Celebrating International Women’s Day – how-to stay financially independent as women

By Serenity Financial Planning

A CONVERSATION I have far too often with women is how they have struggled to maintain their financial independence and goals throughout the many seasons of life, particularly between motherhood, caring for family members, illness and marriage.

This International Women’s Day, I believe it’s incredibly important to highlight the need to stay financially independent as women – depending on a partner as a financial source has unfortunately left many women in tragic and unimaginable circumstances, often due to death or divorce.

Here’s our top tips as to how you can remain financially independent, regardless of the season of life you’re in.

Would you like to access a cost and obligation free financial consultation? Book yours today with Serenity Financial Planning here!

1. Where you can, earn or save

We know that different times in life call for time out of the workforce – whether that’s maternity leave, caring for ill family members, or sickness yourself. However, earning your own money ensures that you have some financial independence. If you’re unable to work and earn, try to access financial subsidies and compensation from services like Centrelink (Services Australia) and save that money where you can – even if it’s $10 a week. At least then, whatever happens, you will have a nest egg for a rainy day.

2. Be in control & understand your finances

Too often women leave finances to their partner and don’t understand the ins and outs of where their money goes, how much they’re spending and receiving, and what their expenses are. Get involved in financial planning within your household, and learn about your monthly expenses, income, debts, and potential saving opportunities.

3. Know good debts from bad debts

For many people, debt is often an inevitable part of life – however, there is good debt and bad debt. Good debt is used to build long term financial wealth and stability, whereas bad debt can erode your financial security. For example, a reasonable home loan that will appreciate in value is seen as a good debt, whereas a personal credit card loan for a car with a high interest rate is seen as a bad debt. Know what is happening within your family and how these debts can impact your life.

4. Understand your superannuation

Are you up to date with everything within your superannuation? Log into your member portal and get to know how much you have, as well as your insurance, investment options, returns and beneficiaries.

At Serenity Financial Planning, we know that becoming more financially literate and taking the reins back of your finances can be really overwhelming. As a female-led business, it’s our passion to provide you with private, holistic and empowered financial advice that is tailored to your situation – affordably.

If you are looking to access confidential financial advice, you can book an obligation and cost-free initial consultation with us today at the following link:

Book an “Initial Consult” today.