{Guest blog – Tash is back by popular demand!}
On the back of my original blog – the pitfalls of marrying a financial planner – I wanted to follow up on the need to educate yourself when it comes to all things money.
“The beautiful thing about learning is that no-one can take it away from you” – BB King
As I shared, I’ve learnt along the way that I need to be in control of my own financial situation. This is despite having a partner who is a financial planner.
I’m passionate about educating other women about the importance of understanding their own financial position, both as an individual or when part of couple or family assets.
If you’re guilty of letting someone else handle the finances, you’re not alone. If the reason you’ve done this is because that person, perhaps your partner, is more savvy when it comes to money, that’s understandable, but make sure you’re fully aware of what would happen if you suddenly found yourself in a situation where you can’t rely on anyone else.
“You can’t assume you are always going to be as stable and the only person you have to count on is actually YOU!”
We know that women may be more at risk of homelessness and not taking control of finances significantly increases these odds. This might sound dramatic. You’re probably thinking you’re far from homeless; what’s the worst that would really happen to you. BUT, it’s surprisingly more common and easier to fall from stable income and assets to living paycheck to paycheck.
It’s time now for you to become more savvy and take more responsibility for your own finances and your own outcomes. Where to start? Educate yourself.
I’ve pulled together some resources below of where you can start to educate yourself. There is so much out there and it really is all at your fingertips. All you need to do is commit the time and attention.
ASIC Money smart for women
This site is a great initiative of ASIC and includes resources that cover life events that impact women’s finances, and a women’s money toolkit – personalised for your money situation. Educate yourself on the main Money Smart site too as this also contains a range of resources not gender specific, including calculators and resources.
10thousandgirl – financial thinking for women
This site provides financial wellbeing content, tools and online workshops for women. Check out their free online tools and also check out the 5 minute money flow exercise, which they pitch for anyone who has “special allergies to spreadsheets and budgets”. They also have a financial checklist for divorce.
Women Talk Money
This site is a resource by WIRE (Women’s Information and Referral Exchange Inc.), a Victorian support service, and funded by Financial Literacy Australia. On this site you can educate yourself on topics from getting married and moving in together, relationships and money, common issues and financial abuse.
Money Minded
This site is another free resource to help develop money skills. Check out the range of activities including: Spending wisely; planning your spend; banking smart; avoiding dangerous debt; and planning for your future.
Instagram follows
Along with utilising the above resources, make sure you keep money matters front of mind by following some inspirational and educational social media accounts. Instagram is a great place to get handy quick tips. Use your commute time, or that 5 minutes waiting for an appointment or meeting to keep your money knowledge up to scratch. Here’s just a few wise women (and men) who are sharing everything from basic budget tips to exercises and challenges to keep you on track: @the_luxury_girls_budget; @this_chick_can; @nerdsguidetowellness; @themindfulwealthmovement and of course @roadtosufficient.
Seek professional advice
It’s ok to ask. No matter how simple your question and no matter how much money you have, there is an entire industry designed to provide advice and answer all of your money questions.
Much of this advice can be provided over the phone or Skype these days. So it could be anything from a quick 15-minute chat, through to a longer review of your entire financial situation.
Take action
Once you’ve committed to educate yourself and started to take control of your own financial knowledge, it’s then time to do two things:
- Start applying this to your personal situation
- Share this with the other women in your life
“As women, we must stand up for ourselves. As women, we must stand up for each other. As women, we must stand up for justice for all” – Michelle Obama
We visited the Bill & Melinda Gates foundation in Seattle late last year. It was amazing to realise the huge amount of work being done by this organisation to help educate women globally. It also became apparent the need for every educated women to champion the need for every other women and girl to have access to education.
This can be as simple as sharing the knowledge and resources you now have and allowing someone else to take control of their financial future. If you have any other great resources please share them in the comments!
If you’ve been motivated by this and are ready to take action, why not take a Money Day and get started!
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