Solving The Top 4 Challenges Women Have With Money

Grace Mugabe, Director of CFE
Grace Mugabe – Founding Director and CEO of Consulting for Financial Empowerment.

It’s true, women are innately clever in business, formidable CEOs, and statistics are even proving the overwhelming success of all women boards. Women are more independent than ever before, so why do so many still struggle to meet their basic financial needs and save for the future?


If you are a woman who is currently struggling financially and finances scare you and keep you from living the best life possible then –

You are NOT alone

There are many women out there who struggle, just like you and there are a few key reasons why. Through my vast experience working with women, I have pinpointed the top 4 challenges women (just like you) have with money:

1. Lack of Financial Literacy

Despite the rise in female entrepreneurship and female presence previously male-dominated industries, most women still don’t fully comprehend all the ins and outs of how finances work. If they do, sometimes they still aren’t sure how to manage and invest their income.

Not every woman has to become an accountant overnight, but understanding how money is generated, distributed, and earned, is necessary for achieving financial and business success.

Things like knowing how to balance your chequebook and investing in super can help create clarity and purpose in your financials. Do you understand what dexterity means, or whether you’re making the most of your time and money at work?

An easy first step to financial literacy is investigating your own super contributions. How much of your money is going towards your retirement? If you are self employed are you meeting your super obligations? Is your superannuation fund the right fit for you?

2. Balancing Work & Home Life

It’s difficult to reach your full potential and earn the money you deserve when you also have to raise a family.

There’s no way to sugar coat that fact, and there also isn’t any reason to pretend that our male counterparts are dealing with the same expectations.

It is especially difficult for single mothers to start savings growing when they already struggle to make ends meet. Women already face challenges being the caretakers, but being the breadwinner only makes it more challenging.photo-1418833893919-fa9c83e8d69e

Women often miss out on family life because they need to work, or their families demand so much time that women cannot expand their careers like they desire. When there is an imbalance, both home life and work suffer.

My best tip for work and life balance make self-care a priority, none of us can function at our optimum on an empty tank. Find one small step today that is all about filling your own cup.

3. Budgeting

Not having a thorough plan of how you spend and save your money can make it almost impossible to save for the future, and can even put you in debt.

We need money so we can keep a roof over our heads, put food on the table, and pay the bills. If we’re running a business, we need to pay for outgoings – insurance, travel, services, learning, associations.

But we also need money to make meaning out of our lives. How does a woman save up to go back to school, or to take her family on vacation, or start the business of her dreams, if she can’t meet her basic needs?

I believe the reason why women struggle to save is because so many of us budget poorly, or not at all. That’s not to say that we aren’t capable – we’re just too busy trying to juggle all the balls that need to be in the air at any one time to really knuckle down and get a grasp on our finances.

The key step to budgeting is tracking your expenses, once you know where your money is going it is a simple step to create a budget that is realistic

4. Lack of Advisors and Financial Mentors

Most jobs are still within a patriarchal system, and some women are intimidated to ask their male bosses for guidance.

Maybe you’re a woman who has no mentor at all, and is expected to take care of your finances all on your own?

Not having a financial advisor or mentor you are comfortable with, or one at all, to help you understand finance, makes it much more difficult to figure out what direction we’re going to take next.

Advisors and financial mentors can help us understand where we are positioned now and what we need to do in order to live the best life at our full potential.

Grace at Financially Empowered offers a complimentary initial consultation designed to get you started on your journey to stress free clarity and the knowledge and skills to handle your personal and business finances.

Are you a woman who avoids looking at your finances? Many women are intimidated to even look at how much they make annually and how much they could potentially save. Because they keep themselves in the dark about their finances, they aren’t fully aware that they possibly could be saving, investing, or, unfortunately, planning their finances better.

Grace Mugabe, DirectorToday, there are many challenges women have with money, but at Financially Empowered, we want to help you understand finance! We want to simplify the complex and get you financially literate, an effective budgeter, and a professional multitasker who can juggle work and home life.

It’s Grace’s passion and mission to help female entrepreneurs, and all women alike, get ahead in the world, understand finances, and face the basic challenges women have with money.

Recognise the challenges that are keeping you down, and book a meeting with Grace Mugabe, Founder and CEO of Financially Empowered, and receive the support and guidance you need to face your financial challenges and live the happiest life possible!

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