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What is financial fitness?
By MyBudget Editor

In this video, MyBudget founder and director Tammy Barton answers the question "what is financial fitness?" focusing on the three main elements. Watch the video, or read the transcript below.

Video transcript:

- [Tammy Barton] Hi everyone, and welcome to another week.

Today, I thought I would answer a question that isn't asked often enough. What is financial fitness?

I mean, if you think about it, you hear the term financial fitness or getting financially fit often, but what does it really mean?

So, here's my answer.

There are many aspects associated with financial fitness, but I'm just going to focus on three key elements for today.

The first aspect of financial health, is your short term fitness.

And, that's all about managing your day-to-day finances, paying your bills, reducing debt, setting aside savings, and all the right habits that help you live within your means and get ahead.

The second element is making sure that you're protected against unplanned emergencies.

And, that's the what ifs, that can pop up from nowhere. Sometimes there's a car repair, or a vet bill. And, at other times, it's a global pandemic. We certainly didn't see that one coming.

It's important to make sure you have enough savings to fall back on.

And lastly, it's looking toward your long-term financial goals.

In other words, planning and saving for future milestones. Things like buying a home, or starting a family, going on a holiday, or topping up your super.

This is why budgeting is the foundation of financial fitness, because it's the blueprint for achieving all of the above.

Then, what you find over time, is that budgeting becomes a way of life.

And, that's how you get really financially fit.

Not by looking at your bank account or credit card statement at the end of the month, but by the daily positive money habits that add up to, and snowball into better and better financial fitness over time.

And, what this means for you guys, is that you're well and truly ahead of the curve, as I've said before, and you're part of a growing global financial fitness movement that MyBudget is also very proud to be part of.

Remember, if there's anything we can help with, please give us a call or send us a message, and in the meantime, have a great week.

To book your free phone appointment contact MyBudget on 1300 300 922 or enquire online.

Read more about COVID-19 financial relief measures, download a budget template, discover how MyBudget works, sign up for money tips on the MyBudget Blog or follow MyBudget on Facebook.

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