For far too long women have been playing small in the money arena. It’s time to step up our money game and walk confidently towards a future of financial freedom and equality.
Here’s why and how.
We have some catching up to do
When looking at the gender pay, pension and wealth gap the inequality between men and women is shocking.
The median salary for men is about 19% higher than the median salary for women. Women retire with ⅓ of the pension men do. Many women are also held back in creating wealth through investing where things like confidence, industry jargon and not knowing where to start are some of the obstacles that stop women from believing that investment is “not for them”.
Changing these statistics for women means that as a collective we need to step up our money game. It might take years to level these inequalities, but creating that awareness and desire to change is the first step.
Do you think investing is not for you, why not? Can’t build a business and run a family, says who? Do you think asking for more money cannot be done in this current economic climate? Think again!
Start questioning those limiting beliefs and know that with the right knowledge, team and support you can make a difference in your own finances and those of future generations to come. Because let’s face it, we have some catching up to do.
We don’t need the stress
Money is the #1 reason for stress in our lives, even before stressors such as our health, work and relationships.
Imagine how it would feel to know that you have consistent money coming in. All your bills are paid on time. There is money in the bank for that dream holiday or maternity leave. You know you have savings and investments for the future. How would you feel?
Relaxed? Relieved? Like you can breath again?
Undoubtedly this last year has shown us how unstable life can be and although having money is not the answer to all of our problems, the truth is that it can be to some.
Simply having an emergency fund stacked with 3-6 months worth of expenses saved up can already make us feel more confident and calm about our finances. In the same way, paying off a small chunk of debt every week can make us feel like we are back in control of our financial future.
When we tackle the stressors in our lives it frees up head space to focus on other important things in our lives. Because let’s be honest, we don’t need more stress in our lives. What we do need is the following.
We want the freedom
We know that having more money does not always equal happiness. Studies show that the limit to where having more money increases life satisfaction lies at the ideal average income of £70,000 globally.
But what money can give us is freedom.
~ The freedom to go after our dreams without limitations
~ The freedom to spend our days and time with the people we love
~ The freedom to create, to build that business and work on the projects that inspire us
~ The freedom to explore, be adventurous, to try new things
~ The freedom to live our life to the fullest
And that freedom ladies is priceless…
So if you are ready to step up your money game, here are your next steps:
Step 1: Find your starting point in your money journey
Schedule a time in your calendar to have a financial wellbeing check-in with yourself. Gather all your financial details from accounts and credit cards to student loans and pension pots.
What is your Net Worth? What’s coming in and what’s going out? What portion of your money goes where? Here you can identify the areas of your finances that need some TLC.
Awareness and clarity on where you are now is the first step towards increased levels of financial wellbeing.
Step 2: Decide where you want to go
Now that you know your starting point, let’s get creative and develop a financial vision for your future.
What’s the purpose for your money? Where do you want to be financially in the next 1-3-5 years? How will your money help you to live your best life?
Having a financial vision is essential in leveling up your money game as it will provide you with clarity, direction and focus.
Step 3: Create a strategy on how to get there
Now you know your financial starting point and destination. In this final step you are creating a roadmap to bring your finances to the next level. This can be the hardest part as many of us have never created a plan for our finances before.
Ask yourself, what do you need in order to go from where you are now to where you want to be? Do you need to increase your income? Reduce your spending? Is it paying off debt? Starting a savings pot for that dream home or holiday? Educate yourself on investing?
Remember that you don’t have to have everything figured out. Start writing down some of the steps you need to take on this journey and start implementing them today.
The good news is you have already started leveling up your money game by reading this article. Right now you are learning and exposing yourself to what’s possible.
I encourage you to keep educating yourself on the topic of money. Read books, join a money network, attend seminars, hire a coach or find like minded people you can connect with. Whatever it is you need to do. Do it now. Take that very first step to reaching your money goals. No matter how small the step is. I’ll be cheering you on along the way.
Where to find me
About your author
more articles you might like
I’m Samantha Jameson, the Founder of British hand, bath and body care brand, Soapsmith.
After a stressful time, nothing feels better than kicking off your flip flops and lying down on a sun lounger somewhere warm and sunny.
It’s no secret that we’re all feeling the pinch more than usual at the moment. The cost of living crisis, Brexit, geopolitical upheaval and the pandemic mean that as far as our wallets are concerned, things are (unsurprisingly) tough.