The Way for Women and Financial Freedom.

In this day and age, you would think that women and men would have an equal pay gap. But no, according to research a woman earns 77 cents to every dollar that a man earns. Most of the times, women don't really have that financial freedom - they can't just spend it on things without thinking what effect it will take on their savings. They have to think about their family, their kids, maybe putting food on the table. I am not saying that men don't contribute or they carelessly spend their money, but for a woman, usually, their financial freedom is limited.


Here are some ways that a woman can work towards their financial freedom -

1. We are scared to invest:

Lots of women, work hard to save money for a rainy day and then we usually break in to fix other financial problems within the household. When we save, we have an opportunity to invest and to reap profits. Most times, even though we earn or save, we don't have the knowledge of investment. Make sure you are reading about how to invest your money, what ways you can do that and the basic knowledge. Don't be scared to lose. We hesitate in taking financial advice, thinking that our partners would have an issue with certain ways. But the moment you take a stand and invest your money, you will learn about how to work towards that freedom.

2. Learn how to manage your finances:

Often times when we are trying to save and when we fail really bad, we don't realise that we aren't really managing our money well enough. Make a list of all your outgoings whether it is as trivial as buying milk from the corner shop. Take a whole month to keep track of your outgoings and see where you can manage without that outgoing. If you cut out toxic outgoings, not only will you feel that you are doing a better job but you will also see some savings start to accumulate.

3. Clean up all your debts and credit card bills: 

the thing is that when you are paying your credit card bills, you are also paying interest and that also takes away a chunk of our money. When you clear up your bills, the hard work that you were putting in to pay the interest, you automatically start saving it. Make sure that you pay off your overdrafts and only keep your credit cards for emergency usage. As ironic as it sounds, you can take out a small loan to finish up your debts and other bills and slowly pay towards that single loan. Places like Cashlady give you short-term loans so that you can achieve your own goals to being debt free.


4. Ignore the people who detract you: 

Believe me or not, most of the times it is another woman telling you that it useless for a woman to have financial freedom. Ignore them. You are your own advisor. You know how much freedom you will get when you are not dependant on anybody for your finances except yourself. There are lots of people who support women towards financial freedom. Find that support group and advise each other on how to invest better.

No comments