OverviewFeel good with Fidelity
Feel good with Fidelity
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Feel good about your money
When it comes to building your financial health, there's a good chance you already know some things you want to focus on. To make it manageable, it can help to think of your finances in four sections - budgeting, debt, savings and protection - and then set goals for each one. Starting with small goals, on your way to larger ones, can help you feel good about your money today and tomorrow.
Where to begin will depend on your unique situation; including where you're starting from and where you want to go in the future. To get you started, we’ve put together some ideas for a first step in each area.
FEEL GOOD TODAY
Budgeting - Use the 50/15/5 Rule
The word ‘budget’ can bring up feelings of limitations and restrictions with popular articles on the subject reprimanding us for the money spent on our daily coffee habit or weekend drinks with friends. But with our 50/15/5 rule it’s possible to keep track of your money and still enjoy life.
Consider this simple rule of thumb for saving and spending: aim to allocate no more than 50% of your take-home pay to essential expenses, put 15% of your income towards your retirement savings, and keep 5% of take-home pay for short-term savings. Learn more about budgeting.
Debt - Know what you owe
Few of us are lucky enough to be debt-free for our entire lives. If you feel stressed about debt you aren’t alone, our recent research shows that nearly a third (31%) of adults we surveyed globally have some stress about paying down debt*.
After meeting all your payment obligations, if you currently have debt, you could then consider making extra payments towards high-interest debt, like credit or store cards. If you’re struggling don’t be afraid to ask for help. Learn more about debt.
FEEL GOOD TOMORROW
Savings - Get your retirement on track
It’s never too early, or too late, to start planning for retirement. Establishing and working towards your savings goals can help you feel better prepared for those important moments in life.
When it comes to achieving your long-term goals, the sooner you start putting money aside the more time it will have to grow. This is a way of supercharging your savings using the power of compounding. Put simply, it means you can potentially benefit from investment growth that has already built up on your savings. This will accumulate over time and could turn a small sum into a significant amount. It’s important to remember that with all investments, the value of them can go down as well as up, and you may not get back what you put in. Learn more about savings.
Protection - Make sure you’re covered
While we can’t control unexpected events, contingency savings and appropriate insurance cover may help you financially prepare.
Aim to build your contingency savings pot to between three to six months of expenses and check your insurance coverage. Take some time to think about what you have and what you might need. Although it can be tempting to skimp on insurance to reduce your monthly expenses, remember that doing so can be risky. Learn more about protecting what’s yours.
Ready to feel good about your money?
When we look after our mind and body, we feel happier, healthier and more in control of our future. The same goes for our money, no matter where we are in life. Fortunately, it only takes a few small steps to start enjoying our money more.
Explore our brand-new financial wellness hub and start feeling good about your future, today.
Important information - this is not a personal recommendation for any investment or course of action. If you are unsure of the right approach for you personally, you should contact an authorised financial adviser.
*The Fidelity Global Sentiment Survey, 2021
The sample consisted of respondents with the following qualifying conditions: aged 20-75, either they or their partner were employed full-time or part-time and had a minimum household income of: Australia: A$45,000 annually; China: RMB 5,000 monthly; Hong Kong: HK$15,000 monthly; USA: US$20,000 annually; Canada: CA$30,000 annually; UK: £10,000 annually; Mexico: $4,500 MXN monthly; Ireland: €20,000 annually; Germany: €20,000 annually; Netherlands: €20,000 annually; France: €20,000 annually; Italy: €15,000 annually; Spain: €15,000 annually; Japan: 3m yen annually; Brazil: R$1,501 monthly; India: ₹55,001 annually.
The data collection, research and analysis was completed in partnership with Opinium, a strategic insight agency. Markets surveyed included United States, Canada, Brazil, Mexico, India, Australia, Hong Kong, China, Japan, Germany, United Kingdom, Netherlands, Italy, France, Spain and Ireland. We asked questions on the key areas of wellbeing, financial habits, retirement and work to understand how attitudes and actions changed in the first half of the year (January - June 2021). Data collection took place between July 2021 and August 2021. Reporting and analysis took place between August and October 2021.