Surprisingly many women, no matter how independent they claim to be, still rely on men to take care of their finances. They allow their husbands, fathers, boyfriends, brothers, or even just their male bank manager to make financial decisions for them.
This lack of control is alarming, and can seriously affect their financial stability, not just now, but later in life.
Although money is something few of us like talking about, these 6 steps can help women take back control of their own money:
- Open Your Bank and Credit Card Statements
- Track Your Finances
- Save the Change
- Take Advantage of Pension
- Don’t Make False Economies
- Talk to Your Partner
- Don’t Be Afraid of Finances
It’s all too easy to have a vague idea of what goes in, what comes out, and when you pay the bills. However, a regular health check of your account, including cancelling unnecessary payments, is essential, as is keeping an eye open for any transactions that you didn’t carry out.
With so many apps available such as online banking and budgeting tools, there’s really no excuse for not staying on top of every penny you’re spending. Get into the habit of recording every coffee, newspaper, and travel ticket; you’ll feel more cogent.
Many bank accounts have a tool whereby you can set your account to round up payments and put the balance into a savings account. If you’re one of the “I can’t afford to save” brigades, you’ll be surprised to find several hundred dollars put aside at the end of each year without even noticing. Think of it as the 21st century equivalent of a change jar!
If you have access to a workplace pension, take advantage of it, even if retirement may seem a very long way off. Don’t Make False Economies Buying cheap means replacing often. Quality lasts, so if you have to make major household or personal purchases, don’t skimp as it will be
more expensive in the long run.
Buying cheap means replacing often. Quality lasts, so if you have to make major household or personal purchases, don’t skimp as it will be more expensive in the long run. Spending a little extra cash for an item that will last longer is a good financial decision. Buying quality products is one of the best ways of saving money.
It’s important to communicate with your partner about money whether it is regarding monthly budget, paying off debts, or planning for retirement or future. Know your partner’s salary, credit scores, debts and spending behavior so you can make the financial plan accordingly.
The only reason men are traditionally in charge of women’s finances is from a historic lack of women actually having their own disposable cash. Don’t be uncomfortable talking about your finances as avoiding the subject will mean missing the opportunity to learn how to take control of your financial life.
It’s time to take your finances into your own hands and create a strong financial future!