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Financial Wellbeing

Financial wellbeing is when you have enough money to meet your needs. This allows you the financial freedom to make choices that allow you to enjoy life. The following information should help you to live within your needs and have financial wellbeing. To reach this comfortable stage of life, we all need to budget. Budgeting is planning out what money you expect to receive and setting out how you plan to spend it.

The first step of a budget is to make a list of all the money you have coming in during a specific period such as wages, social welfare, and child benefits. The second step of your budget is to list all your expected expenditure. This is the money that you will need to spend throughout the same period such as your mortgage, rent, and shopping. Include essential spending but also include spending on your social life. The last step of a budget is to calculate your total income and your total expenditure. You then subtract the total expenditure from the total income to find the surplus. This is the money that you should have leftover at the end of the period which you can add to your savings. Budgeting will allow you to reach a point in your life where you are financially comfortable. You will have money saved up for a rainy day and you will know how to spend money without being wasteful. There are so many benefits for this life choice, such as reduced stress, job satisfaction and an improvement in your mental health! Why don’t you start budgeting today?

So, what do you do if your budget shows a deficit rather than a surplus? This means that you are not able to pay your bills and you are in debt. The most important thing is that you reach out as soon as possible to ask for help. Banks usually have ways to support you and help you out of this situation.

So, how else can we reach the point of financial wellbeing? Well, it is also important not to over commit. Can you name how many different services that you are subscribed to? Netflix, Disney+, Amazon Prime, LinkedIn Premium and all the other premium services that you avail of will gradually build up and you will not notice the money disappearing every month. Prioritise what subscriptions are the most important and unsubscribe from the rest and all that money will stop disappearing.

If you are looking to financially prepare for retirement, visit where you can learn all about the retirement schemes in your country.

For more information, visit or

Main Points:

How to achieve financial wellbeing: Budgeting

Step 1: List out all incoming money

Step 2: List out all expenditure

Step 3: Subtract expenditure from income to find surplus which can be added to savings

This will lead to having money saved and financial wellbeing.

Should any member of KTL staff require financial assistance, they can avail of such by contacting:

(Ireland) Laya Healthcare: 1800 911 909

(UK) Health Assured: 0800 028 0199


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