4 ‘FINANCIAL SELF-CARE’ TIPS FOR WOMEN

Mbabane – When it comes to taking care of one’s overall health and budget, less is definitely more.Women are well known to be good with saving and controlling money.For those wanting to ensure their ‘financial self-care’, with the emphasis on being fair and good to themselves when it comes to anything finance-related here are some statistics and tips.

Women juggle many responsibilities and ‘financial self-care’ is not always easy or possible. Ensure Finance a company based in Eswatini published their June 2019 financial reality survey which provides a statistical glimpse into the challenges that many in their mid-20s to mid-40s are currently experiencing:
56 per cent indicate that their expenses exceed their income;

28 per cent  say they spend 20-40 per cent of their take-home pay on their dependents, while another 28 per cent spend 40-60 per cent;
60 per cent  say financial stress influences their overall stress levels;
41per cent indicate that financial stress impacts their sleep patterns;

24 per cent  say the biggest financial worry they experience is that their income does not keep up with inflation;
64 per cent say they have debt due to the tough economic times they find themselves in; and
48 per cent say they are not up to date with their debt payments, mostly related to store credit and/or loans.

The fact that nearly one in every two women surveyed is not up to date with their debt repayments is startling.
The stress and additional expense associated with unpaid debt can have a dramatic effect on a person’s physical, emotional and financial health. While certain circumstances may be unavoidable, this extreme proportion indicates that there is a need for greater financial self-care among women in Eswatini. Here are four ways that can be achieved:

1. A minimalist lifestyle: A big house, nice furniture, the best tech gadgets, an expensive car and luxurious holidays might sound desirable, but one should be cautious about using credit to acquire such things. Credit is not ‘free’ money. Such expenditure will end up costing considerably more than the initial purchase price, putting unnecessary strain on one’s finances.

2. Beauty in perspective: Self-care is important, and the best place to start is within. By respecting her money and deciding how best to use it a woman builds inner strength that leads to greater confidence. These qualities will endure long beyond the latest beauty fad – and the money that did not get swallowed up by trends or marketing gimmicks can go towards sensible purchases and treatments when one is more financially robust. Wherever possible, that money should be earning interest in the meantime.

3. ‘Budgeting’ means designing your life intentionally: The word ‘budget’ may sound complicated and feel intimidating. But it can be kept simple: net income minus expenditure and investments = the amount left for the month. This is not a ‘what is left over to spend’ amount. It should be kept for future emergency or investment use. Money saved is money that is earning interest, and thus creating wealth.

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