It’s something that’s easy to say, but not necessarily to do.
How do you go about it?
Where do you start?
How do you know you’re on the right track?
Marlies Kappers, chief marketing officer at DirectAxis, got together with some expert colleagues to help answer some of these questions.
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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. 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 debts on time.
• 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 from pursuing your financial goals.
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