Financially Well

When you work hard or run your own business there are small actions you can take to better control your money and improve your financial wellbeing.

Why being financially well matters

  • Money worries can impact your health and your relationships. 
  • Financial stress may lead to unhealthy behaviours such as overeating or alcohol and drug misuse.  
  • It can also affect you physically, leading to migraines, high blood pressure and sleep problems. 

What can I do to stay Financially Well?

It is good to know your numbers, know your financial needs, and know who to go for advice and when.

Here are some small actions you can take to have control over your money and financial wellbeing.

Tips to stay Financially Well

Be organised, know your numbers—keep good records

  • Know how much you get paid and when, and how much you pay out and when.
  • Mark ‘Money In’ and ‘Money Out’ on a calendar. Tracking incomings and outgoings lets you make sure you have enough money in your account to cover bills when they come in.
  • Some people use Pocketbook—a mobile phone app that allows them to track all incomings and outgoings.

Consider creating a budget

  • A system for tracking your income and expenses is a great start. Creating a budget can help you spend less and save more.
    • Start by setting money goals to help you decide where your money goes.
    • Record your income and add up your regular expenses, including your regular spending habits.
    • Decide how much you want as spending money. Look where you can save money and decide how much you want to save each week/pay cycle – no amount is too small.
  • Adjust your budget so that it works best for you and your lifestyle. has resources for creating a budget, managing money, investing and retirements

Talk to a trusted Chartered Accountant (CA) or Certified Practising Accountant (CPA) and establish a good working relationship with them

  • A CA or CPA will help you to fully understand:
    • your true tax position so there are no surprises, and make sure your tax obligations are kept up to date.
    • your business structure, reporting obligations, tax advantages and pitfalls, record keeping and book-keeping.

Develop a system to quickly and easily file every invoice and receipt that flows into and out of your business

  • A good basic system is to buy a pocket document file holder and store copies of all invoices and receipts in alphabetical order.
  • Keep copies of all bank statements. Do this for each financial year (1 July to 30 June).

Talk to a qualified financial adviser

  • Talk to a qualified financial adviser to plan for your financial future, protect your current income, insure your life, and plan for your retirement. 

Other Information

  • If you are experiencing, or at risk of, financial hardship you can talk to a financial counsellor. It is a free, confidential service. They can give you individual support to meet your needs and help you to make the right decisions for your business.
  • It can be hard to get started, but any step is a good one, and taking steps to manage your finances can be empowering and a way to take some control.