Women Thrive Magazine
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Mastering the Art of Financial Empowerment
Financial empowerment is a massive aspect of personal growth and wellbeing. It involves taking control of your finances, making informed decisions, and building a solid foundation to a secure future.
As a money strategist for female entrepreneurs, with 15 years’ worth of experience working in the financial industry, I know what you need to do to take your business and life to the next level, this being the level you want it to be, to live the life you really want to be living.
With 1 in 3 women still financially dependent, it is so important that, now more than ever before, we take the steps to really gain financial independence.
A recent article in the Rose Report states that in the next few years, they believe 75% of businesses will be run by women-led businesses.
This is fantastic and yet we are still so far behind in achieving true financial equality. As stated in the United Nations article, it will actually take over 250 years to close the gender pay gap.
As women, we need to change this, understand your finances, and take that control today.
I’m going to discuss in this article, essential strategies to help you master the art of financial empowerment, helping you to achieve your own financial freedom.
By implementing these strategies, you can gain control over your money, achieve financial stability, and create opportunities for long-term success.
Unlocking Financial Empowerment: Strategies for Control, Stability, and Success
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You need to start by setting clear financial goals, defining short and long-term goals.
A short-term goal might be taking your family on a fancy holiday, whereas a long-term goal might be to buy a house or clear your mortgage. These goals are individual and usually are not the same between two people – remember, we are all unique and have different goals in life!
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Prioritise these goals on importance and how feasible they are.
Don’t set yourself unrealistic goals or you are setting yourself up for those mind monkeys to come knocking. You need realistic timeframes, something that is achievable.
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You’ll then create the most important part of financial empowerment and gaining financial independence! A budget.
Yes, a budget is one of the most important steps in any plan.
No, it is not a diet – do not worry I am not going to tell you to cut out all those wonderful things you enjoy, that make life fun. After all, we must enjoy life.
In my podcast, Financially Savvy, I go into depth about the importance of a budget.
Building strong financial foundations is another key aspect to financial empowerment. You need an emergency fund to cover unexpected expenses.
An emergency fund is a brilliant tool to create true financial freedom. Having a pot of money there to enable you to make those choices you want to, without having to panic!
Want to leave an employed role? Get an emergency fund together to give you the means to live for a few months whilst you pursue your passion without the worry.
Boiler needs replacing? Use your emergency fund to pay for this to prevent the use of a credit card or loan.
Using your budget to plan paying off debt, creating strategies to be able to invest and create future wealth, enabling you to enjoy retirement and potentially create generational wealth.
On this journey you will need to dive into your money mindset. Really understanding your spending habits and where they start from.
The psychology of money is extremely fascinating and the way we treat our finances are a direct impact from childhood and growing up. Things we have learnt, heard, been told, and read all influence the way we treat money.
Becoming financially empowered is a journey, one you can start today and a crucial step to gaining financial freedom.
It requires discipline, dedication, and continuous learning. But by setting clear goals, building a strong financial foundation, protecting your financial wellbeing, and cultivating healthy spending habits by diving into your money mindset, you really can take charge of your financial future.
To go more in-depth on your finances and money mindset, check out my blog by clicking here and join my community of Money Managers by clicking here.
About the Author
Name: Louisa Willcox
Professional Title: Money Strategist & Qualified Bookkeeper
Bio: Louisa Willcox is a Money Strategist for female entrepreneurs, an Author, Podcast owner, Speaker, and Programme Creator. She provides personal and business financial support to help as many female entrepreneurs gain financial independence and empowerment, allowing them to live the life they really want to be living.
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