This International Women's Day, 8 March, it's a timely reminder to focus on empowering women in all aspects of life, including their financial well-being. The theme for this year, "Count Her In: Invest in Women. Accelerate Progress," underscores the importance of ensuring women are included and supported in financial matters. Research conducted by ASIC's MoneySmart highlights some concerning trends regarding women and finance in Australia, indicating a need for greater support and education in this area. With this in mind, here are three simple yet effective financial health tips to help women better manage their money and feel more confident in doing so:
Start building a savings buffer
One of the most fundamental steps towards financial security is to establish an emergency fund or savings buffer. This cushion can provide peace of mind and protection against unexpected expenses or emergencies, such as unexpected bills, car repairs, or job loss. Work towards saving at least three months' worth of living expenses in a dedicated savings account. Start by setting achievable savings goals and consistently contributing to your fund, even if it's just a small amount each month. Automating your savings can help make this process easier and more manageable. Having a financial safety net in place can alleviate stress and empower you to handle whatever life throws your way with confidence.
Increase your financial literacy
Knowledge is power when it comes to managing your finances effectively. Take proactive steps to improve your financial literacy by seeking out trusted educational resources and learning opportunities. Podcasts, websites, books, and online courses are excellent sources of information on topics such as budgeting, investing, debt management, and retirement planning. ASIC’s MoneySmart website is a great place to start with a wealth of information and tools to increase your financial knowledge. By investing time and effort into expanding your financial knowledge, you can make more informed decisions and feel empowered to take control of your financial future.
Talk about money matters
Breaking the taboo around discussing money is essential for promoting financial empowerment among women. Engaging in open and honest conversations about finances with family, friends, or trusted advisors can help demystify money-related topics and provide valuable insights and support. Share your own experiences, challenges, and successes with managing money, and encourage others to do the same. By sharing stories and exchanging tips and advice, you can learn from each other's experiences and gain new perspectives on how to navigate financial challenges. Building a supportive network of individuals who are willing to discuss money matters openly can help foster confidence and resilience in managing your finances effectively.
As we celebrate International Women’s Day, let’s seize the opportunity to empower the women in our community on their financial journey. By implementing these simple tips, women can take charge of their financial health with confidence and resilience. Let’s pave the way for a future where all women thrive in their finances and accelerate progress towards a more equitable society.
We're ready to help you
At G&C Mutual Bank, we have a range of savings accounts and award-winning term deposits to support you on your financial journey. We’re a different kind of bank, a customer owned bank, where you’re at the centre of everything we do. Contact us today to find out more about the G&C Mutual Bank difference and how we can help you own your banking.
