wellness for your wallet

What does self-care look like for you? It might be treating yourself to a massage, taking a meditation class, or simply going for a solo walk. But are you really practising self-care if you’re not including your finances?

Research shows there is a strong relationship between our financial wellbeing and our mental health¹ , so it pays to check in on your spending and saving habits. If it’s time to give your money a makeover, we’re here to help with these simple tips.

1. Shop and swap your wardrobe

Do you really need that new pair of pants? Is anyone at work actually going to notice (or care) if you wear the same shirt twice in one week? Make some time to try on the clothes you already own and experiment with new outfits to avoid spending money on new clothes. Or get some friends and family together for a clothes swap.

2. Love a list

It’s no secret that the cost of the weekly shop has gone up. Before doing the groceries, think about what you’ve got on in the week ahead and what meals you’ll need to cook at home. Then make a shopping list for exactly what you’ll need. And stick to it!

3. Takeaway tricks

We all need a night off from the kitchen every once in a while. But what if your takeaway bill is starting to break the bank? Try ordering directly from the restaurant to avoid added fees from food delivery apps. And opt to pick it up yourself, rather than having it delivered. For a tip that will benefit future you, look out for dishes that will stretch into the next day so you can enjoy leftovers for lunch. Think curries, stir-fries and pasta.

4. Cool off

Would you consider yourself an impulse buyer? Try to be more intentional with your spending before making a purchase and consider whether it aligns with your values and goals. You could take it one step further and wait 24 hours, a week, or a month before handing over your credit card to make sure the purchase is something you really want or need.

5. Knowledge is power

Take the time to educate yourself about financial topics that interest you, like budgeting or investing. Check out the business and finance section of your local bookshop or library, or search for finance podcasts if you prefer to learn on the go. You can also log into your HESTA account to access our digital advice library which offers articles on a wealth of topics like how to ditch debt, how to build better savings habits, and how parental leave will impact your super.  

6. Divide and conquer

Got a big buy coming up this year? Divide the cost by the number of pay days you have before it’s due and try to put that money aside so you don’t have to take one big financial hit.

6. Pay down debt

If minimising debt is a priority for you, consider developing a plan of attack that will work with your budget. Depending on your preferences, you might concentrate on paying off debts with the highest interest first to reduce the total interest you pay. Or you might want to knock off debts with the smallest balance first to create momentum and a sense of achievement. You don’t have to do debt alone. You may be eligible for help with debt management through Ask Izzy.

7. Ask an expert

Financial advice isn’t just for the wealthy. It’s all about helping people of any income level achieve their financial goals. As a HESTA member, you can speak to an adviser about your super at no extra cost. If you need comprehensive financial advice, we have partners that can help with that too. 

¹ Australian Securities & Investments Commission and Beyond Blue, Money and Mental Health Social Research Report, August 2022.