Lavanya never discussed money or finances with her father. It was not exactly a taboo topic, but in her family, fathers never spoke to their daughters about financial decisions. Until Lavanya made a bold move— filing her own taxes.
This single act of courage changed everything. Lavanya’s father started including her in financial discussions, and she became a trusted voice in family investments. Her story reflects a larger truth: Women can overcome financial anxiety by taking small, confident steps towards financial independence.
Understanding Money Fears:
Many women, like Lavanya, grow up avoiding financial discussions, leading to deep-rooted anxieties about money. These fears can manifest as a reluctance to manage finances, avoidance of investment opportunities, or even stress about daily spending. But it doesn’t have to stay that way.
Yes, women often carry the burden of financial anxiety in silence. So, the first step is to recognize these fears and understand that they’re not unusual. By acknowledging these fears and taking proactive steps, women can transform their financial futures.
Once you have acknowledged this anxiety, we need to find ways to get over it as well so we can make our way forward towards financial freedom.
5 Practical Steps to Overcome Financial Anxiety:
1. Educate Yourself:
Knowledge is power. There are numerous free resources are available to help you deepen your financial knowledge. Investopedia offers comprehensive articles and tutorials on a wide array of financial topics, while MyMoney.gov provides essential tools and information on budgeting, retirement planning, and more. The National Financial Educators Council (NFEC) offers free online personal finance courses. Moreover, YouTube channels like Graham Stephan, The Financial Diet, and Our Rich Journey are invaluable for practical financial advice. Or even platforms like Women on Wealth, where many women who were once overwhelmed with financial jargon, learn how to manage their investments with ease through dedicated programs.
2. Start Small:
Financial change doesn’t have to happen overnight. Start by setting small, manageable financial goals. For Lavanya, it was as simple as filing her own taxes that helped her. On the other hand, Prema began with building an emergency fund. This small step gave her the confidence to pursue larger financial goals, such as investing in mutual funds.
3. Build a Support Network:
Women thrive in communities. Joining a women-centric community can provide the support and encouragement needed to face financial fears head-on. Such communities has been a lifeline for many, offering both practical advice and emotional support. And a space to explore financial knowledge and freedom at their own pace without any judgement.
4. Leverage Technology for Smarter Money Management
Technology can be your best friend in managing finances. Budgeting apps like Mint, YNAB (You Need A Budget), and Goodbudget allow you to track your spending, set savings goals, and monitor your investments effortlessly. This can help you get a better understanding of your money as well as where it is going.
5. Celebrate Small Wins
Every financial milestone, no matter how small, deserves recognition, so make sure to celebrate small wins on your way towards gaining financial knowledge and freedom. Whether it is filing your own taxes or paying off small debts or making your first investment, remember to enjoy it and learn from it for future growth.
Women’s financial fears are real, but they are not insurmountable. With education, small steps, and the right support, women can overcome these anxieties and take control of their financial destinies. The journey to financial independence starts with a single step—one that every woman is capable of taking.
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Meet our Guest Expert Author: Priyanka Bhatia is a financial coach and founder of Women on Wealth (WOW), who is passionate about educating and empowering women in making financial decisions. Through WOW, she provides women with the tools and knowledge to navigate the financial world successfully.