Life can throw unexpected challenges your way. Whether it’s a divorce, the loss of a loved one, or another significant life change, these events can shake your financial confidence. But you have the power to turn these challenges into opportunities for financial independence.
Many women in Australia face hurdles when it comes to financial literacy. Studies reveal that women often have lower financial literacy levels than men, which can impact their financial well-being and future security. This gap can feel even wider during times of personal upheaval.
The emotional impact of navigating a divorce or dealing with bereavement is immense, and financial stress can add to the burden. Doubts about your financial decisions might creep in, making an already tough situation even harder. But there’s hope.
Kathryn Creasy, Head of Advice, specialises in and is passionate about empowering women and supporting her clients to gain their independence. She believes that with the right guidance, you can gain financial confidence even during life’s toughest moments. This blog is your roadmap to building that confidence.
Start setting goals
Goals provide more than direction – they offer peace of mind.
Start by reflecting on what matters most to you. Write these goals down. Make them specific. The simple act of documenting your goals and aims creates a framework for confident decision-making.
Our founder developed the Wealth Map session for this very reason. It’s an hour dedicated to helping our team understand what’s most important to you: your values, goals, andOur founder developed the Wealth Map session for this very reason. It’s an hour dedicated to helping our team understand what’s most important to you: your values, goals, and priorities.
You might need to give yourself grace. We know that achieving your goals might not feel like progression. It might feel like you’re going backwards. Strategies like selling the family home or returning to work are enough to make anyone feel discombobulated. While uncomfortable, these may be the decisions that put your goals in motion. It’s where having a professional in your corner, who’s only a phone call away, pays the most dividends.
Guidance from an adviser or not, goal clarity is a leap in the right direction. We offer a range of tools and guides, to help you think about your wealth and future differently. These resources are designed to assist you in creating a robust and well-balanced financial strategy.
Developing confidence through understanding your spending
Building financial confidence starts with understanding your spending habits. This isn’t about restricting yourself or feeling guilty. It’s about gaining clarity and control.
Start by categorising your expenses. Look at your bank statements or use a budgeting app. You might be surprised by what you find.
Understanding your spending isn’t just about numbers. Are you spending on things that bring you joy and support your goals? Or are there areas where you’re spending out of habit rather than genuine need or desire? This knowledge is power. It allows you to make informed decisions about where to cut back if necessary and where to spend more to enhance your life.
Remember, the goal isn’t perfection. It’s progress. Even minor improvements in understanding and managing your spending can lead to a significant boost in financial confidence. And that confidence ripples out, affecting all areas of your life.
Developing confidence through structured financial habits
Once you understand your spending, it’s time to focus on habits.
These include keeping track of your progress and having structured saving patterns to help you better understand where you stand.
This approach will help you make informed decisions and provide a sense of security and confidence about your future. With sustainable, productive habits, you can take control of your finances and work towards achieving your long-term goals.
Some important financial habits to consider:
- Spending review: ensure you review your expenses as you go.
- Regular goal review: Check your progress and adjust as needed.
- Openness to trade-offs: Sometimes, choosing between competing priorities strengthens your overall position.
Building financial confidence is a journey best taken with support.
Start by contacting an independent fiduciary adviser who will help lift the burden off your shoulders, allowing you to focus on living your best life with peace of mind.
Financial confidence comes from taking small, consistent steps. Start with one goal, build one habit, and reach out to one person who can support your journey.
Lastly, remember to acknowledge your progress. Instead of focusing solely on the road ahead without recognising how far you’ve come, take time to reflect on your achievements, no matter how small they might seem.
Sign up for our mailing list to receive more insights and tips on financial independence for women. If you have 5 minutes to spare, reach out and book time to speak to one of our supportive advisers about your goals. Our team is here to guide you on your journey to financial independence.
