Financial Empowerment: Strategies for Women

Women are the breadwinners in the family, but quite often they’re so busy taking care of others that they don’t take the time to take care of themselves. They don’t get the knowledge and information they need to thrive financially. As a result many women have challenges developing confidence and self-esteem when it comes to creating financial wellness.

Sometimes, it’s unveiling ourselves. It’s not so much a reluctance to ask for help; it’s a reluctance to trust. Quite often, women have been burned by family members or their ideas about money have been deflated by others in the family who want them to do things the same way ‘the family’ has always done it. They have fear and self-doubt when it comes to their ability to make financial decisions.

It doesn’t matter what point in your financial journey you’re currently at, you can still feel financially empowered and, in turn, make better decisions for yourself.

You only have one life to live and fortunately, you have the ability to create the life you want. But first you have to know where you’re going.

Here are steps to take their road to financial wellness:

Take a look inside: Women have to start by having a discussion with themselves and a financial professional about their goals. They need to put their goals in writing and be willing to commit to them.

Educate yourself: The most empowering thing you can do when it comes to money is educate yourself. If you’ve got the basics covered you can kick it up a notch and learn something that will help you reach your goals. Like how to invest, for example.

Create a budget: Identify your income and expenses and write them down. You can use financial planning software or apps. This will allow you to determine the disposable income you can put away each month. In order to create wealth, you have to start with a plan; take small, concrete steps toward financial security. Pay yourself first. Then determine what disposable income is available for saving and investing options.

Get more out of your money: Investigate investment options such as mutual funds, stocks, and bonds as an alternative to the traditional savings bank. The amount a person invests is going to depend on their personal circumstances, needs, risk tolerance, etc., but the most important thing is to start growing something for yourself.

Pace yourself: Allow time to make sound financial decisions. Many women are often struggling to balance their careers with their family responsibilities. It isn’t so much that women procrastinate doing their financial planning, but that they feel overwhelmed, overextended, and overworked. Ensure that your financial professional can provide the education, time frame, and comfortable setting appropriate for your needs.

One Chinese proverb states, “Tell me and I’ll forget; show me and I may remember; involve me and I’ll understand.” It’s essential that women be encouraged to explore their needs and concerns, and engage in the management of their financial futures.