Financial control is right on the money

Take charge of your personal circumstances

One of the greatest lessons my dad ever taught me was to always be financially independent, especially as a woman.

He always encouraged me to work, save a portion of my earnings and have my own money.

To this day, while I have a joint bank account with my husband for shared expenses, I also have my own accounts which allow me to make my own choices.

I was surprised to read YouGov data which shows that many women still rely on their partner to get by financially, even if they work full-time themselves.

Around a third of all women with a partner are entirely (6%) or somewhat (29%) dependent on their other half. Three in five of the women reliant on their partner say they would not cope well financially in a break-up.

This highlights that some women don’t enter a marriage with financial independence and personal financial security in mind. Why don’t we look further ahead into the future when we meet our life partners?

If your finances are handled by your husband though, don’t panic. It’s never too late to start taking control. Being financially aware gives you the ability to safeguard your family, yourself and your future, especially during the current cost-of-living crisis.

The first building block of financial security is to ensure you have enough emergency funds available to navigate a rainy day – like if you lose your job.

Many couples hold their cash deposits in joint accounts which means that both individuals are legal owners of that account.

With interest rates historically low and inflation soaring, this means the cash held in your current and savings accounts is eroding in purchasing power and in a year’s time you will be able to buy less with the same money.

Once you have established what your emergency funds need to be, the next area to look into is the position you would be in if your partner became critically ill or passed away.

Life insurance may cover the big costs, but what about the day-to-day stuff? How would you pay for these if the primary breadwinner was no longer able to provide?

We all want peace of mind and to know that in the event of lifechanging circumstances, we have the financial stability to cope.

And what about retirement? With divorce rates high, wrangling over a pension is a nightmare. It’s never too late to start your own – every bit extra you can manage will be worth it in the long run.

It’s amazing how empowered you’ll feel once you take control of your own finances.