There’s a cultural shift in the employment landscape in Australia as more companies – thanks to the realisations brought about by the Coronavirus pandemic – are shifting their attention to establishing more meaningful and profound financial wellness programs for the workforce not just for the benefit of workers but for the long term benefits of the company as well.

What does this mean for you? Of course, your financial standing is vital in any real estate journey – whether as a home buyer or someone considering property investment as an alternative income stream.

A recent survey by a global benefits consulting group revealed that around 90 per cent of large companies in Australia want to customise or expand their employee financial wellness programs. These companies have also considered a broader coverage with better provisions aside from offering quick short term loans for emergencies.

They hope to go further by providing additional features to institute awareness and resources such as helping workers track their finances, establishing emergency funds and support in dealing with financial pressures.

Engaging employees with such programs, according to research, provides long term benefits for companies in return as it encourages more employee loyalty, helps workers cope with financial stress and improves productivity.

This, in turn, would empower workers to pursue holistic goals, such as purchasing that dream home or investing in properties and planning for their future.

But how can you start your journey towards financial health and your real estate goals? Here’s how you can take the first steps.

Settle your dues and obligations

Start by eliminating the stress factors that cause you to lose interest in managing your finances by resolving to settle your credit card dues or debts.

Make a list of all your credit dues and compare it with your regular earnings. Identify your fixed obligations or debts and check them against your net income to see if you can set aside a certain amount for debt servicing.

Distribute it among your standing dues and start paying it out in instalments. Once you have reached a conclusion and reach out to your creditors to negotiate a plan to settle your dues.

Do it quickly lest your penalties or surcharges keep on growing.

Consult financial experts

Most companies provide a strong support component in financial wellness programs at the workplace. You can consult a financial adviser to help with ideas to save money and manage your finances efficiently.

Breakaway from credit

Stop relying on credit to run your daily life. Exert every effort to live within your means and save your credit card only for emergencies.

Use cash and a calculator when shopping and stop buying things that you don’t need.

Establish a budget

Make a list of your expenses and sources of income. Create your budget based on your available resources plus a certain percentage to allocate for savings. Ensure that you do not go beyond or overspend your budget.

Save for the future

Make sure to include savings in your budget. Apportion a certain realistic amount each time you get your paycheck and resist, at any point, the temptation to take out money from this stash.

No matter how much savings you set aside, make sure you do this regularly. Create and focus on goals that you can make out of this fund and reserve this for the future.

Resist the urge to spend

Spending can be addicting, especially if you have the convenience of buying it with a simple swipe of your credit card. Take time to think things through. If you feel you don’t have any immediate use for it, then ignore it.