Your Money: Putting Yourself In the Driving Seat

How do you feel about money? Do you prefer not to think about it, just hoping to have enough to get through the month? Or are you a bit fearful of money or find it confusing?

Do you hand over the responsibility to your spouse and let them worry about the family finances, or do you confidently embrace your money and use it to create your financial security?

Irrespective of how you view money, there are some very real issues that we can’t ignore.

Women outlive men, so even if you’re married, chances are you will spend the last years of your life alone and have to deal with financial decisions.

And actually, at age 60, a woman should have more money in her retirement pot than a man of the same age, but this is often not the case.

There is also the pay gap – we don’t earn as much as men and the gap is wider the lower the income levels.

We also often raise children alone and in South Africa, around 42% of households are female-led.

[RELATED: 7 Money Tips For Single Moms]

An unwitting trap that many married or co-habiting women fall into is to pay for the household expenses – groceries, domestic help, school fees, etc. while her partner pays for the assets – property, cars, investments, etc.

In this scenario, after 10 or 20 years of marriage, a woman has little to show for all the money she has brought into the household.

Despite all of these issues, being in the driving seat of our own money is one of the most valuable gifts we can give ourselves.

Here are 5 pointers to help with this:

1. Take a long hard look at your relationship with money.

Are you comfortable discussing money issues, is it confusing or makes you feel stupid? Money isn’t complicated – we have it around us all the time.

Facing these fears or insecurities is crucial to having a healthy relationship with money and making the right decisions. Get professional help (through counseling if you have deep-seated issues relating to money) or a professional financial planner or money coach.

2. Face your reality.

Where are you spending your money and how are you using it? Are you paying yourself first or are you taking care of everyone else?

3. Work towards having balance in how you use your money.

You must take care of your needs today as well as those of tomorrow. We often just focus on the here and now and forget that we will need money one day when were too old to work.

4. If you’re married, have an open and honest discussion with your partner or spouse on who pays for what and start investing for your future.

The idea that being married provides financial security isn’t foolproof, as so much can go wrong. Your partner could be retrenched, fall ill and be unable to work, you may get divorced, or he or she could pass away.

Nothing is forever and you only have yourself to rely upon at the end of the day, so set up your own investment and retirement plan.

5. Invest in knowledge before you invest your money.

There are so many books, websites, and even YouTube videos on money. Get educated so you make solid decisions!

Put yourself in the driving seat by claiming your financial power.

No one will hand it to you on a platter – you need to take action yourself. As the American journalist, Gloria Steinem said,

“Power can be taken, but not given. The process of the taking is empowerment in itself.”

This article was written by Sylvia Walker, financial planner, speaker, and author of smartwoman. www.sylviawalker.co.za