Financial wellness tips

ADVICE: EXPERT SHARES 10 STEPS TO HELP ON JOURNEY TO BUILD A HEALTHIER FUTURE

- Lana Visser-Galant

Financial wellness is more than just having money in the bank. It's about creating a stable, secure and fulfilling life. It intersects with physical and mental well-being, forming a foundation for long-term peace of mind.

Whether you're just starting your financial journey or looking to refine your approach, these 10 practical tips can help you build a healthier financial future.

Create a realistic budget
A good budget is the cornerstone of financial wellness. Start by listing all your income and expenses—be honest and thorough. Categorize your expenses into fixed (like rent) and variable (like groceries), and distinguish between needs and wants. If you find a shortfall, identify areas to adjust. Don't forget to include savings as a non-negotiable line item.

Develop good spending habits
Sticking to your budget is key. Track your spending, avoid impulse purchases and always ask: "Do I need this?" If it's a want, only buy it if your budget allows or save up for it. Keep your long-term goals in mind and remember the opportunity cost of every purchase.