Empowering women: how to take control of your finances

Imagine opening your banking app and feeling proud, not panicked.

Let’s be honest. For too long, money talk has felt complicated and intimidating for many women, often causing stress and fear. Adding to this, the word "budget" sounds about as exciting as a low-fat rice cake, and no wonder many of us avoid it altogether.

Until now.

More and more women are boldly stepping into the driver’s seat, realising that taking control of their finances is not just important: it is empowering, liberating, and frankly, not even that hard.

The decision to face your finances, whether you are starting from scratch, bouncing back, or ready to level up, is the first brave step in confidently building your financial future.

Being informed about your money and educating yourself is the starting point.

Fortune Favours the Brave

Common reasons women give for not being in control of their finances include: “I do not have enough money to invest or save”, “I do not know who to trust for the right advice”, or “My partner handles the finances”.

These are surmountable. It begins with cleaning up the mess around your cash flow.

This does not mean you need to suddenly love spreadsheets.

Being brave about your finances looks different for everyone. Asking yourself what scares you about your money will bring insight into your personal journey.

For some, the scary part might be facing over-indebtedness and not knowing exactly how much is owed, to whom, or how long it will take to pay it off. Others may want to start investing, but are put off by confusing jargon, hidden fees, or fear of being taken advantage of by financial advisors.

 So, watch your Figure(s)

Start with a financial spring-clean.

Physically, this means tackling your handbag or purse. Get rid of old receipts, process those that need reconciling, and assess all your loyalty cards to see if some can be added to your digital wallet or a loyalty card app. Then, put cash in smaller denominations into that tidy purse to have on hand for tipping or parking.

Next, do a digital clean-up. Check your bank statements from the last three months, as well as your recurring subscriptions in your app store. You may be surprised by how much you are spending on subscriptions or apps, many of which may no longer serve you and can be cancelled.

Debt servicing costs and the associated interest payments are a silent cashflow killer. Once you realise what that money could do if it stayed in your wallet, it becomes a powerful reason to finally get rid of all your short-term debt and loans.

 Practical Steps That Make a Big Difference

Start putting money aside as a financial shock absorber, an Emergency Fund that acts as a buffer for emergencies life may throw at you. A goal of R10,000 can cover smaller expenses like urgent travel, health expenses, or your child’s needs.

Then build toward saving three months’ worth of living expenses. This takes time, but commit to a specific percentage of your salary, bonuses, or cash gifts going into this fund.

We either spend, save, or share our money, or it is a blend of all three. Be intentional about what goes where.

The ‘Get-Out-Just-in-Case' Stash

Beyond your emergency fund, every woman should have a Freedom Fund – enough to cover three months of living expenses on your own, including a deposit and one month’s rent, plus transport to work independent of anyone else.

Nobody needs to know about this fund. Hopefully, you never have to touch it, but be proactive. Too many women stay in unhealthy personal or professional relationships because they cannot afford to leave. Financial freedom gives you the power to choose.

If you end up not needing it, it might help another woman, or a sister, escape a difficult situation.

 ‘My Partner Handles the Money’

Many women let their partners manage the finances in long-term relationships. While this may be rooted in tradition or convenience, it comes with risk. It is not healthy for one person to handle the money and the other to have no idea. Finances are a team effort.

This isn’t just about divorce. What if your partner passes away? No one starts a relationship thinking it will end, but having honest conversations about money is one of the best ways to divorce-proof your relationship. If you are sharing a bed, you should be talking about finances.

 You’ve Got This – Just Begin

It’s never too early, and never too late to start. Just start somewhere.

We have all made money mistakes. Forgive yourself, learn, and move forward. Do not let the overwhelming feeling stop you from doing anything.

The first step is the bravest. Being brave with your money is not about being cold or overly independent. It is about knowing your worth.

When women take control of their money, they can shift the world. One Freedom Fund at a time.

In the words of the ‘Iron Lady’ Margaret Thatcher: “If you want something said, ask a man; if you want something done, ask a woman.”

So, let’s get it done.

* Parry is the co-founder & head of education at WORTH.

PERSONAL FINANCE