Ladies, let’s set those financial wellness goals!

August is Women’s Month, the perfect opportunity to celebrate the achievements of women in all spheres of life. It’s also an opportunity to discuss matters that are overlooked in the hustle and bustle of everyday life. In particular, it’s a chance for women to look at their personal finances and financial wellness, if they don’t already do so regularly.

According to global research on the gender pay gap, women still tend to earn less than men. The consequence is that many homes in our country are headed by women, who are responsible for the finances, while still possibly earning less than men. While this is a good reason to prioritise saving and investing for the future, it’s not the only reason. In fact, in a constantly changing economy, it’s a good idea to take charge of your spending, saving, and debt.

Let’s take a look at a few tips to help you begin.

Before you begin, ask yourself, “How involved am I in my personal finances?” The truth is that not all of us are as involved in our finances as we should be. If you can relate, why not make a point of checking in on your finances starting this Women’s Month? Starting is easy when you use your African Bank App, because you can get a view of your accounts by downloading your statements to understand where you spend, save, and opportunities for investments.

Set your financial wellness goals

Now that you have a better understanding of your finances, you can start to set your financial goals. Most people like to set goals for the short, medium, and long-term future. It doesn't matter how you set your goals; what does matter is whether or not they are SMART – specific, measurable, achievable, relevant, and have a time frame.

For short-term savings goals, you can use your MyWORLD Account Savings Pockets. This works well if you want to start saving monthly or even weekly. You can dedicate a Savings Pocket to each weekly or monthly goal and set up an automatic transfer of the amount you want to save from your main MyWORLD Account into your Savings Pocket. You can start small, say R50, and build up the amount as you become accustomed to saving. You will also save at SA’s best investment rate. Why not open your account online today?

Build your credit score

“Credit” is often associated with debt, but, rather, it’s an important part of building your credit score. Remember, you credit score plays a big role when creditors decide whether or not to grant you a loan or new credit card. A negative credit score also impacts you, but not in a good way, limiting your access to credit as creditors have little confidence in your ability to pay them back. An easy way to build your credit score is to apply for a credit card. You can quickly build a good credit score simply by swiping and paying your balance in full each month. In fact, you can earn interest on your positive credit card balance with African Bank. Using your credit card also allows you to earn Audacious Rewards points which helps you save money. Remember to check your Credit Report regularly, by downloading it for free.

Manage debt

Speaking of debt: it’s important to manage your debt, if you do have it. Your goal should be to pay off as much debt as possible. If you’re struggling, you can talk to your creditors. You could also apply for a Consolidation Loan with African Bank, which allows you to make the most of your budget by combining up to five loans into one easy to pay consolidated loan.

Invest for the future

Women tend to live longer than men, meaning they have to plan for a longer future. This is why it’s important to have a plan to cover you financially, especially if you manage your finances with a partner. Start with setting your investment goals. These could be to save for retirement, to have a safety net, or to save for your children’s education. Don’t worry if you’re new to investing. First-time investors can start with a Tax-Free Account as it’s affordable and you won’t be taxed on the returns. At African Bank, you can start with just R50 and invest up to R36 000 in a tax year, tax-free. If you want bigger returns, you can try a Fixed Deposit Account from R500.

It all comes down to being involved with your finances

Remember, the better you understand your personal finances, the better equipped you’ll be to make decisions that secure your future. Not sure where to get started? It’s easy! Simply download the African Bank App for free and scan through your statements and accounts. Once you understand where you stand financially, you’ll be able to create realistic goals that will help you live the audacious life that you deserve!