Financial Planning

Tips for Financial Security from Inspirational Women

Chances are that the inspirational women in our lives have taught us crucial lessons when it comes to maintaining our personal finances. Often, these lessons were taught through leading by example, and sometimes we didn’t recognize them as life lessons until we were much older and in similar situations. This Mother’s Day, we’re celebrating the leading ladies in our lives who have taught us how to be financially savvy. Here are five financial lessons the incredible women in our lives have share with us.

Always Keep an Emergency Fund Available

Preparing for the worst is one of the best financial measures you can take at any point in your life. While we don’t enjoy thinking about unplanned circumstances, having an emergency fund can save you from being financially strained and stressed during your time of need.

An inspirational and independent woman once shared that her emergency fund gave her the sense of freedom and comfort she needed when she remembered that she had her own resources to depend on (The Everygirl 20191).

Save for Larger Purchases

While credit cards can be helpful in certain situations, a wise woman once taught us the value of understanding the difference between something you need and something you want (The Everygirl 20191). When it comes to a bigger expense, it’s important to be patient while saving up to afford it rather than going into debt just to have it immediately.

Memories are More Prized than Expensive Gifts

While gifts can be a thoughtful way to show someone how much you love them, you can be creative with the concept of gift-giving. For example, planning a fun day where you are able to make lasting memories with someone you love versus purchasing them an expensive handbag, they once remarked about is a beneficial substitution. After all, memories will last a lifetime, but material items may not stand the test of time!

Quality of Quantity

Purchasing items on sale can often save you money, but there are some things you should continue to purchase at full price, such as a car. In situations where you can save money with a secondhand vehicle, you may find that by doing so, you end up spending more on repairs and maintenance fees (Loans Canada 20173). There are just some things in life that are worth paying full price for after all!

Have Money Goals

Money goals are important benchmarks to set in order to motivate you to save. Wise women always recommend setting both money goals and timelines to reach those goals and measure to success over time (Loans Canada 20173). If you’re saving up for something specific, it’s helpful to print out a picture and place it in a popular spot in your home so you can be reminded of your goals throughout the day.

This Mother’s Day, we want to celebrate the incredible women in our lives who have taught us invaluable lessons about financial security. Without each and every one of them, we wouldn’t know where to begin when it comes to carefully navigating our financial lives. Do you have a special woman in your life you’d like to thank? Share who she is with us and stand a chance to win a $10 Food Panda voucher! Terms and conditions apply.

Find out how: #WomenWeKnow

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Content Sources
1 - Harikleia, Elle (May 2019), 7 Money Lessons I Learned from My Mom, retrieved from The Everygirl
2 - Johnson, Stacy (May 2014), What My Mom Taught Me About Money, retrieved from Yahoo Finance
3 - Wood, Caitlin (May 2017), What my Mom taught me About Loving & Saving my Money, retrieved from Loans Canada