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Take Charge Of Your Finances

You work hard to make sure your family’s living expenses are accounted for; you might be a single mom, or main income earner in your household, but you shouldn’t live from hand to mouth.

Winnie Kunene, a trustee of the board of Truth About Money, a 1Life initiative says that taking ownership of your finances “is really a matter of identifying priorities and making sure that you don’t end up with financial troubles by trying to appease your husband and children’s needs in the absence of a second salary.”

Being financially stable is about taking charge of your finances and making informed, sustainable decisions. Kunene has provided a few key tips to support you, the female breadwinners.

  1. Keep a level head – Don’t let you kids, partner or friends convince you to spend money that you don’t have. Identify your triggers for overspending: guilt, peer pressure, FOMO, or the fun of living in the moment, and try to come up with a self-check so that you don’t give in.
  2. Get real with your money – You’ll have to make some real sacrifices such as not spending money on unnecessary clothes or shoes, or that new hairdo. Your sense of style is not going to pay the bills. Educate yourself about using your money effectively and learn how to make your money work for you.
  3. Talk to your family about money – Be transparent with your loved ones about what you earn, and what your expenses are so that they understand where the money goes every month – and you don’t have to feel guilty. Avoid trying to make your kids happy by giving them everything that they want. Give them pocket money and teach them to budget instead. This will make them more careful about their own spending and more conscious about your financial obligations.
  4. Become friends with your salary – Your salary may not be large, but it’s there for you – so learn to live with it and within it. If this means you have to cut your expenses and cut back on your lifestyle, then do it. Stop worrying about what other people say or think; after all, those people aren’t going to help you pay your bills at the end of the month, are they?
  5. Develop an attitude of gratitude and contentment – When all is said and done, remember one thing; you brought nothing into this world and you will leave it with nothing, so stop chasing meaningless stuff. Instead, take stock of the things that you have that do matter such as your life, your health, your family and their love – and remind yourself that these things are worth working on and investing in. Don’t let money become the root of your discontentment.

Winnie Kunene says get control of your finances, so you can have the freedom to relax and enjoy the things that really matter in life.

Source and image: Taki Simeli

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