5 Tips to Boost Your Financial Confidence

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Save more, spend smarter, and make your money go further

Women all around the world wear many hats and take on many roles, serving as caretakers, confidants, spouses, and friends within vast circles of impact – big or small. It’s very easy to become bombarded with the pressures of life, demanding roles within families and even the responsibilities that are held with pride at our respective workplaces or businesses. No matter the environment, women deserve to be celebrated for the many successes and triumphs to-date and beyond. Continuing in the celebratory spirit, let’s not neglect how pivotal financial wellness is to ourselves and those we support. In honor of Women’s History Month, take a look at five simple, yet impactful ways we can increase our confidence as it relates to our finances.

Commit to your financial goals

The kids may have recitals, plays, sporting events, and school activity obligations. Aging parents potentially need more of our attention than in previous years. Household duties are never-ending, someone is always in need of your assistance, and work-life balance is a constant battle. No matter the circumstances, we have to make a conscious decision to commit to our financial goals the same way we commit to everything else in our lives.

Take a few minutes to jot down two to three goals you would like to accomplish by the end of the year. Create a tangible action plan and put a timeline in place to hold yourself accountable. There’s no need to feel guilty by taking some much needed time to prioritize what’s most important to you financially.  

According to Turbo’s 2019 #RealMoneyTalk survey — men are more likely than women to talk about their finances. 35% of women would rather keep all of their financial information private and 33% are embarrassed to talk about how much debt they have. And only 38% of women say they are confident about managing their money. In order to change this narrative, women must first commit and dedicate the time to create reasonable financial goals.

Seek guidance from a financial planner

Often times we can overreact believing our financial footprint is so far behind where others may be or what we once envisioned. Instead of getting in our own heads and stirring feelings of disappointment, seek the counsel of a financial planner. Their main focus is to assist in the process of organizing your personal financial goals effectively with clear objectives. Feel free to schedule a consultation with a few advisors to receive variable opinions – then later determine who would be the best fit for you and your goals.

There’s no harm in soliciting the help of others to ease any anxiousness that can quickly arise when talking investments, retiring, savings and an overall budget. While it’s a personal decision to follow through on the work, it presents the perfect opportunity for you to let someone else take the load from your nonstop to-do list.

Automate your savings

Technology is our friend (most of the time) and comes in handy as it relates to our savings. Do yourself a favor and set a percentage of your income to automatically route to a savings account of your choosing. If this has already been a staple in your financial regimen, take it a step further. Create and automate a savings account specifically for anniversaries, birthdays and any special recurring events that generally happen annually. A small number such as $20 every pay period can alleviate the burden of a random birthday party gift that needs to be purchased or a fundraising event at your child’s school. The key to increasing your financial confidence is to plan ahead so there’s little to no room for surprises.

Plan for life occurrences

As cliché and common as this phrase is, it’s definitely true: life happens. In order to be as well equipped and prepared as possible, be sure to build and maintain an emergency fund. This number could be vastly different depending on many factors, however, the rule of thumb is to at minimum have three months of living expenses stored away.

Also, it doesn’t hurt to verify that your 401k contributions are maximized. Verify what the matching contribution percentage is with your employer to ensure you’re getting the most bang for your buck. There are also features offered by many 401k providers to increase your contributions by the percentage of your choosing yearly. This small enhancement can automatically do the work for you, in the instance, it slips your mind.

To further secure the financial success of the next generation, look into opening a college 529 plan for the little ones in your life. This account serves as a tax-advantaged savings plan to offset or completely cover the rising cost of education. The enrollment process is virtually easy and provides plenty of leeway for higher education expenses that will roll in sooner than you think.

Encourage someone else to jumpstart or revamp their financial journey

There’s something special about assisting those around us to enhance their financial blueprint. Not only will this pour into the lives of others, but it also reaffirms the goals you’ve committed to – while benefiting your entire family. #RealMoneyTalk, conversations about finance don’t have to be mysterious and secretive, it should be something we all want to discuss freely on a regular basis. This establishes a safe space – a judgment-free zone with family, friends, and peers that can also hold you accountable. We are a force all by ourselves, however, there is an imminent strength that exudes when we make moves collectively. Sharing your personal finance story can be just what someone else needs to restore their own financial confidence.

International Women’s Day is more than just another observed holiday. It serves as a day of admiring where women once were, where we currently are and where we are going in the future. The sacrifices made by our grandmothers and mothers gave us the ability to be effective but also compassionate, strong but also endearing. There’s no reason everyone and everything surrounding us should benefit from our gifts and talents except our finances. A confident woman is an asset; however, a confident, financially secure woman is the ultimate powerhouse.

Save more, spend smarter, and make your money go further