Financial health is an important part of our lives. When we take care of our financial health we can better manage financial stress and achieve our financial goals.  

Financial health is made up of three components: 

  • the ability to meet everyday commitments like paying your bills and making loan repayments
  • the resilience to cope with and recover from unexpected financial events, like your car breaking down or losing your job
  • putting yourself in a position to plan for the future and pursue your goals.

When we maintain good financial health we’re in a better position to handle life’s ups and downs. 

Start saving:

Once you know what you’re spending your money on, you can focus on saving. You can do this by setting up a savings goal using an app. 

Understand credit and your creditworthiness:

If you’re considering credit, it’s important to understand what credit means, the different types of credit and how to manage it. It’s also important to be aware of your credit rating and your creditworthiness. The better your creditworthiness, the more ways you’ll have to get ahead financially.  

Use your credit card effectively:

Credit cards can be confusing, so make sure you understand how they work. It’s also important to know about your credit card limit, fees and interest. Be sure to set up a notification to let you know when you’re approaching your limit.

Buying a home:

Buying your first home is a huge step. Use a borrowing calculator to estimate how much you could afford and what your repayments would be.

Building better financial health starts with understanding your finances, establishing goals, and seeking professional advice to support you along the way. Clear Sky Financial is here to help and advise you on the most appropriate strategies to ensure long-term financial health and wellbeing.

Information contained in this document is considered to be true and correct at time of publication. In addition, the information provided is general information only, and does not take into account any individuals’ objectives, financial situation and needs. Before acting on any information contained herein, you should consider the appropriateness of the advice having regard to your personal objectives, financial situation and needs.

Source: NAB
Reproduced with permission of National Australia Bank (‘NAB’). This article was originally published at
National Australia Bank Limited. ABN 12 004 044 937 AFSL and Australian Credit Licence 230686.