On March 8th, women all around the world will be celebrating International Women’s Day and this year’s theme is “Press for Progress.” The day is a call to action for everyone to get involved with working toward social, political and financial gender parity, whether it’s by joining a global movement, or making changes in your own life.
So while single-handedly tackling the gender pay gap is a big ask, why not use this International Women’s Day as a reason to kickstart your personal financial progress? To get you started, here are three empowering money tips to try.
Stay accountable
No one is quite as invested in making sure your finances are on track as you are. So when it comes to your money, make sure you’re taking responsibility, not only for things like how much you spend on a night out, but also for ensuring you’re in the best position you can be, by regularly checking up on your financial products. Make sure you crunch the numbers on your home loan every few years, compare energy plans to find the best value in your area and keep an eye on your savings interest rate – and if your current financial products aren’t offering the kind of value you want, there’s one person who can do something about it: you.
Know your worth
Gunning for a promotion when you deserve one isn’t the only way to know your worth financially. If you’ve followed the step above and found that your financial set up isn’t performing, don’t be afraid to ask for a better deal. Mozo recently conducted a Home Loan Mystery Shop experiment, and found borrowers could snag discounts of up to 0.82% from big banks that are keen for the borrowers’ business. So whether it’s your energy plan or your home loan, compare your options so you know what a good deal looks like, then call your bank and haggle. You’ll be surprised what kind of discounts they’ll come up with to keep you.
Take control of your future
It’s your responsibility to look after your finances today, and it’s also your job to plan for your future. That might mean plumping up your super account or your rainy-day fund – however keep in mind that the average ongoing rate on a savings account is now just 1.80%. Another option to help your money grow is investing in a diversified portfolio with exposure to different asset classes such as shares, bonds and commodities. If you’re an investing novice and need some advice to get started, enlisting the help of an online robo adviser can be a low cost way to establish a portfolio. And the best part is, you don’t need a huge chunk of cash to get involved – if you’ve got even $2,000 spare, you can put that to work today.
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