5 signs you’re on your way to financial health

If you’re saving to invest or for a much needed holiday, it’s easy to feel like you’re getting nowhere, fast. For inspiration, here are the signs you’re well on your way.

While large sums of money in the bank, along with investments, are great indications of financial health, the lack of them doesn’t mean you’ll never get there. When you’re following the right steps, it means that your mindset is financially healthy and that’s the biggest sign that success will follow.

1. You understand your cash flow

How well do you understand how money comes in and out of your life? When you’re keenly aware of every cent you earn and subsequently spend, you give yourself total control over your finances, which is required in order to move forward. This means keeping track of everything from how many takeaway coffees you buy per week to monitoring savings to propel growth. Once you’ve identified your goals, keeping your eye on the target, with the understanding that every little bit makes a difference, is a great sign of financial health.

2. You spend consciously

The best of intentions fail to get results if you’re not spending consciously. The thing is, it’s remarkably easy to ‘turn a blind eye’ when the desire for something outweighs how much it costs. If this is something you do regularly, it’s time to readjust your mindset towards the things that hold real value. You know you’re moving forward when, instead of spontaneously spending, you stop each and every time to consider how much that might affect your overall financial plan.

The best of intentions fail to get results if you’re not spending consciously.

3. You embrace your budget

There’s no doubt that budgets can be boring and have the power to instill a sense of deprivation. However, it’s all in the way you view it. In reality, your budget is a powerful tool to help you reach financial freedom. Without it, you’re simply floundering around with no way to control or measure your progress. When you’re embracing your budget in the full knowledge that it’s your friend, rather than a foe, you’re empowering yourself to succeed.

1
2
3
4

4. You save for emergencies

It’s all too common to make some progress with savings, only to see them wiped out because of an emergency. That could be losing your job, a medical issue or needing to get a new car. Whatever it is, not having an emergency fund means depriving yourself of peace of mind and the ability to deal with issues when they arise. On the other hand, prioritising this is a very good indicator of being firmly on a financially healthy path.

5. You seek education and advice

When you’ve kicked bad debt out of your life and saved a nest egg, how much effort have you put into educating yourself on the best ways to increase your wealth? The time to start is right now, no matter how little progress you’ve made. Seeking professional advice is the best way to make your money work for you, now and long into the future. Financial health is yours for the taking and, when you keep following these steps, you’re well on your way to achieving it.

5 signs you're on your way to financial health:

  • You understand your cash flow
  • You spend consciously
  • You embrace your budget
  • You save for emergencies
  • You seek education and advice

Related Articles

VIEW ALL ARTICLES

Subscribe to Parler

Educational articles on maximising returns
Detailed research pieces on high-growth regions
News on finance, lending and tax in Australia
Early access to webinars and exclusive events

Join our community

Each month you'll receive our newsletter with exclusive property research, investing tips & market alerts.

Submit

Thank you

You have now been successfully subscribed. We hope you enjoy all tips and resources from Parler.
Oops! Something went wrong while submitting the form.

Are you ready to live the life you want?