How Women Can Achieve Financial Freedom

Key Steps to Achieving Financial Freedom Before and After Marriage

Financial freedom is the state of having enough income to cover your basic living expenses without having to worry about money. For women, financial freedom is especially important because it gives us the freedom to chase after our goals and dreams! While financial freedom may be something that many women aspire to have, few actually achieve. It's not easy, but it is possible with the right mindset and planning. 

Here are a few key steps to achieving financial freedom before and after marriage.

Before Marriage 

Before marriage, your goal should be to invest in yourself and make yourself as self-sufficient as possible. Because you’re only looking out for yourself, you have the freedom to focus on yourself. 

1. Know your financial situation 

This includes knowing your income, debts, expenses, and assets. This will give you a clear picture of where you stand financially and what changes need to be made in order to improve your situation.

2. Make a budget and stick to it 

Once you’ve determined how much money comes in and out each month, you can create a thorough budget for it. This is one of the most important steps to take in order to achieve financial freedom. Creating a budget will help you track your spending and ensure that you are living within your means. 

3. Live below your means

One of the best ways to save money is to live below your means. This means spending less than you earn and investing the difference. Living below your means will help you build up your savings so that you can eventually achieve financial freedom.

4. Invest in yourself 

One of the best investments you can make is in yourself. This includes taking courses, investing in education, and building up your skillset. Doing so will help you earn more money and be in a better position to achieve financial freedom.

5. Have an emergency fund 

Another key step to achieving financial freedom is to have an emergency fund. This will help you cover unexpected expenses and keep you from going into debt if something unexpected comes up. An emergency fund is typically 3-6 months’ worth of your salary. You can build an emergency fund by setting aside a certain amount each month, for instance P1,500 or 5% of your salary. 

After Marriage 

Financial independence looks a bit different after marriage. You’re no longer a lone island but rather, a part of a team. It’s important for married women to still achieve financial freedom because it gives you the capacity to make purchases and live your life the way you want to without having to ask your spouse for money,

1. Invest for the long term 

Saving is not enough to attain financial freedom. You need to invest your money so it grows. This includes investing in stocks, bonds, and other assets like a variable unit-linked insurance policy that will appreciate over time.

2. Have a plan 

The final key step to achieving financial freedom is to have a plan. This includes setting goals, making a budget, and investing for the long term. Having a plan will help you stay on track and achieve financial freedom. Now that you’re married, you need to work with your spouse in developing a plan. While this may be for your own financial freedom, it’s a good idea to seek for their advice and plan together so you’re both on the same page. Consult with your spouse on what your plans are together as a couple and use this as basis to make plans for yourself. Your plan should complement your plan as a couple to make achieving financial independence easier.

We hope these tips have helped you on your journey towards financial freedom. For more tips and pieces of advice, make sure to check out our other financial education articles!