Make your money work for you

By Olivia Preston

As the pandemic swept across the world, thousands of traditional streams of income shut down almost overnight. Women were hardest hit, with global job losses being 1.8 times more than men. Despite grants from big organisations like Google or the UK-based furlough scheme, the financial challenges facing women, wives and mothers are very much still evident.

If you are a graduate, a business owner or somewhere in between, there has never been a more important time to reclaim your finances and become truly empowered by money and not afraid. Ask yourself: am I ready to break free from the stress that worrying about money brings? If so, read The Businesswoman Today’s 5 tips to becoming financially independent and empowered.

Change your attitude

A great start on the road to financial empowerment is getting to grips with the emotional attachments you have with money and how this affects how you make your decisions. Think back to when you were a child, did your family stress about money? Was financial worry something that burdened your parents?

If the answer to these questions is yes then unlearning and understanding why you may react in certain ways towards financial issues will allow you to make smarter judgments. We all have complex relationships with money, especially when it comes to children and their needs, so rationalising how money makes you feel gives you the freedom to make smarter choices based on what is best for you and your family.

Learn, learn, learn

As we all know, education doesn’t stop after high school or university, making sure to always be gaining more knowledge is only ever a good thing. And there has never been an easier time to fill your head with wonderful tips and tricks for money management. 

The internet is abundant with free resources to educate yourself about financial principles. A simple Google search will yield thousands of pieces of information from experts who have found their footing as they grew their businesses and lives without the worrisome cloud of money stress. 

Whether you read Think and Grow Rich, The Automatic Millionaire or the world-renowned Rich Dad, Poor Dad, seeking great expertise from financial visionaries will inspire and help you. 

Make a plan and stick to it

That dreaded feeling of going to the car garage and being handed a hefty bill for vehicle repairs is something that none of us likes, but you can make it easier for yourself. It doesn’t matter how much money you earn, budgeting and handling your money is the best way to manage how you navigate this journey.

Know what you want to achieve and use your budgeting to get to your aspirations. Use your goals as places you want to travel to, the plan you make is the map to get there. Look at what you spend your money on and identify things that can be cut back on. Look into your savings and where you would like them to be in a year. Make sure to factor this into your budgeting.

If you are someone who finds it difficult to stick to a spending plan, why not use an app or a budgeting spreadsheet? You can see your total spending and understand yourself better.

Keep an eye on your budget

It is not as simple as creating a budget and sticking to it. This will be something that evolves, so looking at it every few months and adjusting it will allow you to be in the driver’s seat and be in full control. Have your wages gone up? Or has what you spend decreased? Adjust your plan accordingly. 

Make sure you also monitor your credit score, as this could affect what loans are available to you if you are considering starting your one business, for example.

Be ready for challenges

It doesn’t matter how well you prepare, there will always be issues that you face with your money. An unexpected expense can be worrying but preparing for when this happens is essential. It is naive to think that budgeting is all you can do, looking for ways to make it easier for when something unforeseen happens.

Look at your credit cards, mortgage or any other loans you may have, see if you can amend the interest rates to save a bit more money. Be sure to plan ahead – this means that when faced with adversity, you have the funds and skills to deal with the problem at hand.

If you are interested in learning more great things about being financially secure and allround empowered, why not join the Global Woman Club for their Women Finance Empowerment Conference 2022 on International Women’s Day?

Hosted at the Richmond Hill Hotel in London on 8th March, join in a life changing event with world class speakers, expert thinkers and entrepreneurs that brings like-minded women and individuals together with a common goal: to be financially free. With packages to suit all, click here for your ticket.