Financial Freedom For Women On Their Own Terms Is Now A Reality
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Financial Freedom. It's a term tossed around a lot, but what does financial freedom truly mean for women?
Is it living in a beautiful house and never worrying about money? Or being financially secure but having to ask your partner when you want a vacation?
Does financial freedom mean being rich? Not Really!
What Is Financial Freedom For Women?
Financial freedom for women is about empowerment. It's the freedom to choose what you want to do in life, it's the freedom of not having others dictate what you should do because of financial limitations.
And most importantly, it's the freedom to make decisions you desire without asking anyone else.
I remember my neighbor Mrs. Williams, a stay-at-home mom whose family and house were her pride and joy. Her husband died in a car accident, leaving her with two young sons, and no way to cover her living expenses and mortgage payments on the house she loved so much.
Despite her grief, Mrs. Williams refused to let financial hardship define her future. She channeled her love for baking into a small business, starting with her signature peanut butter cookies.
Back in the day, she used flyers to advertise her baked goods to local businesses and her son's school, and soon word spread.
This initial step, fueled by her talent and resourcefulness, became the foundation for her journey toward financial freedom.
“What’s the greatest lesson a woman should learn? that since day one, she’s already had everything she needs within herself. It’s the world that convinced her she did not.”
What does it mean for a woman to be financially independent? It’s leveraging what you have to achieve your goal of financial freedom.
In this article, we will explore how to be a rich independent woman with 8 easy tips, utilizing your hidden skills and resources to achieve financial freedom for women.
8 Easy Tips To Financial Freedom For Women
A. 8 Easy Tips To Financial Freedom For Women
“Give a woman a dollar, and she can put it to good use. Teach her about how money really works, and she can change the world. ”
Look back into the past, and how the role of women has evolved. Gone are the days when women relied solely on men for financial security, food on the table, and a roof over their heads.
Today, women are increasingly stepping into roles as breadwinners, motivational speakers, and trendsetters empowering themselves and the women around them to achieve financial freedom.
Women have always possessed remarkable skills for managing household budgets, stretching every penny to make ends meet, and taking care of everyone around them.
Combine this innate resourcefulness with the power of financial literacy and strategic planning, and the possibilities are endless.
It's this very resourcefulness that empowers women to break free from limitations and build a secure future, not just for themselves, but for their families as well.
Whether you want to be a financially independent wife or mother or learn how to plan your finances as a woman, these 8 easy tips for women to achieve financial freedom will equip you with the tools to get started on your journey.
Tip 1: Set a Goal
What is your financial freedom? Is it being able to take a well-deserved break without worrying about childcare or work catching up, or finally starting that business idea you put on hold because of the financial burden of a single income?
The first step to achieving financial freedom for women is clarity. Set a specific and realistic goal, for example, saving money to buy your car in a year or saving 5 years to travel after your kids leave home.
Tip 2: Make A Budget
How do you plan your finances as a woman? Do you track your spending to ensure you’re staying within your budget?
The best way to calculate how much you’re spending is to dump all your receipts in a box. Then take those out and see how much you’re spending and where to strip the extra expenses.
Can you cook simpler meals with one ingredient, cutting grocery costs and saving for a car? Maybe carpool with other school moms to save on fuel costs.
Tip 3: Build A Nest
“A woman’s best protection is a little money of her own.”
Self-security now and for the future should always be your priority, and that begins with a safety net. Save for yourself if you want financial freedom. Think beyond saving for children’s education expenses or fixing the house.
Aim for savings that are there for your retirement, a place to call home after your children leave the nest, or never having to ask anyone for money. This emergency fund is your safety net, so prioritize building it before allocating funds for other goals.
Tip 4: Turn Clutter Into Cash
Is your basement, garage, or attic filled with things you never use? Like the bicycles, your kids have outgrown or the fancy dinner set for special occasions.
Take out everything you don’t use and sell it. Have a garage sale or use platforms like Etsy or eBay. Put that money in s savings account and grow it with interest.
Tip 5: Be A Minimalist
Only buy what’s necessary. Kids grow up fast. Instead of buying a rarely used baby swing, buy a used one or borrow it from a friend.
Choose versatile items that can serve multiple functions. A steamer can replace a microwave, rice cooker, and veggie steamer. Every dollar you save makes you richer and fast-tracks your financial freedom journey.
Tip 6: Learn To Negotiate
From car and home repairs to dealing with bank charges, be confident about negotiating the lowest price for yourself. For example, getting a waiver on additional bank charges with a lower lump sum payment or working a long-term contract with the carpenter for lower rates. You get a good deal while getting the work you need done.
Tip 7: Avoid Credit Cards
Use cash for everyday purchases like clothes, gas, or utility bills. See a dress you love on sale? Only spend on it if you have the cash and then some left over. Want to buy your daughter the new Barbie she’s been asking for her birthday? See if you can cut another expense and save to buy it. Spending what you don’t have will force you into a cycle of high-interest debt.
Tip 8: Leverage Hidden Skills
Building an emergency fund is a crucial first step, but true financial freedom comes from growing your wealth. Remember Mrs. Williams? She didn't just rely on her savings; she leveraged her baking skills to create a sustainable income stream.
What are you good at? Making great food out of minimal ingredients, knitting cute sweaters, or teaching kids. Think of ways to make money off of these skills like selling affordable meals to busy professionals, selling sweaters online, or giving online tuitions.
C. Utilize Your Skills For Financial Freedom
These 8 easy tips for women to achieve financial freedom are a great starting point, but true financial freedom for women begins with having disposable income.
Think beyond the job mindset, whether you’re a single mom working two jobs as a receptionist and a waitress or as a busy professional at a marketing agency.
Leveraging your skills and resources to create income is how you need to pave the road to financial freedom.
Here's how you can unlock your hidden talents and turn them into an income stream:
How To Achieve Financial Freedom For Women
I. Identify Your Skills
What are you good at? Do you have a knack for crafting beautiful jewelry, writing compelling blog posts, or fixing leaky faucets? Even seemingly mundane skills can be valuable.
For example, Lilly, a stay-at-home mom with a passion for gardening, realized her neighbors were constantly asking for advice on their plants.
She had so many practical tips and pointers on how to make plants grow using everyday things. Lilly realized many people spent a lot of money paying professional gardeners and landscapers to do what she had been doing for years - growing beautiful plants and designing a garden that was the envy of the neighborhood.
She started a YouTube channel showing how she worked her garden. Lilly’s channel took off in a couple of months and she monetized it, attracting advertising revenue and more followers.
She did not stop there. While interacting with her followers, she realized there was a gap in the market and a massive demand for the organic fertilizer she was using. Lilly started selling that online and bumped up her revenue even further.
II. Think Outside the Box
Explore online platforms like Etsy or Fiverr to sell your handmade crafts or offer freelance services like writing, editing, or virtual assistance.
Sophia Amoruso, the founder of Nasty Gal, started her business as a simple eBay store from her bedroom while working a regular job. She started by reselling vintage clothing on eBay while working a dead-end job.
Sophia identified a gap in the market for trendy yet affordable vintage pieces and leveraged her keen eye for style into a multi-million dollar business.
She styled, photographed, captioned, and shipped products herself. While building Nasty Gal, Amoruso didn't quit her day job immediately. She juggled her online business with her regular work to ensure financial stability while her venture grew.
III. Monetize Your Passion
Do you love photography? Offer photoshoot sessions. Are you a whiz with social media? Help local businesses manage their online presence. Get creative and find ways to turn your passions into profits.
Marie Kondo, the world-renowned tidying expert began her journey to financial freedom not with a business degree or a marketing plan, but with a passion for organization. She started her tidying consultant business at 19 as a university student.
Instead of expensive marketing campaigns, Marie honed her craft through experience, working with hundreds of clients and developing her now-famous KonMari Method - getting rid of things that don’t give you joy. She turned her passion into a multi-million dollar business doing what she loved and excelled at, inspiring millions to embrace a more joyful way of life.
D. Decyz POV on Financial Freedom For Women
“I don’t want other people to decide who I am. I want to decide that for myself.”
Emma captures the essence of financial freedom for women perfectly. Financial limitations can often dictate your life choices.
Maybe you can't afford to go back to school and pursue a new career, or perhaps childcare costs prevent you from starting a side hustle.
Financial freedom removes these barriers, allowing you to make choices based on your dreams and goals, not financial constraints.
Decyz believes that financial freedom for women isn't about a specific end goal or living a life of luxury.
“Money won’t create success, but the freedom to make choices will lead to success in all areas of your life including financial independence.”
It's about empowering women to live a life aligned with their values and aspirations. Financial freedom for women gives them the flexibility to drive their lives in the direction they want, whether it's their desired career like Lilly the gardener, spending power like Sophia, or achieving financial freedom like Marie.
