People often forget that the primary consideration in undertaking a real estate journey – whether it be for personal or investment opportunities – is to have and maintain a healthy financial state.

Many people want to be in a good state of financial health, but sadly it all ends up a failure for some. This is mainly because many of those who dream about it often fail to see things through and often give up on the first few signs of obstacles that come along the way.

Fortunately, anyone can achieve a financially healthy lifestyle with the right attitude and determination to do so.

There are people who earn six-figure incomes but still struggle financially and the answer is simple, they do not know how to manage their financial resources.

To prove that point a study has revealed that around half of every household in major Australian cities live in a state of financial insecurity which is evident through the lack of awareness of saving money for emergencies or their futures.

The Australian Bureau of Statistics has reported that the spending habits of Australians have changed dramatically over the years and people have been spending most, if not all, of their income on transportation, food, and housing (owned and rented).  All of these are mainly because of poor financial awareness.

So what is financial wellness? Simply stated, it is the state of freedom from stress and pressures of debt and capable of maintaining a disposable resource at any given time. This means that you pass your overall financial health assessment.

The power of saving money

It takes willpower and the right attitude to save money, which is a long-term solution to your current financial situation. You know that you can start saving money no matter how small it is at first because you know that it will eventually grow.

You continue on and later find that the more time you spend saving money, the more money you save in the long term. This is the result of time and growth on money saved, no matter how much you set aside.

Make a budget

You know how to deal with financial stress because you understand the need to work within your means. You focus on your needs instead of what you want. You are practical and judicious with your spending habits.

You stick to your budget and you do not go over it.

Control spending

You are the master of your finances. You do not let money control you rather you are in control of the money that is in your hands. You set aside your desires so that you can hold your cash at bay and spend it for something else that you have allocated it for.

Establish a manageable credit profile

You carefully consider your options before taking out any credit or loan. It’s not because you are stingy, but because you are practical and smart.

Maintain a good credit score

You have an excellent credit score. That’s because you know how to make your credit payments on time. You do not neglect your obligations and you think carefully before taking out any credit.