In celebration of women’s month, we share a few simple financial tips that you, as a financially independent woman, can implement as part of your journey towards financial wellness:
- Take charge of your finances: Taking control of your finances and making important financial decisions is not always easy and it might seem easier to just pass this big responsibility on to your spouse or family member like a brother or father. However, you will feel more in control and empowered if you can manage your finances all by yourself.
- Create a budget: A budget helps you to track your income and expenses so that you know exactly how much you earn and what you spend your money on. It also helps you to keep track of your debt re-payments so that you do not fall behind on re-paying your loan accounts. Remember to stick to your budget and to update it on a monthly basis.
- Where to save and where to splurge: It is not easy to cut expenses from your budget. Start by including your essential expenses (i.e. rent, medical aid, insurance, all your loan accounts). You can contact your financial service providers, to enquire about cheaper options available to you. In terms of your variable costs, such as groceries, list all the items you bought during the month and have a look at which items you can leave out of your shopping basket next month.
- Invest wisely: Start investing wisely now and your future self will thank you for it. Make sure that you have a retirement annuity and investment plan. Iemas Insurance Brokers, a wholly owned subsidiary of Iemas Financial Services, offers various savings and investment plans (including retirement annuities) that will meet your needs and help you reach your goals.
- Keep a Life File: A Life File contains all your important documents such as your Will, copy of your ID, investments, loan accounts, assets etc. Make sure that you keep your Life File up to date and in a safe place. Let your spouse or a family member know where you keep your Life File should something happens to you – your family will need this file with all your important documents if something unforeseen happens to you.
- Start a side hustle: Want to make extra cash?Start by looking for opportunities online, there are many companies looking for part-time consultants or sales representatives. Think cosmetic brands, online tutoring or even your own side hustle like baking or repairing clothes.
Live Financially Well with Iemas Insurance Brokers
Speak to one of our consultants about comprehensive insurance solutions that you can trust and afford. From vehicle and home contents insurance to savings and investments, we might just have an affordable solution for you. Contact us on: 0860 102 383 or visit iemasinsurancebrokers.co.za.
Source: https://economictimes.indiatimes.com/8-money-tips-for-women-in-the-new-year/tomorrowmakersshow/70275040.cms