October Financial Wellbeing Guide – Hewwi

Welcome to October's edition of our Financial Wellbeing guide, designed to help you gain control of your financial health and set yourself up for long-term success. Whether you're a seasoned investor, someone just starting on your financial journey, or looking to strengthen your foundation, this guide will provide actionable insights to empower your financial wellbeing.

1. Understanding Your Financial Health
Start this month by doing a thorough financial checkup. Just like your physical and mental health, your financial health requires regular monitoring and adjustments.

• Assess your current financial status: Review your income, expenses, savings, debts, and investments. Use apps or spreadsheets to track everything.
• Create a net worth statement: List all your assets (cash, savings, investments, property) and subtract your liabilities (debts, loans). This will give you a snapshot of your overall financial health.
• Review your financial goals: Are you saving for retirement, a home, or a vacation? Revisit these goals to ensure you're on track and adjust your budget as needed.

2. Building a Budget That Works for You
Budgeting is the cornerstone of financial wellbeing, but it doesn’t have to be restrictive. Instead of cutting back on everything you enjoy, focus on balancing your spending with your savings and investment goals.

• Use the 50/30/20 rule:** Allocate 50% of your income to needs, 30% to wants, and 20% to savings and debt repayment.
• Automate your savings: Set up automatic transfers to your savings or investment accounts as soon as your paycheck hits. This removes the temptation to overspend.
• Track and adjust: Use apps or a financial journal to track your spending, then adjust your budget monthly to reflect your changing needs.

3. Mastering Debt Management
Debt can be a significant barrier to financial wellbeing. October is a great time to focus on paying down debt and creating a sustainable debt management plan.

• Prioritise high-interest debt: Focus on paying off debt with the highest interest rates first (credit cards, payday loans). This will reduce the amount you spend on interest over time.
• Consider consolidation: If you have multiple debts, consolidating them into one lower-interest loan might make sense. This simplifies payments and can reduce the overall interest you pay.
• Use the snowball method: Start by paying off smaller debts first. The sense of accomplishment can motivate you to tackle larger debts next.

4. Saving for the Future
Savings play a critical role in financial wellbeing. Whether it’s for emergencies, retirement, or a big-ticket purchase, consistent saving is essential.

• Establish an emergency fund: Aim to save 3-6 months of living expenses in an easily accessible account for unexpected situations.
• Start or boost retirement savings: If you haven’t already, open a retirement account (401(k), IRA) or contribute more to your existing one. Many employers offer matching contributions—don’t leave this free money on the table!
• Set clear savings goals: Whether it’s for a vacation, home, or education, set specific targets and timelines for your savings. This will make it easier to stay disciplined.

5. Investing for Growth
Investing is key to growing your wealth over the long term. While it can be intimidating at first, learning the basics will help you get started with confidence.

• Understand your risk tolerance: Before investing, know how much risk you’re comfortable with. Stocks tend to be riskier but offer higher potential returns, while bonds and savings accounts are safer with lower returns.
• Diversify your portfolio: Spread your investments across different asset classes (stocks, bonds, real estate, etc.) to reduce risk and improve long-term growth.
• Invest consistently: Set up a regular investment plan, even if it’s a small amount each month. Over time, this will help you build a significant portfolio through compound growth.

6. Building a Financial Support Network
Financial wellbeing is not a solo journey. Surrounding yourself with the right tools and resources can help you stay on track and navigate challenges.

• Join a financial wellness group: There are many online and in-person communities where people share their financial goals, successes, and challenges. Hewwi’s community is a great place to start.
• Seek professional advice: Consider working with a financial advisor or planner to get personalised advice tailored to your goals.
• Utilise technology: Apps like Mint, Personal Capital, and Robinhood can help you manage your money, track your goals, and invest with ease.

7. Mindset and Financial Wellness
Your mindset around money plays a huge role in financial wellbeing. This October, focus on developing a healthy relationship with your finances.

• Practice financial gratitude: Focus on the financial resources you already have, rather than what you lack. This helps reduce financial stress and anxiety.
• Build healthy money habits: Small habits, like reviewing your accounts daily or saving a portion of your income, can lead to big financial changes over time.
• Stay informed: Read books, listen to podcasts, or take courses to improve your financial literacy. Knowledge is power when it comes to financial success.

8. October Financial Challenge: The 30-Day No-Spend Challenge
We’re adding a fun challenge for October to help you save more and become more mindful of your spending habits.

The Rules:

• For 30 days, avoid all non-essential spending. This means no dining out, no shopping for clothes, and no impulse buys.
• Focus on spending only on necessities like rent, groceries, and bills.
• Use this time to reflect on your spending habits and save more for your financial goals.

Benefits:

• You’ll save more money than you think.
• You’ll become more aware of how and why you spend.
• By the end of the month, you’ll feel more empowered and in control of your financial habits.

9. Celebrate Your Wins
At the end of October, take time to celebrate your financial progress. Whether you’ve paid off debt, saved more, or learned something new, every step forward counts!

Share your financial wins with the Hewwi community, and let’s continue building healthy, wealthy, and wise lives together.


This guide is a starting point for your October journey toward financial wellbeing. Stick to these steps, stay motivated, and you’ll see progress by the end of the month! We’re here to support you every step of the way.

Stay healthy, wealthy, and wise.