Knowing how to manage your finances is important for everyone, especially women. If you’d like to take better control of money matters, we’ve got some top tips for you.
Although you might think women and men have the same financial needs, we’re here to tell you that women should take a different approach to money matters. Women generally retire earlier and live longer than men, so we usually need a bigger lump sum at retirement — no easy feat since we still earn less than men on average. Nolene Parboo, senior manager of deposits at Standard Bank, provides us with a few tips on how to manage your finances and stay on track of those rands and cents.
1. Take control of your personal finances: It may be easy to let your partner take charge when it comes to finances, but keep in mind that they may not always be around, so it’s important to have your own finances in order as well.
2. Get covered: If you’re married or in a long-term relationship and you don’t work, you need to make sure that your partner has enough life and disability cover to protect you and your family financially if they suddenly pass away or are unable to work.
3. Assert yourself in your career: Women are less likely to ask for a raise than men, which is part of the reason why we earn less than them. Well sister, it’s time to realise what you’re worth and start asking for what you deserve! Learning how to manage your finances is about more than smart investing, it’s about earning the money to invest in the first place.
4. Never give up: Just like trying to eat healthily, managing your money can be tough; you’re bound to hit some obstacles along the way, but don’t let small setbacks knock you off your track. Determination and focus will get you to your financial goals, so if you don’t meet your savings goal this month, resolve to try harder next month. After all, if at first you don’t succeed…
5. Have your own credit cards and bank accounts: Having accounts in your own name builds your credit record and will help you access credit in the future. Plus, having access to your own money and credit facilities will make your life a lot easier if your partner dies or your relationship ends — and it means that if you’ve saved enough money for that pair of fabulous heels, you don’t have to explain the bill to anyone!