From managing households to managing businesses, we want to celebrate the powerful role of women in our country this Women’s Month.
We know that compared to men, on average, women earn less over their lifetime, spend more time out of work taking care of family, and also live longer so require more money in later years.
The good news is that the gender gap is getting smaller. There have never been more female CEOs, female-led households, and female entrepreneurs than there are today – and this number is continuing to increase.
One of the best ways to be more money savvy and grow your wealth is to improve your financial literacy. This is the knowledge you need to make informed financial decisions and is an important way to improve financial empowerment, opportunities, and well-being.
Try these 8 tips to better manage your money:
- Start with a plan
The key to managing money is to spend less than you earn and in order to do this you need a plan. In the financial world this is called a budget and it helps you spend money on the things you need, rather than just the things you want.
- Set clear goals
Do you want to pay for school fees? Travel to see your family? Pay off debt? Having a goal to work towards makes it much easier to stay on track and monitor your progress.
- Get out of debt
Having debt can mean that you never have enough money to make it through the month. Try to pay this off quickly by spending your money wisely and managing credit such as loans and credit cards. The sooner you are out of debt, the sooner you can start growing your wealth.
- Save (and keep saving)
When you put money away into a dedicated savings account, it starts to earn interest which means it grows bigger. Start saving as early as you can and commit to putting money away every month. No matter what the amount is, every bit helps.
- Get insurance
Life is full of unplanned events, risks, and sometimes emergencies. Insurance protects you financially from things like car accidents and health issues.
- Don’t be afraid of investing
Investing can be risky and you might fear the unknown. BUT, putting money into an investment fund over the longer time is significantly more profitable than holding on to cash. Investing your money means it earns interest, and, over time, this means your money makes money. Putting money away for retirement is a really important one, especially because women tend to live longer than men.
- Get good advice
From time to time, we all need the help and guidance of an expert. Qualified financial advisers can help you navigate your financial journey and make informed decisions to achieve your goals.
- Learn from your mistakes
We all make money mistakes, life is full of them. The key is to learn from them and keep working on your wealth – WageWise is here to help you along the way.