Simple Steps for Gaining Financial Confidence

Simple Steps for Gaining Financial Confidence

The pandemic has changed many things, not least of which is thrusting parents – especially mothers, it seems – into the role of homeschool support teacher. This is just one more responsibility being placed on the shoulders of working women who already had plenty to worry about.

Even before the pandemic, many working women in Canada lacked confidence in their financial situation. Now with increased economic uncertainty and a precarious employment environment, it is more important than ever for women to take control of their financial future.

The best place to begin is by going back to basics.

Meet Eve

At 42, Eve is thriving professionally as a partner at a law firm. Although her career progression was slowed down by two maternity leaves, Eve’s expertise and hard work are currently opening doors to exciting new opportunities.

On the home front, however, Eve is having a rough time. Having recently emerged from a messy divorce, she is doing her best to create a stable new home life for her two children. This is no easy task as she’s also juggling a heavy workload and strained relationships.

Given the recent upheaval in her life, Eve has become increasingly stressed out regarding her finances. In particular, she is concerned about whether she is saving enough for retirement and her family’s future needs – especially in light of the recent divorce. Although she is well paid by her law firm, Eve doesn’t have a good sense of whether she’s setting aside enough for the future and whether she’s doing it in a safe yet efficient way.

In her ideal scenario, Eve would like to have a clear yet hands-off plan for managing her finances so she can focus her thoughts and energy on excelling at work while building a new, happier home life with her children.

Gaining financial confidence

For Eve, gaining clarity and confidence regarding her finances would help take a weight off her shoulders. With a career and family to balance, she wants to ensure that her money is working hard for her and putting her on track to a secure future.

If you can relate to Eve’s situation, here are three actions that could help you take charge of your financial future.

  1. Make a plan. At its core, financial planning is about identifying where you want to go (in terms of finances, lifestyle and peace of mind) and making a clear plan for how to get there. It doesn’t have to be complicated – in fact, it’s better to keep things simple. What it does require is getting organized, reflecting on your priorities, and finding a trusted advisor to listen and provide guidance.

 

  1. Safeguard your finances. One of the main causes of financial stress is all the ‘what ifs.’ What if I lose my job? What if I fall ill? What if I need to financially support my parents? Financial planning can’t eliminate all the uncertainty, but it can help you achieve safer financial footing. What this looks like will depend on your unique situation, but it could include things like building up an emergency fund or topping up your group benefits with personal insurance coverage.

 

  1. Ask questions. This is your money and your life, so you deserve clarity in order to make informed decisions. If you’re uncertain about something related to your finances, simply ask. And if the person you ask won’t listen or can’t provide a clear answer, find someone else who will and who can. Life is way too short to waste on uncertainty or self-doubt – especially when your financial future is on the line.

Moving fearlessly forward

As we slowly return to a life resembling pre-pandemic days, one thing we should aim to ditch is the financial uncertainty that many working women grapple with. By going back to basics, women can boost their confidence that they’re on track for retirement – and any surprises life may throw at them.

If you’d like to discuss your financial situation and gain insights to help you move forward fearlessly, Rubach Wealth can help.  elke@rubachwealth.com

Together, we got this.

This blog post is part of Rubach Wealth’s Back to Basics series highlighting how focusing on financial planning fundamentals can help you stay on course toward your long-term goals during these uncertain times.