Written by Kim Evans
Last week we were lucky enough to have the fabulous Jess and Glen from Fox and Hare Financial Advisors pay us a visit in our office to give us their top tips on managing our money. They are an absolute breath of fresh air in the financial services industry and it is clear they are passionate about the service they are providing and want you too be passionate about your finances too!
Their whole ethos revolves around getting young adults to think about their finance now in order to secure a financially stable future rather than trying to manage your money five years out from retirement – which thinking about it now makes complete sense! Moreover, millennial women are set to be the most financially independent women in history so all the more reason to take action now.
One of my key takeaways from the session was the importance of setting personal financial goals. Studies have shown that women who establish clear financial goals are more motivated to achieve them compared to those who don’t. Whether your goal is saving for travelling in a year’s time or planning an early retirement in the long-term, it is important to have a focus and make decisions about your money whilst keeping those goals front of mind. Avoiding those impulse buys can be tough but considering whether the purchase is a need or want is important too, it’s amazing how much can be frittered away on take away coffees and Ubers and you may not even notice until you step back and consider the affect this is having on your goals.
Personal finances can often be considered a taboo topic to discuss with peers however telling your family and friends your financial goals may be hugely beneficial to your bank balance and achieving your goals. They themselves are likely in similar positions and would be more happy to swap dinner and cocktails for takeaway and Netflix. The more women talk about money the more confident we will become in going about achieving our goals and seeking the advice of others to get there.
Being the most financially independent female generation is a huge deal, developing goals and being fearless about achieving them gives us a great opportunity for financial independence. Seeking professional advice to make the most of our finances is key to getting us excited about our financial future, there is no quick fix but it’s a challenge we should embrace!