It’s hard to be a beginner again – especially when you’re used to being an expert. The good news is that money is much more straightforward than you might think. Like the best games, financial skills are easy to learn and almost impossible to master, and no one (not even world-famous investors) always gets it right. You can comfortably leave your need for perfection at the door.
Regardless of your starting point, taking *back* control of your money is important – it’s one of the most powerful tools you have to build your life (and your career!) on your terms. This week, we chat about all things finance over on episode 6 of PowrUp, and this is your cheat sheet for putting our words into action:
Understand your money mindset
Have you bowed out of money so far? So have many women. Money myths occupy rent-free space in our heads (we’ve covered a few of them here). The first step to taking control is to take note of our internal money dialogues and recognise how they shaped our attitude towards it.
What’s your first money memory? How did your childhood shape your financial confidence today? Pay attention whenever anything money-related crosses your mind – from simmering stress about upcoming bills or rising interest rates to sticker shock when grocery shopping. We think about money way more than we might expect, and our life experiences can contribute to feeling out of control. Find a trusted friend and share your money narrative. They’ll have their own story – it may be time to co-create a new one.
Embrace the basics
There is now a world of books, podcasts and courses designed by people like you, for people like you (and many of them have a template letter to ask for a professional development budget). Check out Ellevest’s newsletter, The Curve, Frances Cook, She’s on the Money, Girls that Invest, or Hatch’s free Getting Started Course. You’ll be surprised how quickly you find patterns in the information – just a handful of simple concepts underpin good money habits.
If your workplace offers EAP from a provider like Clearhead, you might also be entitled to free financial advice.
Demand your worth
Do you know the market value of your position? There are several ways to search your local job market for your salary benchmark with the likes of Hays (Australia and NZ), Robert Walters (Global) and Glassdoor (Global),
You know the saying, if you don’t ask, you don’t get. And women aren’t asking! It’s time to negotiate your salary: head to PowrUp’s ep 1 on salary negotiation. We’ve got you covered. 🤗
Build financial resilience
Yes, we love to focus on the upside, and we can because we protect the downside. And that means getting a financial safety net in place. Do you have an emergency fund? Setting money aside can make a big difference if things go wrong. Start small and build! Open a savings account and start contributing a fixed amount every payday. As the balance increases, notice your stress levels decrease. 💪
Insurance is probably everyone’s least favourite bill, but it is an important part of your financial safety net. You have people and things that need protection, so protect them! Google ‘do I need insurance’ as a start.
Put your money to work
Is your money working as hard as you are? Thankfully with investing, you can learn by doing. Women have all the right attributes to be great investors. No time for a new hobby? No problem, keep it simple!
Many of us ignore our retirement funds. While that can be a good thing, there are some hygiene factors you really should be across. It’s worth comparing providers, checking your contributions, and ensuring you’re in the right fund. Small actions now can have a massive impact on the amount you have later. A *massive* impact.
All sorted there? Consider the next step: investing in a few broad-based funds on your local investment platform. You don’t have to be an expert; start small, and you’ll feel fantastic about yourself (and maybe even get addicted?).
Want more money talk?
On episode 6 of PowrUp, we chat about all things money, finances and taking control. Listen now:
- Procrastination: Stop stalling, start doing We all put off important stuff, even though we know it’ll come back to bite us. We all do it, we’re all aware we do it, and we all seem unable to kick the habit despite knowing how irrational it…
- The dos and don’ts of negotiating a job offer So you’ve been offered a new job, congrats! Here's everything you need to know before you say 'yes'.
- Part 2: Get job-hunting fit - Breaking the… How do you get experience if no one gives you the opportunity to gain it? Welcome to the second of a three-part series to help you be more intentional about your career.
- Part 3: Get job-hunting fit - It’s who you know (and… In the final instalment of this three-part series, we're encouraging you to spread the word. Share your plans and ask for help (it's easier than you think)!