In honour of Women’s Month we are giving you, the women of the household, some valid personal finance tips to help you become the leader of your own money and financial future.

Being part of a couple means that you get to share in the responsibilities and obligations such as running a household, looking after your family, and most importantly, looking after your finances. In your parents’ home, it was probably the man who looked after the financial well being of the family by looking after bank accounts, paying the bills and investing money. But times have changed and everyone needs to be money-savvy and make the most of the money they earn in order to take care of themselves and their family.

That is why in honour of Women’s Month we are giving you, the women of the household, some valid personal finance tips to help you become the leader of your own money and financial future.

Be actively involved in your finances

It doesn’t matter who in your home earns the most or pays the bills and if it’s not you, it is still important that you are involved and know at least the basics such as:

  • What are your joint assets, is your home in both of your names, and where the accounts for these assets are held
  • What your joint debts are, for example a car that is in both your names or even an Edgars account
  • Whether your accounts, such as water, lights, credit cards etc, are being paid on time
  • Have you been paying taxes and where all the tax returns are filed
  • What insurance policies you have, for example life insurance, car insurance etc
  • Where all your important financial documents are kept
  • If you have a safety deposit box and where it is (you should also make sure that you also have the ability to get to the box should anything happen to your spouse)
  • All usernames and passwords for bank accounts, phone access etc.

Educate yourself

There is no such thing as having too much knowledge so even if you are not the one looking after the day-to-day finances in your marriage, make sure you understand and familiarise yourself with what everything is and what it all means. For example:

  • Know how to budget
  • Understand:
    • What bank account is best for you
    • The differences between investments such as stock markets, high-return investments, hedge funds etc.
    • Everything there is to know about medical aids
  • Tax

Have your own investments

Some of our best advice to you is to make sure that you give yourself financial independence. Open your own savings account or investment account where you put money into every month. Even if it is only R100 each month, it will still go along way. Remember though to find an investment that will offer you the best returns. Also, it is worth taking out your own retirement fund as you never know what your situation will look like when it is time to retire.