Financial Wellbeing: How is your financial wellbeing?

👋 Hi there,

Welcome to berupeewise! We simplify personal finances for you.

Why should I care about finance?

If you are asking this question, it means two things. Either you know all about it or you don't know about it YET.

Even if you ignore it now, you will have to catch up with it eventually.

Financial wellbeing is critical for our overall wellbeing.

Financial well-being is a state wherein you know that you can fully meet current and ongoing financial obligations.  

You feel secure about your financial future and you are able to make choices that lets you enjoy life.

Unless we feel financially secure, we will not be able to do things we love to do.

What does financial wellbeing mean to you?

Is it enough bank balance, ability to sleep well or be worry free about money or have the freedom to do what you like the most?

It could mean different things to different people as their context is unique and no two people will feel the exact same way about it.

To find out your financial wellbeing score, it will be a good to reflect what is your situation and how do you feel about it.

A list of things that may influence your financial wellbeing:

How much you know about yourself and your finances?

Ans: Self awareness tops here as well. The more self aware you are, the better. Self-awareness tells you how much you know about finance, how do you make decisions, your attitudes and behaviors towards money, etc. For most of us, this is the hardest part. It is like developing a muscle (the financial muscle, I call it). This blog is an attempt at helping you develop this muscle.

Do you have access to financial information and products?

Ans: Financial inclusion is the most popular topic these days and a lot of companies are in this space to help us feel more included.

Who do you know and who knows you?

Ans: The network and community that you are a part of. The inner circle, your family and friends who help you tide over stress and financial crises when you are in need of money or financial support.

How much you earn and save?

Ans: Your financial wellbeing is directly proportional to more you earn and more you save. Actually it really does not matter how much you earn as even if you are earning well, if you are spending all of it, your financial wellbeing is questionable. Therefore, it is an AND equation, Earn More AND Save More.

Other external influences that we have no control over may affect our financial wellbeing.

We can try to minimize the impact of these influences by managing our personal finances better.

Let's delve deeper into more topics on Personal Finance in the upcoming articles.

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Financial Wellbeing: What does it mean to you?