Five ways to increase your financial wellbeing

Shane Lee • March 10, 2020

It may not be something you think about much. It may even make you uncomfortable to examine the way you manage money and think about whether you’d be able to cope if you suffer a significant financial setback. But your financial wellbeing can impact every area of your life, so it’s worth taking the time to see if there are areas where you could make improvements.

Let’s take a closer look at what financial wellbeing means – and how you can measure yours.

MEASURING FINANCIAL WELLBEING

You can measure your financial wellbeing by looking at how you’re doing in each of these four areas:

  • Ability to meet your regular expenses – like mortgage or rent, utilities, education and health costs.
  • Being in control of your money – by understanding exactly where your money is going and avoiding wasting it on impulse buys or things you don’t use.
  • Making choices that allow you to enjoy life – such as travel, hobbies or leisure activities.
  • Feeling secure now and in the future – with enough money to cover today’s costs while also saving for what might happen later in life – this includes retirement savings, emergency funds and insurance against events like illness, injury or disability.

MAJOR INFLUENCES OF FINANCIAL WELLBEING

Your financial wellbeing can have many influences. External conditions like the economic climate, workforce trends, government policies and financial markets can impact your financial wellbeing. So can things that are more personal to you, like your relationship status and housing situation. Demographics such as your health, age and gender may also be an influence.

Of course, the amount of income you earn is a key factor in your financial wellbeing. But a good wage doesn’t automatically mean you have a high level of financial wellbeing – especially if you’re spending more than you earn.

While you can’t control every factor that influences your financial wellbeing, you can change your financial behaviours and attitudes. Studies show that with the right information and support, people can make positive changes to their financial habits and substantially improve their financial wellbeing.  

Here are five ideas to get you started.

  1. KEEP TRACK OF YOUR EXPENSES

Having a budget is key to financial wellbeing. To create a realistic plan, start by tracking your income and spending for a month. Remember to include irregular expenses like utility bills and car registration, or expensive times like Christmas. Once you have a realistic picture of your expenses, you can work out where you can make cuts.

  1. SET UP DIRECT DEBITS AND AUTOMATIC TRANSFERS

Use direct debits to cover recurring payments. This can help make sure you cover your essential costs first. It also reduces the amount of time you spend worrying about your finances.

  1. HAVE A SAVINGS BUFFER

Having no money set aside for emergencies can be very stressful. So, start saving now. Even a tiny bit put away regularly is better than nothing.

  1. TALK TO YOUR FAMILY ABOUT MONEY

Having regular, open conversations with your family or partner increases everyone’s financial literacy and understanding. Honest communication about money may also help reduce conflict and stress.

  1. GET EXPERT ADVICE

If you would like to know more about how to improve your financial wellbeing, talk to a financial adviser.

 

Source: Colonial First State

The information in this article does not take into account your objectives, needs and circumstances. We recommend that you obtain investment and taxation advice specific to your investment objectives, financial situation and particular needs before making any investment decision or acting on any of the information contained in this document. Subject to law, Capstone Financial Planning nor their directors, employees or authorised representatives gives any representation or warranty as to the reliability, accuracy or completeness of the information; or accepts any responsibility for any person acting, or refraining from acting, on the basis of the information contained in this document. Principal Wealth Management Pty Ltd trading as BMO Financial Solutions ABN 53 109 336 601 is a Corporate Authorised Representative (CAR 277821) of Capstone Financial Planning Pty Ltd ABN 24 093 733 969 Australian Financial Services Licence (AFSL) No. 223135.

Adrian Rasmussen retires after decades supporting Regional Queensland

By BMO • June 30, 2026
After an incredible career dedicated to supporting regional businesses, farming families and rural communities, BMO Business Centre Partner Adrian Rasmussen will officially retire from the partnership effective 30 June 2026. For many across the Western Downs and beyond, Adrian has been far more than an accountant or advisor. Over decades in business, he has built trusted relationships grounded in honesty, loyalty and a genuine understanding of regional life and the people who live it. Adrian’s connection to the country and agriculture has always been at the heart of who he is. He has worked alongside generations of farming families and business owners through seasons of growth, challenge and change, becoming a steady and respected presence for clients, colleagues and the wider community alike. Reflecting on his time at BMO, Adrian said the relationships formed throughout his career have been among the most rewarding parts of the journey. “It has been a privilege to work with so many wonderful people over the years; not only clients, but colleagues and communities who have become lifelong friends,” Adrian said. “Regional communities are built on relationships, trust and supporting one another, and I’m incredibly grateful to have been part of that throughout my career.” BMO Business Centre Managing Partners Kelvin Tyler and Michelle McVeigh said Adrian’s contribution to both the business and the region would leave a lasting legacy. “Adrian has played an incredibly important role in shaping BMO into the business it is today,” they said. “His care for clients, commitment to regional communities and calm, practical approach have earned enormous respect across our industry and the communities we serve. While we will certainly miss having him in the office, we are excited for Adrian and his family as they enter this next chapter.” While stepping away from the partnership, Adrian is looking forward to spending more time with family, on the farm and enjoying a well-earned change of pace after many years dedicated to supporting others. Everyone at BMO Business Centre extends their sincere thanks to Adrian for his years of service, friendship and leadership, and wishes Adrian and his family all the very best for the future.

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