It’s no secret: just about everything impacts a woman’s financial status. A new job, a marriage, a divorce, a return to the workforce, a new business, an inheritance, a new baby—the list goes on and on.
Each has the power to economically upend any comfort or consistency in a woman’s finances. And if we’re being honest, most of us are facing at least one major life transition at any given time.
While economically empowered women have learned to balance these ebbs and flows and feel confident that they can navigate through each unexpected stage of life, many don’t.
Too many women feel overwhelmed and afraid of what their financial future may hold. If you find yourself fretting and unable to focus, anxious because you don’t know how to handle a financial curveball that has just been thrown your way, read on.
We’ll cover the basics of financial empowerment for women: What it is, why you want it, and how to gain the kind of actionable confidence around money that lets you breathe easy, even when life takes unexpected turns.
What Is Financial Empowerment?
Women’s economic empowerment refers to the ability to access and control resources, make decisions, and create opportunities for economic advancement.
Economically empowered women have learned how to access and use a number of financial resources. They have the confidence to make decisions and create opportunities for economic advancement.
So how do these women develop that confidence around money? It begins with personal values and expands into networking. Take a look below at what’s inside the Economically Empowered Woman’s Toolkit and the part each component plays:
Building your personal values and mapping your financial goals is imperative. Women who have a clear sense of their personal values and can clearly visualize their financial path feel more confident moving forward. This sense of purpose and direction provides the motivation necessary for setting and working toward their goals. Knowing the reasons behind what they’re doing makes the steps feel more achievable.
Look to positive role models as part of a positive community. Women with strong female role models are more likely to feel comfortable with and confident about earning money. Seeing female entrepreneurs or businesswomen up close can help women feel like their financial goals are more achievable.
A strong support system is one of the most foundational elements women can have when working toward financial empowerment. Supportive friends, family members, mentors, and colleagues can act as a network to help them overcome financial challenges and celebrate their successes.
Investing in your personal skills through financial education. Women who invest in education and learning new skills have increased confidence in their ability to earn money. Not just formal education and training, but also practical experience and on-the-job learning play a part in those skill sets.
Women with a solid understanding of personal finance (saving, budgeting, investing, and money management) feel more confident in their financial decisions.
Benefits Of Financial Empowerment
There are many desirable benefits for women to have more economic control, both personal and professional. Here are some of the most common personal benefits:
Greater economic control allows women to become financially independent and have more control over their own lives and paths. This allows them to make their own decisions rather than relying on others for financial support.
Improved Standard Of Living
Women with greater economic control have the ability to dramatically improve their standard of living. They can afford better housing, healthcare, education, and other basic necessities for themselves and those they care for.
Better Mental And Physical Health
Financial stress is a major source of stress for many people, and having increased economic control can help women reduce stress and improve their overall well-being. Study after study proves that financial security provides women with peace of mind, reducing financial stress and allowing them to give more attention to the non-financial aspects of their lives.
Greater Sense Of Self-worth
Having one’s own money can give women a greater sense of self-worth, as they are able to provide for themselves and achieve their financial goals. In this way, they can experience a greater sense of control in their lives.
Ability To Support Others
With more economic stability, women can more easily support their families and other loved ones. They can also achieve greater influence in their communities and causes by investing in the local businesses and charitable organizations they care about.
Professionally, increased financial control leads to increased career opportunities as well. Economically savvy women know that investments in their education and professional development lead to better job opportunities and higher salaries.
Whether advancing in a current career, starting a business, or taking on new professional challenges, more economic freedom means more open doors.
Some of these may seem obvious. However, it is only after women can clearly visualize what a more financially fit future actually looks like that they can start taking measured steps to turn those visions into realities.
How To Become More Economically Empowered
There are so many options out there when it comes to self improvement, but a few key items will help women immensely as they seek to become more economically empowered.
Education, skill development, networking, mentorship, negotiating, and investing in oneself are some of the places where women can get the biggest bang for their buck in terms of career advancement and financial growth.
Education is the very first step towards economic empowerment. Courses, books, seminars, workshops are all great ways to learn about the economy, the job market, and financial planning.
Financially empowered women are always developing their skills. Workplace needs change, and where skills like leadership and communication are always highly valued, learning new ones can help women diversify their skill sets and evolve along with them.
Build A Support Network
Networking is an essential tool in any field. Women can attend networking events, join professional organizations, and use social media to build their networks. They should connect with other professional women with similar interests or who work in the same field in order to expand their networks organically.
Mentors are an invaluable resource to women at all stages of their careers, whether just starting out or looking to advance even further. Learning from the experiences of others saves time, money, and energy, and smart women seek out quality mentors who have achieved success in their fields.
Learn To Negotiate
A woman with the skill of negotiation is a powerful force in the workplace. Women who know how to negotiate salaries, benefits, and contracts earn more money and gain more respect from their employers. They can also negotiate for things like promotions, benefits, and training opportunities.
Invest In Yourself
Financially empowered women invest in their personal development as well as their professional development. Investing in education, skills training, and networking opportunities can help women professionally, but it’s important not to overlook investments in physical and mental health, which can pay dividends in sustained focus and increased productivity.
Taking Your Confidence To The Next Step
Overall, feeling confident about earning money is a combination of education, skills, financial literacy, positive role models, support networks, and personal values and goals.
Economic control can have many positive effects on women’s lives, including financial independence, improved standard of living, increased career opportunities, better mental and physical health, increased self-esteem, and the ability to support others.
Women can take control of their economic futures and achieve their goals by educating themselves, developing skills, building a network, seeking mentorship, negotiating, and investing in themselves.
Overall, having one’s own money can be empowering and liberating for women, giving them the freedom to pursue their goals and live life on their own terms.
Do you feel confident about your financial future? If this is something you’d like to learn more about, consider talking with a member of our woman-centered team.
Click “Chat Now” on this page or contact us to schedule a free consultation with one of the knowledgeable members of our team at Better Money Decisions today. Ask about our Financial Fitness program and how we can help you become more empowered in your financial life.