the potential failure that may come our way, it can be tempting to wait for the ‘right’ moment to do something rather than take advantage of the present one. Money is no exception to this rule.

Regardless of whether you feel financially confident, sitting down and focusing on our financial wellbeing can feel daunting, but there’s no better time than the present to get clear on your finances. In fact, getting started is usually the hardest part.

The 4 core elements for financial wellbeing

1. Know your ‘why’

I believe financial wellbeing starts with your ‘why’: the goals you are trying to achieve. Whether it’s repaying some debt, saving for a holiday, or reaching a certain savings goal, identify what you want to achieve and let that ‘why’ be your guiding light throughout the year, no matter what twists and turns come your way.

2. Have a plan

Reaching your end goal is quicker and easier when you have a clear roadmap in place. The same goes for your finances. Getting a handle on your cashflow and ensuring you have a realistic budget in place can make the journey towards financial wellbeing a lot smoother.

3. Ask for help

Don’t be afraid to ask for help if you’re unsure or just overwhelmed by your finances. It’s what financial advisers are there for.

4. Get good at your tax return

Getting into the habit of lodging your return on time, whether on your own or through an accountant, is just good financial hygiene and will ensure any potential refund lands in your account sooner rather than later. You can make it easier for yourself by getting into the habit of saving receipts all year round.

Don't sleep on your super

Superannuation is one of the most important building blocks in creating wealth and forming a strong sense of financial wellbeing. Not only is it the biggest asset most Australians accumulate in their lifetime (outside of a home), but it’s often our main source of income during retirement.

So, while it might not sound sexy, having an intimate understanding of your superfund before you’re 60 is vital for your future self and financial freedom. To get started, look at what your current superfund is, and see how your money is invested and what fees you’re being charged. Then compare this to other funds on the market. The ATO’s free comparison tool is a great online resource that can help you see how your super stacks up to others on the market.

How to shop smart

Let’s be real, spending money is fun. But there’s a balance to be struck between enjoying life right now and ensuring your future self has enough to enjoy too. To strike that balance, I like to:

Think ahead. Plan for the purchases you want to make ahead of time so you don't find yourself buying on impulse and regretting your purchase.
Have a budget. Having clarity on what you can afford to spend is paramount. So be honest with yourself about your incomings and outgoings (keeping a buffer for those things that always ‘pop up’) and save accordingly so you can comfortably spend what you need, without sacrificing money on non-essentials.
Plan how you’re going to pay. How we pay for things can have a huge impact on our cashflow, and with so many payment options available (debit cards, credit cards, cashback, buy-now-pay-later services), have a clear plan in place so your expenses don’t add up.
Know your why. Shopping can be emotional. We can buy something and feel satisfied in the moment but not in the long-term. If you’re finding yourself spending more than usual or are just used to buying new things regularly, take a moment to sit back and consider why you want something. Would going for a walk or calling a friend help distract you and satisfy the urge to have something new?

You don’t need to be an expert to achieve financial wellbeing, you just need to be curious. Taking small steps to learn about your finances such as understanding your cashflow, working out a budget and learning about key financial topics like superannuation, can help you take control of your finances with clarity and confidence.

Tristan Knowles

Tristan is a childhood cancer survivor, 5-time Paralympian and Gold Medallist, 2 time World Champion and AIA Financial Wellbeing Advice Manager.

Disclaimer:
Copyright © 2025 AIA Australia Limited (ABN 79 004 837 861 AFSL 230043). This is general information only, without taking into account factors like the objectives, financial situation, needs or personal circumstances of any individual and is not intended to be financial, legal, tax, medical, nutritional, health, fitness or other advice. The source information of the articles is current as of the date of publication and may be subject to change. While the information contained herein is believed to be accurate, AIA Australia expressly disclaims any and all liability for representations or warranties, expressed or implied, contained in, or for omissions from, the information.

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