She Strengthens

Taking Control of Your Finances: A Journey Without a Destination

When I first thought about my financial future, it was sparked by a sobering article about the growing number of female retirees living in poverty. This conversation with my mom revealed that she could barely make ends meet if her expenses increased even slightly. I was shocked and wondered what this meant for my own life after retirement. However, this newfound awareness didn’t immediately prompt me to take action.

The Challenge of Starting Without a Goal

For many, the biggest hurdle to overcome is the lack of a clear financial goal. Without a specific target, like retiring early or buying a house, it’s hard to muster the motivation to start planning. I, too, didn’t have a dream of retiring at 40 or owning a home. But this lack of immediate goals made it even more crucial for me to take control of my finances.

Why You Should Start Now

This year has taught us that understanding our financial situation can be a lifesaver. Even without a big goal, there are still aspects of your life that you’ll want to prioritize. For me, it’s about having the freedom to pursue new skills, travel to visit loved ones, and enjoy the little things.

What to Consider When Starting Your Financial Journey

Organizing your finances without a clear goal can be tough. But ask yourself: what are the small things in life that bring you joy? What do you want to have money for, even if it’s abstract right now? Take some time to reflect on these questions.

Creating a Framework for Your Finances

Here are some funds I prioritize every month, which might inspire you to start saving too:

• Retirement: This is where my financial journey began, and it should be a priority for everyone.
• Emergencies: An emergency fund can help you avoid financial crises. Aim to save at least three months’ worth of essential expenses.
• Flip the Table: This fund gives you the freedom to walk away from a toxic job or situation.
• Education: Invest in yourself by learning new skills or pursuing hobbies.
• Holiday/Trips: Save for travel and experiences that bring you joy.
• Treat Yourself: Set aside money for indulgences that go beyond your monthly allowance.

The Power of Financial Freedom

Even without a big goal, you’ll find that there are things you prioritize having money for. By assigning real use to your money, you’ll unlock endless possibilities. I’m grateful for the financial freedom I’ve gained, which has allowed me to pursue yoga teacher training – something I never thought possible before.

Remember, taking control of your finances is a journey worth starting, even if you don’t have a clear destination in mind. By prioritizing your values and goals, you’ll be amazed at what you can achieve.