What is a financial fitness toolkit?

A financial fitness toolkit is a set of strategies to help you manage your financial wellbeing. Essentially, they contain the tools to help you navigate your individual financial situation.

Your toolkit can contain everything from financial products, to podcasts, to webinars, to weekly newsletters you read to stay informed. Anything that helps you with your finances - whatever that might look like for you.

Because you're a unique individual with your own financial situation, your toolkit is going to look very different from someone else's. We all have different financial needs and challenges so the tools we require will be different.

Start by reflecting on your goals.

Everyone's financial goals are different. Think about the different types of goals that you could put in your toolkit. Do you want to save for a trip or buy a home ? Or do you want pay off debt or save for your education? Whatever it is that you want to achieve that requires you to save or spend money would be considered a goal.

If you’re finding it difficult to think of your goals, think about the struggles you are currently experiencing that you could use a strategy for. Are you finding it challenging to spend less than you earn or to build an emergency fund?

From here you can build a toolkit with the strategies you need to achieve these goals.  

Find some ideas. 

Think about what you need to achieve your goals. What tools are going to help you achieve your goals? Is your tool going to be a financial product like a retirement fund or savings account? Or is your tool going to be a financial plan like a budget or will? Maybe your tool is going to be an information hub like an online course or podcast where you can grow your financial skills and knowledge. 

If you unsure where to start, consider doing research about the tools generally recommended for achieving your specific goal. Consider as many tools as possible so you have a complete picture and can select the best tool/s that works for you. Remember to use trusted sources when looking for ideas. 

Bring your toolkit together. 

Once you have found the tools you need, you have to actually assemble your toolkit. 

Maybe for you that means investing in a product with a registered financial services provider. Maybe it's listening to podcasts and webinars to help you build your financial knowledge. Or maybe it’s creating financial plans to help you manage your money. 

Pick whatever feels right for your current financial situation.  Don't stress or feel discouraged if you tool is a financial product that you can't access currently as you situation does not allow for it. Financial products and situations are constantly evolving. Barriers to entry are becoming lower everyday. Maybe you cannot access what you need today but who knows what could happen tomorrow? Instead, try alternative tools that can prepare you for when are able to access it. 

Update your toolkit regularly.

As financial situations and products are constantly evolving, your toolkit should too. Every few months or when your financial situation changes, revise the items in your toolkit to ensure they are still relevant to you. If your current tools are not working anymore, rebuild your toolkit from the beginning. 

If you begin noticing that your current toolkit is not improving your financial wellbeing, you may need to update your tools. Change the game by trying something new.

IN THIS ARTICLE: Financial Fitness | Goals | Tools