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Getting financially fit

A man in suit on a bike; image used for HSBC India Getting financially fit article

If you feel financially secure and can achieve your financial goals, then you may consider yourself financially healthy.

People who are financially healthy tend to share several characteristics:

  1. They live within their means.
  2. They spend their money wisely.
  3. They are able to free up funds when required.
  4. They have money set aside for emergencies and unexpected costs.
  5. They avoid excessive borrowing and feel in control of money they owe.
  6. They can save for the future.
  7. They consider their insurance and protection needs.
  8. They can spot scams and know how to avoid fraud.

 

Even if you already practise many of these healthy habits, there's always room to improve your financial health.

 

How financially capable are you?

Healthy

I rarely feel stressed when I think about my finances.

I live within my means.

I feel confident to talk openly with friends and loved ones if money becomes a concern.

I could handle a major unexpected expense without any hardship.

I am proactively planning for my future and retirement.

I find it easy to access reliable advice and support.

 

Coping

I can meet my day-to-day bills and outgoings most of the time.

I occasionally feel stressed when I think about my finances.

I am able to save a little from time to time.

I'm able to talk openly with friends and loved ones if money becomes a concern.

I could handle a major unexpected expense without any hardship.

I know where to find some reliable financial advice and support.

 

Struggling

I find it hard to talk openly with friends and loved ones if money becomes a concern.

I often have to borrow money to pay for needs, like food and utilities.

I often feel stressed when I think about my finances.

I don't have a plan for my future or retirement.

I couldn't handle a major unexpected expense, it would cause some hardship.

I find it hard to find reliable financial advice and support.

 

Unwell

I always feel stressed when I think about my finances.

I would never talk openly with friends and loved ones if money becomes a concern.

I have credit card and other debt that I cannot manage.

I couldn't handle a major unexpected expense, it would be a significant hardship.

I have no idea where to find reliable financial advice and support.

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Take the next step

Financial wellbeing

Father and son looking up the sky with binoculars; image used for HSBC Spend wisely article
Be in control of what you spend your money on.
A little girl wearing paper wing; image used for HSBC India Free up funds article
Simple ways to reduce your expenses
Father and son playing in the park; image used for HSBC Build emergency savings article
Put money away for the unexpected

Disclaimer

This publication has been issued by The Hongkong and Shanghai Banking Corporation Limited (HSBC), India, Incorporated in Hong Kong SAR with limited liability, for the information of its customers only. This publication does not constitute investment advice or an offer to sell, or a solicitation of an offer to purchase or subscribe to any investment. The information herein is derived from sources believed to be reliable and the concerned Information Provider(s) have duly authorised HSBC to use such information provided by them. Whilst every care has been taken in compiling the information, HSBC and the concerned Information Provider(s) do not guarantee, or make any representation or warranty and accept no responsibility or liability as to its accuracy or completeness and shall not be liable for damages arising out of any person's reliance upon this information or any action taken or not taken as a result of any material contained in the publication. Expressions of opinion are those of HSBC and the Information Provider(s) only and are subject to change without notice. HSBC has not independently verified any information provided by the Information Provider (s) or that has been derived from the sources believed to be reliable by HSBC. Opinions expressed herein do not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this publication. This document is for circulation in India only. No part of this publication may be reproduced or stored in a retrieval system without the prior written permission of HSBC. Any liability is accordingly expressly disclaimed by HSBC, its officers, directors and employees.