With the rising cost of living coupled with rising interest rates, many are struggling financially. It is a good time to take stock of your financial health and see how to improve your situation to help you get through these difficult times.
Let’s break financial health down into its three components and have a look at what can be done to improve it.
The three levels of financial health
- Meeting everyday commitments – paying bills, rent, food
- Coping with unexpected financial events – illness, car breakdown, loss of job
- Planning for the future – building a nest egg
To improve your financial health you first need to understand where you spend your money so creating a list of all expenditures and from there creating a budget is a great start.
Once you know where your money goes you can start to take back some control. Reduce the unnecessary expenses, put money aside for the unexpected and start a savings plan.
Whilst this all sounds very easy on paper it can be quite tricky in reality. Especially when it involves changing ingrained habits or when you have never had to worry about money before.
There is a lot of general information on the internet which is a good starting point but getting some specialised help that can advise on your personal situation is going to get you moving forward fastest.
Oculus financial advisors are here to help
Our team understands that money doesn’t grow on trees. Oculus Group has been providing advice and handling financial queries to our clients since 1947. With over 70 years of experience, we understand financial health.
Call us today so we can help you on your way to positive financial health.