Financial wellness goes beyond what’s in your bank account – it’s an all-round approach to saving, investing and actually enjoying your life. Imagine! You're on top of your monthly expenses, you’re prepared for emergencies, you’re on track to meet your financial goals… All the while enjoying the freedom to make choices that enhance your life.
You don’t have to be extremely frugal, amassing wealth at the expense of happiness. No! It's about creating a balanced approach that allows you to meet your current needs, save for unexpected expenses, invest for the future and enjoy the present.
Use 22seven to help you get there!
The 22seven app shows you all of your finances in one place. You can track your income, expenses and investments, and create a monthly budget to keep you on track. Here’s how to get started:
1. Link your accounts. Bank accounts, credit cards, loans, investments, retail accounts and even rewards. Seeing all your money stuff in one place simplifies budgeting.
2. Track your income and expenses. 22seven automatically categorises your transactions, giving you a real-time view of your income and expenses. This helps identify spending patterns and areas where you can save.
3. Make your budget. Now that you have a clear understanding of your income and expenses, you can create a budget that reflects your financial goals. Allocate funds for necessities, savings, investments and life's pleasures. Remember, each financial decision impacts others, so aim for a balanced approach.
4. Set financial goals. Whether it's building an emergency fund, saving for a dream holiday or investing for retirement, having clear objectives keeps you focused and motivated.
5. Monitor your spending. 22seven’s reporting features provide a visual representation of your income, expenses, net worth over time and other metrics. Keep an eye on your spending to ensure it aligns with your budget. Be flexible: if you overspend in one category, adjust your remaining budget for others to stay on track.
6. Review your progress regularly. The app’s tracking features allow you to monitor your progress towards your financial goals. Use it! It’s an easy way to stay motivated and you’ll quickly see if you need to make any changes to your budget or your goals. Your financial plans should be flexible and evolve as your life changes.
Financial wellness isn’t about depriving yourself. It's perfectly fine to budget for hobbies, entertainment, self-care and other activities that enhance your life, as long as these expenses are planned and you balance them with your saving and investing goals so that you have all your bases covered.
Remember, everyone’s journey to financial wellness is different. What works for one person might not work for another. If you’re unsure about your financial goals, or if you need help with budgeting, seek the assistance of a qualified financial planner. With the right tools, some patience and discipline, you’ll find the path towards financial wellness in no time!