Financial wellbeing is not something you organise once and then file away under “sorted”.

Your income, expenses, priorities and responsibilities will change throughout your life. A financial plan that suited you several years ago may no longer reflect your household, career or goals.

Maintaining financial wellbeing means checking your position occasionally and adjusting it when life changes.

Create a Regular Financial Check-In

You do not need to monitor every transaction anxiously.

A short monthly check-in can help you review:

• upcoming bills;

• account and credit-card balances;

• progress towards your current goal;

• unusual transactions;

• changes in income or expenses; and

• anything requiring attention.

A more detailed annual review could include your:

• savings and debts;

• superannuation;

• insurance;

• beneficiaries;

• financial goals;

• household budget; and

• important financial documents.

This is also an opportunity to check that joint financial information is accessible to everyone who needs it.

The purpose is not to achieve a flawless set of accounts. It is to notice changes before small issues become expensive ones.

Review Your Finances After Major Changes

Some events deserve a financial review even if your regular check-in is not due.

These can include:

• starting or leaving a job;

• having a baby;

• taking parental or caring leave;

• buying a home;

• starting a business;

• experiencing illness;

• separating from a partner;

• receiving an inheritance;

• losing a partner; or

• approaching retirement.

A life change can affect income, expenses, tax, insurance, superannuation and financial goals at the same time.

For example, preparing for a baby may involve planning for reduced household income as well as new costs and future childcare. Moneysmart recommends reviewing income, leave arrangements, expenses and entitlements when preparing financially for a child.

You do not need to predict every expense perfectly. The value comes from identifying the most likely changes and giving yourself time to prepare.

Keep Your Own Financial Knowledge

In a couple, one person often takes responsibility for household administration. That arrangement may be practical, but both partners should understand the basics.

Know:

• which accounts and debts exist;

• how household bills are paid;

• where important documents are stored;

• what insurance is held;

• how to access your own money; and

• which financial commitments are in your name.

Financial independence does not require every account to be separate. It means having access to information and being able to participate in decisions that affect your future.

This is particularly important because women’s finances can be affected by career breaks, unpaid care, lower lifetime earnings and relationship changes.

Adjust the Plan Without Abandoning It

Your ability to save or reduce debt may change over time.

If household income falls, you may need to reduce an automatic transfer or extend the timeframe for a goal. If your income rises, you might choose to increase savings, make additional repayments or consider another priority.

Changing the plan is not failure.

A useful financial system should be flexible enough to survive busy periods, family changes and unexpected costs. If it collapses the moment life becomes inconvenient, it was probably built for a fictional household where nobody needs a dentist.

Know When to Ask for Help

Some financial decisions benefit from appropriately qualified advice, particularly when they involve investments, tax, retirement, insurance or significant debt.

If you are unable to meet repayments, contact the provider early and ask about hardship assistance.

A financial counsellor may also help you understand debts, negotiate with creditors and explore available options. Financial counselling in Australia is free, confidential and independent, and it is not means-tested.

Following separation, it may be necessary to review joint accounts, debts, bills, insurance, super beneficiaries and important documents. Moneysmart provides a financial checklist covering some of the practical steps involved.

Seeking assistance is not an admission that you have failed. Often, it is the most direct way to understand your options.

Financial Wellbeing Is an Ongoing Practice

You will not always feel completely confident about money. Some seasons will provide more capacity to save and plan than others.

Maintaining financial wellbeing means continuing to:

• understand your position;

• protect access to important information;

• focus on a realistic priority;

• prepare where possible;

• adapt when circumstances change; and

• seek support when you need it.

Across this series, we have moved from understanding financial wellbeing to seeing your current position, choosing a manageable improvement and keeping that progress connected to your life.

You do not need to have your entire financial future mapped out.

You need enough clarity to recognise what matters now- and confidence to take the next appropriate step.

How Millie Can Help

Millie helps you view eligible financial information and spending patterns in one place, making regular financial check-ins simpler.

As your circumstances and goals change, having a clearer view of your money can help you recognise what needs to change with them.

Because financial wellbeing is not a finish line. It is the ability to keep making informed decisions as life moves forward.

This article contains general information only and does not take into account your objectives, financial situation or needs. It does not constitute financial, credit, taxation or legal advice. Consider seeking appropriately qualified advice before making financial decisions.