In contemporary society, equality is becoming the norm no matter what your gender, race or religion. A modern woman is expected to be independent in all matters especially those relating to money, but do we really know what we are doing when it comes to our finances?
Here are some tips for the modern woman to keep ahead and stay financially sharp.
Don’t rely on others for your financial security.
Handing control of your finances to someone else is a sure way to lose track of them. Make sure you educate yourself about basic financial management and investment. For example, you should always be clear about what your interest rates are and if you have investment accounts , you should be informed about how they are performing.
Set yourself goals to strive towards and stick to them.
If you want to take your long-awaited holiday but just can’t afford it, set a manageable monthly goal to work for. Saving is a lot easier in small chunks. Saving money in a tax-free investment account, for example, is a great way to accumulate savings in a tax efficient way.
Be responsible when applying for credit.
Spending less than you earn seems like a straightforward concept, but a lot of people spend far beyond their means. If something happens to your source of income, this can leave you trapped in a debt cycle. If you find yourself in a tight financial spot, consolidation loans can help you to regain financial stability. They are used to simplify your credit, by addressing multiple debts, and merging them into a single cost-effective payment that you can settle.
Be wary of taking on the responsibility of your partner’s debt.
Sharing your debt can keep you from making financial headway as a couple. Prenuptial agreements are a way to protect you from debt cycles. A good way to make sure you and your partner are financially safe is by taking the option of credit life cover which will help to ensure you both so that you are able to meet your credit obligations should something unforeseen happen. (African Bank does not offer Credit Life in isolation –we only offer Credit Life insurance on Loans taken from African Bank)
Remember that your financial identity is part and parcel of your existence and that keeping ahead of your finances is a great way to maintain or establish your independence. These tips should help you to understand and establish the building blocks of financial know how.