We love reading Refinery29’s The Money Diaries where women share what they do with their hardearned cash. Money isn’t a subject many of us feel comfortable talking about, let alone sharing details on a public platform. It seems we are hungry for this kind of information. Our relationship with money can be complex and because we aren’t necessarily accustomed to having open discussions about where our pennies go, we can remain stuck in old habits that block us from financial freedom.
This IS changing. It’s a change we are excited by. From reading the Money Diaries to listening to American financial guru, Suze Orman’s podcasts, the time for women to get savvy and speak out is now.
Today, our morning brainstorming session centred around the following piece of information:
‘’Over half of women have never held an investment product.’’ YouGov 2018. We asked ourselves why? Are women more risk-adverse? Are we more likely to be spenders or savers rather than investors? Is there a confidence gap?
Taking this into account alongside the more recent Gender Pay Gap reporting, it is clear there is a long way to go until we reach an era of equal pay.
What can we women do now to ensure our money is working harder for us?
1. Become conscious around your finances. Check your numbers. Check them regularly. Having a clear idea around where you are with your money changes everything. We all have different methods of doing this. Whether checking our balances through apps, texts from our bank, using budgeting tools or the basic but beloved spreadsheet. Updating these figures weekly ensures we stay on course, living within our means.
2. Be a detective. Investigate savvy ways to make quick savings. Once we have clarity around the figures, we can start to take a deeper look. Taking on a detective mindset can be fun. Where could I make a saving this month? Where can I make a savvy purchase?Money Supermarket is a great place to start for checking out money saving tips.
3. Define your financial vision. Get it on paper. Share it with a friend. The fun part is envisioning where you want to go with your money, how you want to live and then setting out actionable steps for getting there. Get your vision down on paper – it helps crystallise our commitment. Share your vision with your friends and discuss what changes you could make to realise your goals. Even more crucially, set yourself milestones and hold yourself accountable to these – seeking the advice of a professional financial consultant can be a great place to start to validate your thinking or give you advice if you don’t know where to turn – they can also help to hold you accountable! (see point 5)
4. Do your research. Set aside time. Normalise the ‘Money’ chat. There are many products out there and it can seem daunting. However, there are also apps and forums which can help you with research. We recommend setting aside manageable chunks of time, 10 minutes here, 15 minutes there to do a bit of research. Talk to friends, family and professionals to and understand which investment apps are out there.
5. Talk to an expert. Have an initial chat with an FCA registered Financial Adviser. Advisers work with you to devise a plan that will help you achieve your prosperity goals. Their job is to be The Expert, they do the complex job of sourcing the right products and rates for you so you don’t have to. This is where we can help! We can put you in touch with a qualified Financial Adviser for a free, noncommittal consultation. Just call 020 75165 773 or send an email to: [email protected] to find out more.
6. Take action and regularly review your finances. Congratulations! You have evaluated your current situation, created your prosperity vision and done your research – now it’s time to take some action. Whether you invest using an app, switch to a new credit card with 0% interest or speak to a financial adviser, you have chosen to take your financial future into your own hands. Now is the time.
Putting away even a small amount of money now is better than no money at all – Albert Einstein said “Compound interest is the 8th wonder of the world’’ the longer your money is invested the more you stand to reap the rewards in the future.
Keep an eye on your finances, review your goals regularly to ensure you are on track and doesn’t hesitate to ask questions or seek support if you feel your course needs to change. In this way you can feel confident that you are on the path to meet your financial goals.
GET IN TOUCH
We are interested in continuing this conversation with you so please feel free to contact us to discuss what we doing within the Financial Wellbeing space and how it can benefit you and your organisation.
Email us: [email protected], visit our website morrinsonwellbeing.co.uk or give us a call on 020 7516 5773