Many women complain they don’t understand finance. They can manage day to day expenditure, but admit they dislike dealing with any other aspects of finance because it is a major source of worry and stress.

Women would rather leave their money in current accounts which pay minimal interest than spend the time researching where they will get the best rate of return,they lack the confidence to make the decision, as they think it will go all wrong and they will lose thier money.  It is even worse when it comes to pension fund investment choices, they don’t understand investment terminology and risk therefore they choose funds where there is little risk to their capital such as bonds.

Many are now recognising they need to take responsibility of their finances by becoming financially educated to give them the confidence to improve their financial stability in the future, especially when it comes to their retirement as they know the state pension isn’t going to be enough for them to live on comfortably, indeed they could be living in poverty!

Financial stability

Financial education provides an understanding of how you deal with money, and what you can do to improve your ability to manage your money so it is working for you, instead of against you.  When you succeed in increasing your income and reducing your expenditure you can then increase your savings to create financial stability.

Extra income

One way to do so is to start your own business, even while you are still working to enable you to have more opportunities to save and invest for your future.  There are numerous opportunities available to start a business through multi-level marketing or a home business such as, special occasion cakes, wedding planning, online personal assistant, internet marketing etc.  If you provide a service for those who are too busy or need help to grow their businesses you have the potential to improve your finances.

Many of you are probably wondering how you can find the time to fit anymore into your day, but if you are prepared to make changes, you will be surprised how much extra time you may have.  Don’t be afraid to ask for help from friends and family, support each other in time management and you will find you both benefit from the changes.

With the increase in your income, you will be in the position to reduce your debts or increase your savings but unless you make the most of your extra income you could find yourself in the same situation or even worse off.  By reducing your debts and that includes your mortgage you will be improving your finances by saving on the interest you are being charged on your debts thereby, reducing the repayment term.

If you are able to increase the amount you save, you will be increasing your ability to obtain better returns on your funds, as higher rates of interest are paid on higher balances.  If you don’t need access to your funds for emergencies consider placing your funds in a notice account to achieve the higher return!

Financial education is essential for you to make the right decisions for yourself and your family, sign up for my weekly Independent Lifestyle  tips and ideas on how you can improve your finances and gain financial stability.