Being a financially independent woman is one of the most crucial skills for a woman of all ages to achieve. It’s not about how much money you have, but rather the financial decisions you are making in your life and how you will spend your money.

Growing up, I remember being told by so many people that all I have to do is find a rich man, and I will be set for life.

“Just marry a doctor or a lawyer.”

“Find a man with money.”

As I got older, I was honestly still set on this plan and always had that thought at the back of my head when meeting guys. I got to a point where I thought, why can’t I be the successful one or buy myself things? Why do I have to rely on someone else to be financially set in life?

We all know the legendary quote by Cher in 1996.

“My mother told me a couple of years ago, ‘Sweetheart settle down and marry a rich man.’ I said, mom, I am a rich man.”

CAN WE ALL TAKE A MOMENT TO APPRECIATE THIS QUOTE.

This is what people should be telling their daughters growing up – that we do not need to rely on men or simply anyone for money. It is so unbelievably attractive nowadays to be financially independent and live on your own terms.

You never know what is going to happen – life is FILLED with uncertainty.

My mom always said to save some money for a rainy day, and it’s a lesson I have taken with me my whole life. ️ Having that extra money in your bank account can help you out if you lose your job or apartment, have an emergency accident, or have a surprising payment that you weren’t expecting.

However, I don’t believe it’s about being rich (although it would be nice and that’s the dream), but it’s about being in control of your own finances. It means not relying on your family or friends and that you can protect and support yourself.

What does being financially independent mean to you?

First, you need to determine what being financially independent means to you as it is different for everyone.

This can also depend on how old you are and what stage of your life that you are in.

It can be:

• Saving up for College or University.
• Moving out of your parent’s house or even your roommate’s house to get your own space.
• Paying off your student debt.
• Buying your own car and not having to use your parents.
• Saving up enough money for a house deposit in five years.

Once you have determined what being a financially independent woman looks like to you, your next step is to set financial goals.

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Set Financial Goals 

Next, to become a financially independent woman, you need to set financial goals for yourself. Thus, you need to create a realistic plan and how you will take action on it. Determining how much money you have coming in is a crucial step.

List out your income and how much money you have coming in, then deduct your bills, rent, groceries, entertainment, and insurance.

Ensure you are realistic too and be honest with yourself about how much you spend – it will help you learn more about your spending habits. Additionally, there are tons of great apps can help you make a plan and stay organized. Also, if you are struggling, there are so many beginner articles on personal finance.

I have linked some great articles below:

• Financial Planning Basics – Personal Finance 101
• 7 Personal Finance Lessons I Wish Everyone Learned in High School
• Money Tips For Women 
• 7 Essential Financial Skills for Young Adults

Thus, once you determined how much money you have left, you need to prioritize how much of that money you will put in your savings.

Give yourself a timeframe of when you would want to accomplish your goal. If you want to pay off your student debt in the next five years, stick to that plan. If you want to buy a car within the next six months, create a solid plan to get there.   Most importantly, make sure to check in on yourself and ensure you are on track.

The number one thing is being accountable and actually how bad you want it. You may need to say no to a night out once in a while, cut back on shopping, or skip that weekend trip with the girls.

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Understanding Your Spending Habits 

Lastly, everyone has different spending habits, and understanding where you spend most of your money is super important for not only understanding your finances but learning where you need to cut back.

Do you buy a coffee every morning on your way to work?  Do you get paid and immediately spend all your money on online shopping? ️Do you go out for brunch with the girls every Saturday? Do you get your nails done every three weeks? Additionally, take a closer look at what you buy and see if these things align with your financial and personal goals. Which spending habits are helping you and which are hurting you in the long run?

Habits are hard to break, and you won’t change overnight. However, you can start making small adjustments like making coffee at home or only going for brunch once a month.

Understanding your spending habits will help you reach your financial goals faster. Make a plan, take action, and start your journey on becoming a financially independent woman!

“They say it is better to be poor and happy than rich and miserable, but how about a compromise like moderately rich and just moody?”
– Princess Diana

Thanks for reading – How To Be A Financially Independent Woman

Rose x