When you think about the term “financial independence” what comes to mind? A young woman entering the real world for the first time and cutting financial ties with her parents? A woman leaving a relationship and figuring out her finances on her own?
It might be the word “independent” that trips us up because that conjures up images of someone being on their own. However, being independent doesn’t mean being solitary. It means being in control.
What Does Being Financially Independent Mean to Women?
In a recent study by Bank of America, they asked women about how they perceive financial independence. Here are some of the results:
- 47% said it meant being debt-free.
- 39% said it meant being able to weather an unexpected expense.
- 34% said it meant being able to support themselves without help from family.
When it comes to banking, women having their own bank account independent of their partners is on the rise. According to Statista, almost 51% of women in the United States had bank accounts separate from their partners in 2020. This doesn’t mean that they might not have had joint accounts as well – but knowing that you have your own source of funds can be a motivator and a confidence booster.
Why Is This Important?
First off, let’s clear something up—financial independence doesn’t mean you have to do everything solo or cut ties with your partner. It’s about having your own financial footing, regardless of your relationship status. Whether you’re in a long-term partnership, casually dating, or flying solo, having control over your finances is empowering.
It’s also about having the freedom to call the shots when it comes to your money. It means you don’t have to rely on anyone else to pay your bills, fund your dreams, or secure your future. And let me tell you, that’s a kind of freedom that feels like winning the lottery every darn day.
How Do We Get There?
First things first: it’s time to get cozy with your finances. I’m talking about getting down and dirty with your budget, tracking your spending, and knowing exactly where your money is going. It might not sound like a party, but trust me, it’s the first step on the road to financial freedom.
Next up, let’s talk about hustling. Whether you’re climbing the career ladder, side-hustling like a boss, or starting your own empire, having your own source of income is non-negotiable. It’s not just about making ends meet; it’s about building a life that’s full of possibility and adventure.
And the best part? Setting your own goals. Whether it’s buying a home, traveling the world, or retiring early and sipping margaritas on a beach somewhere, having clear financial goals can keep you focused and motivated along the way. Plus, there’s nothing more satisfying than crushing those goals; that goes a long way in cementing your financial confidence.
It’s All About You – And That’s Okay
Regardless of your relationship status, financial independence isn’t just about money; it’s about power. It’s about having the power to say yes to the things that light you up and no to the things that don’t. It’s about having the power to walk away from toxic situations and build a life that’s authentically yours.
It’s also about freedom. It’s about having the freedom to make choices that align with your values, goals, and dreams. It’s about having the confidence to stand on your own two feet, no matter what life throws your way.
Are you ready to take the next steps toward financial independence? Let’s talk.
