How to take your financial temperature

True financial wellbeing looks at behaviours relating to how we spend, save, borrow and plan also.

Robert Whelan, managing director of Rockwell Financial, says a very initial acid test is to ask yourself, when making a significant purchase, are you putting it on your credit card or your debit card. If you have the balance in your current account to pay for that item, then you’re financially healthy. But if you’re putting large items on credit and not paying them off at the end of the month, this could signal a problem.

“Lastly, are you able to save for the future- that may be buying a car or house in three years’ time, or planning for your retirement. Being able to save for those big events is important. You might meet level one and level two, but if you’re not able to plan for the future that’s a problem too,” Rennick says.

When people run into debt they’ve lost control and are almost hiding from it, Rennick says. “It’s about being comfortable, it’s not a constant worry and also having confidence in the future, a plan or roadmap for buying a house and retiring comfortably,” he says.To stay on top of financial health, you don’t need an elaborate ledger, a simple pen and paper will do. Having a full picture of your financial situation is critical.

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