4 Baby Steps to Financial Empowerment

During a recent money coaching session, my client wanted to know ways to be more confident with money. So I put together this list of 4 baby steps to financial empowerment.

Before we get to the steps, I should stress the important first step of making a commitment to yourself to do the inner and outer work of financial empowerment. The inner work involves exploring your emotions around money. Your emotions tell a story, so what’s your story about your money relationship?

The outer work involves the habits and actions you take in your finances as well as the things you do to increase your financial literacy.

Be responsible for your financial wellbeing.

In this day of information technology, there is no need to remain uninformed about financial matters, especially retirement planning.

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It is totally possible to secure your financial peace of mind, knowing that one day, when you can no longer work, you will reap the benefits of your good planning. You’ll get to live the lifestyle you deserve and dream of with grace and dignity, not having to depend on the government or family.

So, what is one step you can take in the next 24 hours to secure your financial wellbeing?

Here are 4 baby steps to financial empowerment:

1-Schedule a money date. Pull out your calendar and schedule a weekly money date to attend to financial tasks, such as bill paying, balancing your checkbook, and checking your credit card statement for accuracy. Go online and review your bank accounts. Check everything for accuracy. Check for auto deposits, automatic payments, and overall accuracy.

You can make this time special by lighting a candle or diffusing essential oils. I have a client who plays soft jazz in the background and sips a glass of wine for her money dates.

2-Organize a filing system for your financial documents. No need to make it elaborate. As long as it accomplishes the task of keeping everything organized and easy to locate when you need them, that’s all you need.

You can use an accordion file system (great if you need something portable), a binder with divider tabs, or hanging file folders if you have a file drawer.

Letting your receipts and financial documents pile up on your desk or in a drawer creates financial anxiety. Don’t do that. Be proactive and organize as you go. 🙂

Increasing your financial literacy boosts money confidence.

3-Commit to a weekly or daily habit of reading about women, money, and retirement. A great book to get you started is Barbara (Stanny) Huson’s Prince Charming Isn’t Coming: How Women Get Smart about Money. This was one of the first books I read about women and money almost twenty years ago. I couldn’t put it down. It’s loaded with women’s stories about overcoming financial struggles.

What I really enjoyed about Barbara’s book is that she addresses the psychology of money, as well as financial habits. She covers investing, too. It’s a fabulous read. I think every woman should have this book in her personal library: Prince Charming Isn’t Coming: How Women Get Smart About Money.

4-Set financial goals and track your progress. When you create a big picture plan for your money, it motivates you to take inspired action and stay accountable to reach your goals. Suddenly, money becomes FUN!

Financial empowerment doesn’t happen on its own, ladies. If you’re not where you want to be financially, perhaps it’s time to commit to yourself and your future.

The bottom line is financial empowerment is totally possible for you AND it takes work. But it’s totally worth it, because YOU are totally worth it!