Tips for Raising Financially Empowered Young Women
Financial empowerment is key in the current world if you intend on becoming financially stable and independent. This is critical to young people as they grow up. However, it’s also sad and worrying because parents shy away from discussing these issues with their children.
Girls happen to be more affected than boys and the gap continues to grow. Schools don’t teach financial literacy topics and if they do, they start at an advanced age.
According to financial experts, children should start learning about money matters as soon as they understand what money is. This article focuses on the steps you should take to raise young women who are or will be financially empowered.
Talk to Girls About Money While Young
Teach your daughter simple money tips like saving, investing, and managing money at a young age. Starting with these habits when she is young enables your daughter to acquire a habit that will help her become stable as she grows into an independent woman.
Talk about wants and needs: Does she need a new pair of fancy shoes, or does she want them? To get it to sink in, use your own real-life examples the next time you go shopping together. For what she wants, but does not need, you can help her craft a plan to buy what’s both necessary and what’s not.
Teach your Girls How to Invest
It goes without saying that women make the best savers. But it’s also known that no one becomes wealthy by saving alone. Saving and investments go hand in hand. Many women put their money in the savings account offering low-interest rates.
As a result, the money doesn’t work as hard as it should help them to achieve the goals they’ve set. Besides, inflation continues to slice a significant portion of the savings value. You have to teach your girls how to invest and the benefits of doing so.
Explain to them why savings are a dangerous comfort zone. While it may be less risky to save than invest, it is important the girls understand that sometimes the returns are worth the risks in the long run.
Raise Awareness by Involving your Daughter in Financial Activities
Include your daughter in various household financial activities. For example, cashing checks, household shopping, paying bills, and sending her to the ATM. By involving her in these activities, she gets a clearer picture and an understanding of how money works.
You see, many times children don’t understand when you say you can’t afford certain items. Explain to them the entire process of earning to spending so they can understand the next time you say it. This way, they’ll know how to make critical money decisions.
Involve them in Family Discussions About Money
Involve your girls in a discussion about money issues and let them voice their opinions when it comes to household budgets, and money in general. The girls will understand how to make financial decisions like managing and saving money to finance their lives.
As they grow older, these habits will be second nature, and they will have the confidence to make these decisions in other aspects of their lives as well. Teach them not to take too much or unnecessary loans to reduce financial burdens. if there is an urgency then consider taking online loan or a service like justrightloans.com so she can compare different lender’s quote and get a best deal. Paying back loan on time is very important since this will impact credit score positively or negatively based on financial responsibility and knowledge.
Talk to Girls About Money Matters in Teams
Explain to the girls that decisions on planning, budgeting and limits on spending are set through a collaboration between spouses or members of the group that have shared budgeting responsibilities, like a family. This way, they won’t shy away from money responsibilities when in a team like marriage.
All the while, they build their confidence, and they get to know how to express and listen to other people’s opinions without getting feelings in the way.
It goes without saying that various negative stereotypes exist about women and money. Take advantage of learning opportunities while watching television with your daughter. For example, ask them about female characters and how they deal with money. This conversation shows you don’t think of them as incapable of handling money or as spendthrifts.
Use those opportunities to show them various female role models, making progress in their lives as heads of the household and companies.
Encourage Girls to Take Up Opportunities That Will Enable Them to achieve Their Goals
Many girls shy away from math because of the stereotypes associated with females and the subject. Encourage them to take up math and explain to them why it’s essential to their future career aspirations like business and accounting, as well as life in general.
In addition, encourage girls to enroll in leadership and money management programs. Regardless of the age, the girl can start a business in the local area. For example, dog-walking, selling things, tutoring, and babysitting, among others.
From her earnings, help her set up a savings account and guide her through the process as you monitor her. Discussing topics like daily financial management and long-term borrowing can go a long way in helping to raise a financially intelligent daughter.
Final Thoughts
Women have made significant progress in various sectors such as safety, health, education and business. However, more needs to be done when it comes to empowering them financially. An empowered woman means an empowered family as well.
Make it your responsibility to teach girls in your family about money matters.
