Wednesday, July 28, 2021
Women face a variety of unique financial challenges, but they’ve also come up with innovative solutions. We look at five women you can learn financial lessons from.
The gender pay gap remains a significant issue in Canada, with women earning, on average, about 13 cents less for the same work done by men, according to Statistics Canada. This disparity contributes to the financial challenges many women face, with a large number living paycheque-to-paycheck.
Despite these obstacles, women have demonstrated remarkable financial resilience and acumen. Their experiences offer valuable lessons in financial literacy that everyone can benefit from. By understanding and adopting these lessons, you can better navigate your financial journey and achieve greater stability and success.
Let’s be honest, there’s a great deal of online content about personal finances. It can be difficult to see how certain concepts relate to everyday savings and spending habits. The following women are compelling precisely because they advocate for financial literacy as a lifestyle essential. They encourage women to consider their overall relationship with money in a holistic way.
Chantel Chapman is the CEO and Co-founder of The Trauma of Money, a program that helps people remove the stigma of talking about money and understand the link between finances and mental health.
One of the things she frequently discusses is the concept of scarcity psychology.
The psychology of scarcity refers to the cognitive and emotional effects experienced when individuals perceive a lack of financial resources. Someone in scarcity may be more willing to make impulsive purchases.
That may seem counterintuitive, but individuals in scarcity often seek to relieve money-related stress by buying things on impulse that make them feel better.
Chapman preaches that we should all understand our own financial trauma and find productive coping mechanisms to manage it.
You might recognize personal finance expert Melissa Leong from her guest appearances on radio and TV. Leong has been steadfast in her financial advice to focus on what you can control, even in uncertain times.
While everything might feel unstable, certain tried-and-true financial behaviours, like adding to your emergency fund and following a realistic budget, will go a long way towards protecting your financial health in times of crisis.
Leong believes money can give us time, and time can help you find or experience happiness more often. If you’re making or saving enough money to give you the time you want (and need) to function with greater health and peace and joy, then in a way, money does help bring you happiness.
The Budget Mom, Kumiko Love, went from being a stressed-out mom with a pile of credit card debt to an accredited financial counsellor with a mission: to help as many women as possible find the same success and peace that she has found.
She walks you through her own debt repayment journey in a very honest, open and instructional way. Her video tutorials cover topics like how to pay off your debt, and how to budget for monthly expenses and savings goals.
Gen Y Money is a personal finance blog that doesn’t engage in any sugar coating. For millennials that feel they need a wake-up call, GYM’s no pain, no gain attitude might provide the inspiration they’re looking for. Reading this blog unleashes a healthy competitiveness within yourself with respect to your savings and net worth.
The frequent posts are to the point and helpful. She’s disciplined, yet very accessible. Her post about how to calculate your net worth is ground zero for understanding her money management philosophy.
Author Robin Taub tackles the sometimes challenging topic of teaching children about money in her book, The Wisest Investment: Teaching Your Kids to Be Responsible, Independent and Money-Smart for Life. The importance of basic financial knowledge like managing debt stress, budgeting on a reduced income, and dealing with a financial emergency have never been so important.
Passing this knowledge on to our children is more important than ever. But knowing what money lessons to share at what age is not always easy or straightforward. Taub’s book covers the why, the how and the what of raising money-smart kids: why we need to talk to kids about money, how we can begin, and what key financial literacy topics to focus on at each age.
Wednesday, July 28, 2021
Women face a variety of unique financial challenges, but they’ve also come up with innovative solutions. We look at five women you can learn financial lessons from.
