Financially fit females

How to make your money work better for you – now and into the future

Staying physically fit and healthy is integral to our longterm wellbeing. And the same goes for maintaining our financial fitness.

But life has unexpected turns. And the pandemic has impacted the financial security of women globally. Is it any wonder the latest Real Concerns of Parents survey from Real Insurance saw more than 30% of respondents identify financial matters as their greatest overall concern?

So, how do you become a financially fit female? The easiest path is to break it down into achievable steps.

TAKE STOCK

Firstly, it’s crucial you understand your financial position, so set aside time to crunch your personal numbers. The most obvious inclusion is salary, but beyond that, check your employment offshoots.

Is your superannuation being paid in accordance with the law? Is your leave accruing as expected? Are you getting all applicable allowances? Next, look at your super closely. Ideally, it’s consolidated, but even if not, it’s important to work out your balance now and as it’s predicted to stand at retirement (many super-related websites have free online calculators). Also check your insurance coverage and anything else that does, or could, impact your financial health.

EVALUATE

Next, use a spreadsheet or app to compile a deepdive budget that covers all your incomings and expenses. Here, the power lies in being honest and comprehensive. Do you get slugged with monthly credit card interest charges because you don’t pay the balance? They count. Do you shop online regularly? Factor in shipping charges. Structure your budget to match your pay period, and ultimately, you'll end up with a weekly, fortnightly or monthly snapshot that shows where you’re going right – and wrong.

PLAN TO DO MORE

From there, you can look at cost-cutting – a very individual process – and how you can make your dollars work harder. Consider the below...

Services and utilities – electricity, internet and phone. Look at what deals are in the market and see if there are savings to be had by changing providers or renegotiating contracts.

Financial products such as your mortgage. With interest rates the way they are, look into refinancing. Also ensure your insurance coverage is right for your circumstances, or whether you can get a more cost-effective, or better tailored, premium.

Your social calendar. Are there ways to pare back? Perhaps ditch expensive restaurant lunches with the girls for a picnic in the park. Tell your friends what you’re doing, and you may find they want in on the savings action too!