Liberate your finances

Gaining independent financial security is something that’s easy to say, but not necessarily to do. How do you go about it? Where do you start? How do you know you’re on the right track?

To answer these and other questions, Marlies Kappers, chief marketing officer at financial services provider DirectAxis, got together with some expert colleagues and listed six things women can do to get closer to achieving this goal.

1. Don’t rely on other people.

Educate yourself. Plenty of easy-to-understand, free information is available online. Once you know what works for you, you can check your ideas with financially smart friends and family.

2. Set some financial goals.

These could include improving your credit score by paying off loans or other debt on time.

3. Spend less than you earn.

The first step to being able to achieve this is to draw up a budget. List all your monthly income on one side of a piece of paper and all your expenses on the other. Be as accurate and honest as you can. Then see where you may be able to make some savings – identify unavoidable expenses such as mortgage repayments and avoidable expenses such as your daily cappuccino.

4. Don’t let investing scare you.

Slow, consistent investment over time can often deliver better results than an aggressive approach.

5. Don’t spend to make yourself feel good.

You’ll ultimately get more satisfaction from being financially secure.

6. If you make a mistake, learn from it.

Don’t allow it to prevent you from pursuing your financial goals.

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