This Women’s Month, Marlies Kappers, chief marketing officer at financial services provider DirectAxis, teamed up with some expert colleagues to provide the tips below to help women get closer to independent financial security.
Here are six things women can do to get closer to independent financial security.
- Don’t rely on other people. Educate yourself. There’s plenty of easy-to-understand, free information available online including https://www.directaxis.co.za/make-a-plan/all Once you’ve read up and decided what works for you, you can check your ideas with financially smart friends, family, someone you respect or a registered financial adviser. Getting some input from people with knowledge and experience is sensible, but remember, this is your plan.
- Set some financial goals. These could include improving your credit score by paying off loans or other debt on time. You can get a free credit rating and track your progress by visiting: https://www.directaxis.co.za/pulse
- Spend less than you earn. The first step to being able to achieve this is to draw up a budget. List all your monthly income on one side of a piece of paper and all your expenses on the other. Be as accurate and honest as you can. Then see where you may be able to make some savings – identify unavoidable expenses such as mortgage repayments and avoidable expenses such as your daily cappuccino.
- Don’t let investing scare you. Slow, consistent investment over time can often deliver better results than an aggressive approach.
- Don’t spend to make yourself feel good. You’ll ultimately get more satisfaction from being financially secure.
- If you make a mistake, learn from it. Don’t allow it to prevent you pursuing your financial goals.
And if you need even more inspiration to take the first step, consider this from Beyoncé: “I truly believe that women should be financially independent from their men. And let’s face it, money gives men the power to run the show.”