Finances

Financial wellbeing is a big challenge for many, many, people right now, and particularly during these challenging times. Sadly, many have lost their job and ability to earn money. Many, many, more are looking for a job. 

Financial wellbeing it's not about how much money you have. It’s about: 

• Having enough money to do the things that you want to do through the course of your life. 

• Having that flexibility and freedom to choose to do those things. 

How to practice financial wellness:

(Credits to Schroeder's Personal Wealth for the ROCKET model): 

• R for Review: Review your household expenses and list out everything that goes in and out, so you've got an awareness of what's coming in and out. 

• O for Organize: Organise your finances, so once you have got an idea of what's coming in and out you've got an appreciation of what is coming up. 

• C for Create: Create a financial plan, looking forward to your life, to retirement, to big life events.

• K for Keep on track of your finances. Look at what is happening. What's going in and out. You have got that plan. See how you're tracking against that plan and don't be afraid to readjust it. Like our wellbeing and our lives, nothing is fixed. It's dynamic. So keep assessing. 

• E for Expect the unexpected. Life will throw up curveballs. It could be a global pandemic, it could be losing a job, it could be a health issue. 

• T for Take financial advice. Whether is a financial advisor, Citizens advice, your employer, other people in your network.

So that is the ROCKET way of looking at financial wellness. Make it a priority to give yourself the security over the course of your life, to enable you to do the things that you want to do.