5 Things Women Should Know About Financial Literacy
- Women Specific
- By InLife Sheroes
- Feb 27, 2023
- 0 Comments
Building financial literacy is vital for success, no matter your income level or career path. Knowing how to budget, save, and invest wisely can help you reach your financial goals and live a life of security and stability. Here are five essential things every Filipina should know about financial literacy.
Financial Literacy for Women
1. What Does Financial Freedom Feel Like?
Financial independence can offer a profound sense of accomplishment and satisfaction. Finally being able to make it on your own can give you the confidence to take more risks and pursue your dreams with ease. Knowing that you are in charge of your own finances allows you to plan for the future without stressing about money. Financial independence gives you freedom from worrying about making ends meet and offers the chance to shapeshift any ideas of limited potential due to unfamiliarity with resources or an inability to access them.
2. More Women are Investing—So Can You!
Investing is often seen as a male-dominated industry, but in recent years more and more women have been getting involved. Investing can be both intimidating and overwhelming, particularly for women who are just getting started. It doesn't have to be this way! There are many steps you can take to start investing in order to secure her financial future.
Before diving in, you should do your research - researching different types of investments, developing an understanding of all the investment terms, and speaking with experienced investors to develop confidence and insight. After proper preparation and education is achieved, you can begin by taking small steps - setting money aside, creating a budget and beginning to invest.
No investing journey is the same, so it’s important for you to identify your individual objectives; whether that’s saving for retirement or short-term goals like purchasing a home or funding the kids’ college savings.
3. Financial Impact of Having a Baby
Having a baby is an incredibly exciting time in a family's life, but it also comes with a big financial responsibility. Having a baby can drastically change the financial landscape of a family. This is why expecting parents should take the necessary steps to prepare for the costs associated with having a baby.
In the Philippines, an average family can expect to spend around PHP 1 million in their first two years of parenthood, from hospital bills to clothing and furniture. This figure could increase if either parent needs to take an extended period of leave from work or if more specialist care such as children’s therapy or treatments are needed.
4. How Women Can Hustle
Women have amazing resilience and tenacity and are capable of achieving their goals when they set their minds to it. In today's world, women more than ever are taking on leadership roles and starting businesses. This is a trend that can only be seen as progress!
But how can women specifically “hustle”? It starts by dreaming big, surrounding themselves with others who support them in their pursuits, creating an action plan and working diligently towards it. Additionally, investing in self-care is also essential for hustlers so that they don’t get burnt out; this would include things like getting enough rest, regular exercise and eating nutritiously.
Making sure to do something every day that helps bring you closer to your dreams is the key factor here: from small steps to large ones – keep going at it until you achieve success!
5. Why You Need to Get a Big Picture on Your Spending
Every day when you spend money, it's easy to focus on the small details: that cup of coffee or magazine for the train ride home. What's important is to remember that every purchase matters over time and can add up.
Getting a big picture view of your spending can help you make more mindful choices and ensure you don't find yourself going into too much unexpected debt.
To understand where your money is going and how to budget more efficiently, try mapping out all of your expenses in a comprehensive way. That way, you can avoid unintentional financial upsets while still making sure that day-to-day decisions don't stand between you and your long-term goals.
Financial success isn’t achieved overnight. It requires consistency, dedication, and most importantly – knowledge. Before making any financial decisions, make sure to keep these five things in mind! These will help you make more informed choices that will help you achieve your financial goals.
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AUTHOR BIO Your friendly neighborhood Shero.