5 Tips to Become Financially Empowered This Year

Happy May #SheOwned QUEENS! 

Although April felt like a whirlwind and we are now welcoming May, we didn’t want to go without first acknowledging Financial Literacy Month by featuring one of our very own QUEENS: Jess Bryan, Founder + CEO of Future Empowered. 

To the WCC it’s important to equip and empower our community with value and tangible things that can be executed for us to secure those coins! 

Now, we are passing the mic to the one and only

Taking control of your life and your finances means more time for your career, family, travel, and, most importantly, your personal wellbeing. Balancing these often presents challenges that leave us depleted, overwhelmed and broke. Finding the right strategy that works for you can mean the difference between another cycle of daunting uncertainty or a checkmark on the bucket list. In this article, I will share 5 tips to empower millennial women to take charge of their financial destinies this year.

1. Set Financial Goals

S.M.A.R.T. goals outline specific, measurable, attainable, relevant, and time-bound

goals that align with where you want to be in life. This may look like a dream vacay, buying your first home, providing for family or maxing your retirement account contributions. Start by assessing your current money situation, then dive into your wants and needs that would guide your objectives for building financial freedom. For example, create a goal of saving X dollars toward a down payment for a home and add a date and time for when it will be accomplished.

2. Budgeting and Saving Strategies

If budgeting isn't your thing or it's too intimidating, start by using online budget

calculators that generate lists of expenses, income, and totals of both. Input your

numbers and let the computer do the math for you. By gaining insights into your

spending habits and identifying areas for potential savings, you free up your mind and your accounts to begin automating savings for emergencies, monthly transfers to retirement, reducing discretionary spending, and prioritizing high-interest debt repayment. Also, creating categories for spending will get you closer to putting money aside for more selfies and sips at that resort you’ve been eyeing.

3. Investing Wisely

Long-term wealth building doesn’t have to be like climbing Mount Everest. If you’re a beginner, build your confidence in decision-making by gaining knowledge and strategies that others have had success with. Start with an amount of money that fits into your budget and is feasible alongside your savings and debt repayment plan. Explore different investment vehicles such as stocks, ETFs, bonds, mutual funds, and retirement accounts, while also seeking advice from financial coaches or advisors. To help you create your own plan and understand your options, head to my blog and check out my course structures to see how they can take the guesswork and fear out of helping you be a wise investor.

4. Balancing Work, Family, and Self-Care

Yes, you can have your cake and eat it too! Sacrificing work-life balance or neglecting self-care seems the right thing to do when life throws us curveballs. To create harmony in your professional and personal responsibilities and commitments, prioritize self-care practices such as meditation, journaling, deep breathing, exercise, and adequate sleep. Take on conversations you’ve been avoiding with your boss, partner, children, family members and your beliefs about yourself and your abilities. Maintaining overall wellness and open dialogue while pursuing your career and financial goals will bring the freedom and ease you’ve been dreaming of.

5. Seeking Support and Continuous Learning

A supportive network is invaluable in building long-term wealth. Surround yourself with friends, mentors, peers, and community resources that offer tools, guidance, encouragement, and accountability. Stay committed to expanding your knowledge of personal finance and wellbeing strategies by seeking new opportunities for growth, registering for workshops, online courses, or networking events. And take seriously what my hometown hero Benjamin Franklin advised, “an investment in education gives the best returns.”

Overall, achieving financial empowerment as a millennial woman is both an empowering and achievable endeavor. By setting clear goals, practicing effective budgeting and saving, embracing investing, prioritizing work-life balance, and seeking support and continuous learning, you can take control of your financial destiny and create a life of abundance and fulfillment. 

Closing from the WCC: Remember, financial empowerment is within reach. Let's support each other on this journey. Follow Jess at @future_empowered for more wisdom, resources and inspiration.

Queens, together, we can build a community of empowered women achieving their financial dreams and building that legacy. 

Stay tuned for May: We have an exciting month filled with celebrating MOMS and honoring our Mental Health!