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What is financial wellbeing?

What is financial wellbeing?

Financial wellbeing. It’s a bit of a buzzword at the moment – people seem to be talking about it everywhere. Even the banks. So what does it really mean and why is it so important?

At Tribeca, we’ve been talking about financial wellbeing since we started ten years ago. For us it’s not just a throw away term or catchy headline. It sits at the heart of what we’ve always been about as a company, and what we have always striven to achieve for our Tribeca Tribe and our clients.

So having faced a year like no other in 2020, what does financial wellbeing look like and how can we see our way through trying to obtain it?

Achieving a sense of security and freedom

To us, financial wellbeing is simply having a healthy relationship with your finances by understanding how you can mindfully spend and save your money. In other words, control over your finances and in turn your choices. This results in two very strong emotional responses:
– A sense of security
– A feeling of freedom 

By having financial security, you enjoy genuine freedom to make choices you love. We’ve developed a matrix which illustrates what financial wellbeing can mean now and for the future:

FINANCIAL WELLBEING MATRIX

Control over your finances

Having a healthy relationship with your finances is not easy. We get that, especially with the challenges of this year. Based on our matrix above, here’s how we can help towards your financial wellbeing:

Control over your finances:  We’ll help you form healthy money habits so you’re very clear on where your money goes each month and, more importantly, what is realistic for your cashflow and spending if your income has been impacted.

Capacity to absorb a financial shock. This is a big one. Obviously we’ve gone through and will continue to feel the impacts of a volatile economy. Now more than ever is a good time to review aspects such as insurances, estate planning and emergency funds so that you’re financially prepared for the unexpected – whatever that might look like.

Financial freedom to make choices to enjoy life – Yes, it’s been an incredibly tough year. But it’s important that we don’t lose sight of looking positively to the future. We can help you set, or reset, your goals based on what’s important to you. We’ll then map out what this looks like in ten years, three years and now – and work out a plan to get you there. Together.

On track to meet your goals: The year has shown us in stark reality that not everything in life goes according to plan. We’re here for you every step of the way, whether that’s simply checking in with you to keep your financial roadmap on track, or pivoting with you if circumstances change.

Financial wellbeing should be a priority in your workplace. Here’s why.

Enjoying a balanced life

One thing 2020 has shown us is to prioritise what is most important in our lives. We’ve created a number of strategies to ensure your financial plan aligns with your life goals – so that you can live your Good Life. Our Wheel of Life tool, for example, can help us steer you towards achieving that sense of financial wellbeing and wellness. Here’s what a completed wheel may look like:

The purpose of the wheel of life exercise is to make sure your wheel, the whole of your life, is balanced with all aspects or needs fulfilled in the right way. It’s a great tool for us to understand what is truly important to you, and how your finances can enhance – not hinder – your goals and aspirations.

Want to learn more about the secrets of living a Good Life? Click here.

Creating a plan for the future

A sense of financial security and freedom in our choices is incredibly important to our mental health. According to studies, 46% of workers spend at least three work hours each week thinking about their finances. And poor financial wellness costs Australian businesses $33 billion per annum.

And this was before COVID.

We understand that the ramifications of 2020 will reverberate for many months and years. So for many it’s not going to be easy to achieve, maintain or even think about our financial wellbeing in this environment. But we believe it’s far better to take positive action than no action at all.

Out of adversity always comes opportunity, and hope. 

We’re here to help you create an achievable and meaningful plan for now and into the future. A plan that provides you with that sense of security, freedom, purpose and balance that comes from living a life with financial wellbeing.

If you would like to arrange a free 15-minute phone consultation with one of our financial advisers, please contact our Tribeca Tribe here.

We’re also offering a free of charge, 45-minute financial consultations (via phone or video conference) to those who are affected by COVID-19, for example people who have lost their jobs, have reduced work hours, have been stood down and/or are under financial stress. Simply contact us on 1300 388 285 or tell us about your situation HERE and we will arrange your appointment.

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