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<\/p>\nA smart saving strategy is just one element of achieving financial security \u2013 you also need a deliberate plan to manage and make the most of what you have.<\/p>\n
Here, 10 money-savvy women share one tip that\u2019s helped them get their finances into a healthier state.<\/p>\n
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Millionaires know that diversification is the key to building wealth \u2013 they typically have multiple income streams. If you\u2019re serious about securing your financial future, it makes sense to follow their lead. There are plenty of options \u2013 think property, shares, bonds, superannuation, your own business or a \u2018side hustle\u2019. Treat your finances as a portfolio and start to spread the opportunities and the risk, even if it\u2019s on a small scale, and you\u2019ll be on your way.<\/p>\n
Emma Isaacs, Founder and Global CEO, Business Chicks\u00a0<\/p>\n
I was never bothered about budgeting until I fell pregnant and wanted to take a year off with my baby. Cutting back on expenses was a shock to the system but only because I wasn\u2019t used to it. Develop smarter spending habits \u2013 comparing prices, finding cheaper alternatives, setting budgets for activities and outings and so on \u2013 and it soon becomes possible to live on a lower income without feeling like you\u2019re missing out. Continuing to do those things, even after I returned to work, has made a big difference to our financial position.<\/p>\n
Jade Cerfontyne, Project Manager\u00a0<\/p>\n
I spent my twenties and thirties with my head in the sand when it came to money. That finally changed when I was in my early forties and my accountant sent me to see a financial planner. If you\u2019re not comfortable managing money and you don\u2019t know where to get started, professional advice can be so valuable. Work with them to create a plan and start following it. Doing this has helped me to see where I\u2019m heading financially for the first time in my life, and that\u2019s very empowering.<\/p>\n
Dale Pope, Founder, Dance by Dale Pope<\/p>\n
It\u2019s easy to tell yourself you\u2019ll get your affairs in order when you have a moment. In my experience, that moment can be a long time coming. Make a date with yourself to do it \u2013 and keep it! Mine is an annual \u2018money in March\u2019 session where I evaluate my position, review my spending and budget, and set goals for the year ahead and plan how I\u2019ll achieve them. It can take as little as a couple of hours to get on top of things. If you want to ensure your money is working as hard as it can for you, then it\u2019s time you can\u2019t afford\u00a0not<\/em>\u00a0to spend.<\/p>\n Helen Murdoch, MLC General Manager, Workplace Super<\/p>\n During the course of a long marriage, I allowed my former husband to manage all the money matters. That meant I had an extremely steep learning curve when the relationship broke down and I had to take responsibility for myself and my four sons. Maintaining ownership of your finances through your life is the smartest thing you can do, regardless of whether you\u2019re single or in a relationship. Your financial future is too important to leave in someone else\u2019s hands.<\/p>\n Anthea Woodhill, Flight Attendant<\/p>\n In today\u2019s world, there\u2019s a lot of pressure to buy everything new and it\u2019s killing our finances. Most fashion purchases are only worn a handful of times and many women discard clothes after a single wear, or even unworn. The best solution to wasteful impulse purchasing is to write down the thing you\u00a0think<\/em>\u00a0you want and wait \u2013 for 24 hours, or two days, or longer. Whatever works for you. I call it PauseB4UPurchase. If you practise it regularly, you\u2019ll be left with a lot more in your wallet for the things you\u00a0really<\/em>\u00a0want and need.<\/p>\n Rachel Smith, Author of\u00a0Underspent: how I broke my shopping addiction and buying habit without dramatically changing my life There are lots of ways to build wealth but, in the long-term, the security of your own home is hard to beat. Striving to get a foothold in the property market, however modest, while you\u2019re young is something you\u2019ll really thank yourself for a couple of decades down the track. My friends were shocked when I bought a house at 21, but I am where I am today because I took that first step.<\/p>\n Joanne Ke, Self-funded retiree<\/p>\n It\u2019s difficult to manage your money effectively if you don\u2019t understand the way things work. Getting to grips with the financial products you use \u2013 your mortgage, personal loans, credit cards and superannuation \u2013 will help you make better decisions. Get good information that explains it in a straightforward way and you\u2019ll find it\u2019s not as complex as you expect. If you don\u2019t take control, you may end up losing some of your own money \u2013 I don\u2019t think any of us want that!<\/p>\n Jenny Rolfe-Wallace, Financial Educator and Founder of Sprout Education Group<\/p>\n Working for many years for a company that made additional contributions on my behalf helped me to accumulate a healthy super balance. It\u2019s made a big difference to the lifestyle I can enjoy in retirement. That\u2019s what super is really all about \u2013 freedom and choices \u2013 and that\u2019s why keeping it front of mind from the start of your working life is so important. Sixty comes around very quickly and if you don\u2019t make building your balance a priority, it may not happen.<\/p>\n Melanie Schwarzman, Self-funded retiree<\/p>\n Starting my own business was a calculated risk, and maintaining tight control of my finances has helped me to make it a success financially. I look at my bank account every day and allocate all the money I earn to different accounts, for different purposes. Know exactly where you stand with your finances at all times and there\u2019ll be no nasty surprises. That\u2019s a really good feeling!<\/p>\n Georgia Norton Lodge, Founder, Georgia Draws a House<\/p>\n Please contact us on |PHONE| if you seek further discussion on this topic.<\/p>\n5.\u00a0Don\u2019t leave your financial future in someone else\u2019s hands<\/h3>\n
6.\u00a0Pause before you purchase<\/h3>\n
<\/em><\/p>\n7.\u00a0Set your sights on buying your own home<\/h3>\n
8.\u00a0Educate yourself about the financial products you use<\/h3>\n
9. Stash as much as you can into super<\/h3>\n
10. Make money management a daily activity<\/h3>\n