Not identifying their goals is like visiting a foreign city without a map. If women did this, they would probably wander around that city aimlessly.
Without financial goals and a roadmap, it is highly probable that they will miss out on opportunities that lie within their own financial city.
It is suggested that for women to see their intentions clearly, they could ask themselves the following questions: What do I want my ultimate financial destiny to be? What do I want from my money today, as well as years from now? What do I need to do to make my life worthwhile?
Another common local legend assumes that women are more persistent and able to handle life's hurdles much better than their male counterparts.
To regain financial confidence, women need to understand and accept the natural cycles of money as it ebbs and flows through their lives, sometimes in harmony, sometimes in discord.
Sometimes they will have more than they expected and at other times money will flow out and they will have less than they thought. These transactions can be exciting and often scary.
It is recommended that they take the long-term view of their financial future via a properly crafted financial plan. This plan needs to be dynamic and flexible to cater for a changing environment.
There are practical steps that they can adopt to regain their financial confidence. These include:
- Maintaining a proper household budget,
- Checking their credit score and report,
- Ensuring their tax affairs are up to date,
- Reviewing insurance cover,
- Drafting a proper will,
- Paying themselves first,
- Boosting their retirement savings
Mindfulness can help everyone - especially women to become better investors and plan for financial security.
Suze Orman mentions in one of her books that women should remember to stay involved with their monies, to nurture healthy money relationships, because what happens to their money affects the quality of their lives and those they love.
Women are encouraged to always do what is right rather than what is easy.
Sekese is a certified financial planner and member of the Financial Planning Institute. Visit www.fpi.co.za