In celebrating Women’s Month in South Africa, we may often find the focus on how women can be helped – in their careers, in their relationships, in their sense of safety and in defending their rights. We know, though, that so much can be achieved through women being financially empowered, and this is often the first step to achieve many of the other goals.
In encouraging women to work towards their financial wellness, this August Xpress newsletter cites worthwhile and practical steps to take to achieve financial independence. It’s great advice (for men also!) from our strategic partner, Interface Employee Financial Solutions.
Assess your current financial situation
Determine how healthy your current financial situation is.
What is your current income and what are your expenses? What are your prospects for increasing your income and how can you reduce your expenses? How much debt do you have and how can you reduce it? What insurance or savings do you have to cover unexpected emergencies or life events?
Educate yourself about financial matters
Every woman needs to be educated in financial matters! You can speak to a financial planner or do research online or read books.
Take responsibility for your own financial situation
Even if your husband or long-term partner takes care of your family’s financial matters, take charge of your own financial affairs.
Create a budget and stick to it. Save money from your income every month, no matter how little your start with.
Open and manage your own bank account and build up a solid, clean credit record.
If you are married or in a relationship, make sure you understand and are involved in your financial situation as a couple.
Record the account numbers for your joint accounts and your partner’s accounts. Understand what provision has been made for your joint retirement, and what will happen if one of you passes away or becomes disabled, or if the relationship ends.
Create a financial plan for your future
Have your own vision of your financial future and do your part in securing your own retirement, as well as saving for your personal individual dreams.
Discover your capacity to be a woman of financial vision!
Want to read more about the history of National Women’s Day? Click here.