Prioritising your financial wellbeing as a woman

Having financial understanding and control puts you in a position of choosing your path, giving you the ability to make financially sound decisions, but also life decisions that align with your personal goals and values, such as choosing a career you want or where you want to live.

Female financial self-sufficiency

Being financially literate and able to support yourself financially is a skill that every woman should have, no matter your life stage or relationship status. It’s less about having a lot of money and more about being financially independent from your partner, spouse, or parent(s) so that you can support yourself and achieve your money goals.

Prioritising finances as a woman

Every step you take towards prioritising your finances and financial knowledge is a step towards self-determination and self-empowerment so that you can:

• Pay bills and expenses without worry
  Being able to cover all your expenses without needing to borrow money or wonder how you’ll be able to do it gives you the freedom of being able to do what you want and take care of yourself. Even if you share expenses with your spouse or if they pay for things, you need to know how to manage money and expenses and how they are doing it.
• Live the lifestyle you want
  Having financial autonomy and freedom allows you to make decisions that will benefit you and your aspirations, without being reliant on others. Financial freedom gives you the flexibility to decide on, prioritise and pursue the things you want, e.g. education, starting a family, changing careers and planning for retirement.
• Ensure security and wellbeing
  Life is unpredictable but having financial knowledge and stability gives you a safety net during challenging times. When you prioritise your finances, you can set up an emergency fund and afford the things, such as insurance, medical aid and life cover, that give you peace of mind that you and your loved ones will be taken care of.

How to build financial independence as a woman

1. Set clear financial goals

Know what you need and what you want to achieve to be able to determine a path to get there.

2. Create a realistic budget

Establish a budget that aligns with your goals and income. Track your spending, be consistent, and make conscious choices about your priorities.

To make it easy, use the Budget Manager add-on on your Banking App.

Learn More

3. Make savings a must

Having extra money give you the chance to do the things you might not have been able to, but it also gives you hands on experience about organising your finances and growing your money.

4. Improve your financial literacy

The more you know, the more informed your financial choices will be, you’ll be able to identify and avoid common financial pitfalls and it will help you grow your confidence so you can start investing, exploring other financial opportunities and grow your wealth.

5. Get the right advice

Consider speaking to a financial advisor to assist you with personalised guidance and strategies tailored to your unique needs.

_{Disclaimer: This article is solely intended for information. It does not constitute financial, tax or investment advice or recommendation. Please speak to a financial advisor or registered financial professional before making any financial decision(s).}

_{Standard Bank, its subsidiaries or holding company, or any subsidiary of the holding company and all of its subsidiaries make no warranties or representations (implied or otherwise) as to the accuracy, completeness or fitness for purpose of the information provided in this article or that it is free from errors or omissions}