Regardless of how much you earn, being financially empowered is about taking control of your money, having confidence to invest in yourself, and conquering feelings of anxiety about spending and saving. Financial empowerment also means you have room to make mistakes and deal with life’s surprises. Looking after your financial wellbeing means you can enjoy today, feeling confident that you will be right later.
6 simple ways to financially empower yourself
1. SET YOUR GOALS
Determine your top financial priority right now. It doesn’t matter what it is. It may be providing for your family. It may be saving for a car or holiday. Importantly, be clear about your goals, so you can take steps to get there.
2. BUILD YOUR CONFIDENCE
ASIC’s MoneySmart† says the first step towards building confidence with money is to take stock of how much you have and track where it’s going. With this information, you may make a budget, manage your debts and consider your spending decisions.
3. LEARN THE BASICS OF INVESTING
You don’t need a lot of money to invest – some people start with just a small amount. The key is to know the fundamentals and start with an amount you feel comfortable investing. MoneySmart1 says basic knowledge of investing helps you start thinking about ways to grow your money.
4. PREPARE FOR SURPRISE EXPENSES
Have money set aside for life’s surprises, so they don’t have the power to send your budget into a tailspin.
5. KEEP TRACK OF YOUR SUPER
Women tend to live longer but, on average, retire with half the super balance of men. Invest in your own future by accumulating more super to enjoy retirement.
6. BUILD YOUR TEAM
Know when and who to turn to for support. Financial advice can be sought from many sources: friends, family, and professional financial advisers. Women often have demands for an adviser that are different from men2, such as wanting holistic advice on financial matters and preferring to see an adviser face-to-face. So, find the right adviser for you.
Visit ShesonQ.com.au for more articles and events.
QSuper one of Australia’s largest superannuation funds, has created She’s on Q – an events, networking, and information hub that exists to support the financial wellbeing of Australian women. She’s on Q’s mission is to empower Australian women to take better control of their careers and personal finances. QSuper believes that by taking a few simple actions, at the right time, every woman can improve their financial wellbeing.
†ASIC MoneySmart, August 2019, Women’s money goals, at moneysmart.gov.au / 2. Hannon, Kerry, 13 May 2018, What Women Want in a Financial Advisor, forbes.com
© QSuper Board. DTMC-2911. 04/21.
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