"THE ULTIMATE RESPONSIBILITY FOR WOMEN IS TO HAVE AGENCY OVER OUR MONEY." - KEMI NEKVAPIL
1. What Is My Relationship with Money?
Your attitude towards money can significantly impact your financial decisions. Consider:
How do I feel about money? Do I see it as a source of stress or a tool for achieving my goals?
What money habits did I learn from my family, and how do they affect my current financial behaviour?
Do I have any fears or anxieties around money?
How can I improve my financial literacy and confidence?
Tip: Reflect on your money mindset and seek resources to improve your financial knowledge. Surround yourself with positive influences and role models who can support your financial journey.
2. What Are My Financial Goals?
Understanding your financial goals is the first step in taking control of your finances. Ask yourself:
What do I want to achieve financially in the next year? Five years? Ten years?
Am I saving for a major purchase, like a home or a car?
Do I have a retirement plan in place?
How do I prioritize my short-term and long-term goals?
Tip: Write down your goals and create a timeline for achieving them. This will help you stay focused and motivated.
3. How Am I Managing My Budget?
A well-managed budget is the foundation of financial health. Consider:
Do I have a clear picture of my income and expenses? Download your free template below👇🏿
Am I living within my means, or am I relying on credit to cover my expenses?
How often do I review and adjust my budget?
Are there areas where I can cut back on spending?
Tip: Use budgeting tools or apps like 22Seven to track your spending and identify areas for improvement. Regularly review your budget to ensure it aligns with your financial goals.
4. Am I Prepared for Emergencies?
Life is unpredictable, and having a financial safety net is crucial. Reflect on:
Do I have an emergency fund that can cover at least three to six months of living expenses?
Am I adequately insured (health, life, disability)?
How would I handle a sudden job loss or unexpected expense?
Tip: Start building an emergency fund by setting aside a small amount from each paycheck. Aim to gradually increase this amount over time.
5. Am I Investing for My Future?
Investing is essential for growing your wealth and securing your financial future. Ask yourself:
Do I understand the different investment options available to me?
Am I contributing to a pension fund/provident fund or retirement annuity?
Do I have a diversified investment portfolio that balances risk and return?
How often do I review and adjust my investments?
Tip: Educate yourself about investing, and consider seeking advice from a qualified financial planner to help create a plan that suits your risk tolerance and financial goals.
Taking the time to ask yourself these questions can help you gain a deeper understanding of your financial situation and empower you to make informed decisions. Remember, your financial journey is unique, and it's never too late to start making positive changes.
Comments