There is no doubt that in the history of our civilization there has been no better time to be a woman – I agree that there is still a lot of work to be done, but I feel an overwhelming sense of gratitude to now live like who i am today.
It is true that there are still barriers for women, especially women of color, but in general we have more choices today than ever before. In fact, we have so many choices that this can often lead to an enormous amount of doubt and fear.
Saying yes is also saying no
In today’s society where we can see how others’ choices stretch out on carefully curated Instagram feeds, it’s too easy to get caught up in doubting our choices. The fact is that when we say yes to something in our lives, we are also saying no to potentially several other possibilities or paths.
Keep your options open
Regardless of your certainty (or lack thereof) of your life choices thus far and the future you embark on, there are financial steps you can take in the meantime to keep your options open as you navigate this time of tremendous opportunity for young people. . Ladies.
Four steps women can take to keep their life options open and own their financial power
1. Eliminate debt as soon as possible
When I first started my career, nothing was more stressful for me than the self-flagellation I had to endure every time I thought of what else I could do with the $300 a month I had on my credit card. paid for stupid things like clothes and food.
In the three years it took me to balance: $0, I pretty much limited everything that was optional in life. But it was worth it – being debt free allowed me to leave a marriage I hated and later a job I hated.
2. Gain confidence in investing
Studies have shown that women are better investors than men, but we’d never know – it’s standard because we’re more cautious and shy from going big in areas where we’re not 100% sure we know what the heck is going on. the hand is is happening.
The majority of the women I work with on investment choices and education are doing just fine, they just don’t know it. The sooner you find the certainty that you are doing well with investing (because you are putting money aside for the future, right???), the more calm your mind will get. And the more your early savings help you keep your future options open.
One thing to know is that there are as many investment philosophies and strategies as there are makeup tutorials on YouTube – the key to confidence and success is to choose the one that suits you the most and stick with it.
Just as I said above about the dichotomy of choice, saying yes to one means saying no to many others, you just have to agree. And just as you can change your mind about many of life’s choices (including your eyeshadow palette), you can change your mind about investment strategies, but if you dwell on it too much, any progress can be destroyed.
3. Health Savings Account (HSA) Savings
This is one of my biggest financial regrets – when Health Savings Accounts (HSA) were first introduced, all I saw was the high deductible it took to start an HSA and I was shocked. What I didn’t recognize was that I NEVER went to the doctor, so deductible was not a problem.
I played TOO safe by clinging to an HMO plan for too many years and literally lost thousands of dollars from employers who would have funded my HSA over the years. Not to mention that I missed the tax savings by putting my own money in the account.
If you’re planning on having kids one day, it’s going to be doubly powerful, even for boys — maternity care is expensive, kids go to the doctor a lot, and you never know when an emergency appendectomy will take you to the emergency room. Why not start saving today to offset those things when life will most likely be even more expensive than it is now?
4. Take care of yourself, but don’t be too type A about it
If I had a dollar for every stressed-out but perfectly sculpted cute young woman I saw at the yoga studio I frequent I could afford the unlimited membership – one thing we’ve done right as a society is the importance of good health in young women.
However, I often worry that they put so much pressure on themselves to do all those things perfectly that they miss out on the fun of life. It’s not about doing it all “right”, it’s about enjoying the journey. The easier my life gets, the more I realize that it’s the challenges that make it worth living.
Enjoy some cheese fries, for God’s sake, just don’t load it on your card unless you pay it off every month.
Additional expert insights: tips for women to become financially stronger
In honor of Women’s History Month, we asked female finance professionals in the Wealthtender community to share their suggestions for women who want to feel more confident and financially fit. This is what they said:
Just get one toe over the starting line
Start — wherever you are. Don’t tell yourself you should have known more; start where you are: whether that’s talking to your partner or a few girlfriends about money, reading articles on the web or listening to podcasts to gain some financial knowledge, or checking your own spending to see where your money has gone . Just start.
Maggie Klokga, CFP®, CPA
Owner, Earn Money Mindshift
Slow down and breathe
Women have considerable financial power, and it is only growing. I may be biased, but personally I think that’s fantastic!
The most important fundamental step to owning our power is to be intentional in everything we do with our money. Much of our financial lives happen on autopilot, with things like automated subscriptions and cashless transactions adding to the invisibility of our money.
The key to making wise financial decisions is to spend, save, give and invest consciously. So before you make your next money move, slow down, take a deep breath, think about your personal values and priorities – how does this move align with them?
Stephanie McCullough
Founder of Sofia Financial
Action creates change
First of all, women must believe that the power over their money lies within. Feelings of fear often lead to no action when action is needed to bring about change.
It starts with challenging your own belief system about money, because what you believe determines how you will act. Action creates change and that feels very powerful!
Myra Alport
Founder of Myra Alport Money Coach
Your attitude is the key to controlling money
I shared this with Roger Whitney on the Retirement Answers podcast a while ago.
It is the financial advice that my mother grew up with and that I use to this day. Your attitude is key to managing money and it will determine the strategies and tactics you will use to plan your financial future. My mother’s wise words.
1) Make sure you can support yourself financially. You never want to have to stay in a bad situation because you can’t support yourself and have to rely on someone else.
2) Don’t eat your future today, however tempting it may be. No matter how tight your budget is, prioritize saving for the future.
3) If something touches you on a daily basis, it is important. You need to know enough about that subject to make independent, smart decisions. Money falls neatly into that subject and it is important that we as women learn enough about it to make good decisions.
Jane Mepham
Founder of Elgon Financial Advisors
Take a savings challenge
My favorite piece of advice for women looking to save money fast is to do a savings challenge.
A Savings Challenge is when you save a fixed amount every day or week for a certain period of time.
For example, you can save $20 every day for 30 days. This would be $600 at the end of the month. This can be a particularly useful tactic if you’re saving for something specific, like your next vacation, building an emergency fund, or building up some cash to invest.
And there are plenty of creative ways to tackle the challenge and adapt to your specific goals, needs and budget. Such tactics encourage good savings habits and make it easier to stay on track with your finances and goals.
It’s also incredibly powerful to take on a challenge like this and watch your net worth grow! In the end, you saved money, trained your savings muscles and took on a challenge that makes you feel more financially secure.
Becky Neubauer
CEO of TwentyFree
About the author
Kelley Long
I believe the true meaning of financial security is the ability to make decisions without worrying about money. This belief has both factual and psychological aspects and my mission is to help people find that intersection in their own lives according to their personal values and goals.
I hold the CPA/PFS license and am a CFP® professional, but I do not sell products or manage money. When I’m not writing, I work one-on-one with people through my coaching company, Financial Bliss with Kelley Long. I am also a member of the AICPA Consumer Advocate Council and am often quoted in the press about financial literacy faced by Americans.
I like to apply my own money lessons to my writing and break down some of the more complicated financial planning techniques into plain English. My goal in life is for all people to feel able to make their own financial decisions with confidence, fully aware of the pros and cons of the actions they take.
To learn more about how I’m helping women take control of their money power, visit www.financialblisscoach.com.
This post Smart ways women can own their financial power
was original published at “https://wealthtender.com/insights/money-management/ways-women-can-own-their-financial-power/”
