Who looks after the financials in your family? Traditionally men have taken on this role. The thought of taking ownership of your finances can feel overwhelming as a woman trying to juggle many tasks at once, be it kids, family, life and, or career.
But it’s important to realise that there is empowerment in understanding where your finances are at. The smallest of things you can change in managing your money can have a profound impact on not only your bank account but also your self-confidence and sense of wellbeing.
Some simple steps you can do to take control:
- Complete a budget so you understand exactly what you spend and so you can keep your savings on track
- It is one thing to have a budget, but do you also understand your overall financial position? Perhaps do a summary of your current assets and liabilities. Don’t forget your superannuation is an asset, whilst you may not be able to access it for many years, it is important that it is working as hard as you are
- Focus on clearing any bad debts, like credit cards or loans. Paying a bit extra each month off your mortgage will pay dividends in the future
- It is not all about the numbers either, try set aside some time to be clear about what you want your future to look like, both short and long term. This might be holidays, kids’ education or creating better work/life balance. We always say to our clients it is so important to have the balance right. Planning is not all about the future and forgetting to enjoy the present.
We have included a link to our simple, yet effective budget. We’d encourage you to make time with your partner (if you have one) and even your kids if they’re of an age to understand, to complete a budget. (It pairs well with a glass of wine!).
You may also be surprised what savings you can find when completing a budget and what things you’re paying for that you don’t really need or use. Look for things like:
- How long since you have had interest rates on loans reviewed? It might be time to check out what other rates are out there – this could save you thousands!
- Are there any duplicated or unused services / subscriptions like music platforms, pay TV, phone aps you’re paying for but don’t use?
- Review service providers for your mobile plan, insurances and utilities
Taking ownership and control of your finances and planning and investing for your future is not just for ‘guys in suits’. The change may not happen overnight but, the moment you see the shift and feel the change to your overall financial state, you will definitely feel the empowerment it will bring!
Try our FREE Personal Budget to get you started.
Natalie Waterhouse – Director
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