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Celebrating financial empowerment for Women

Tuesday 07th Mar, 2023

International Women's Day

Celebrating financial empowerment for Women

Around the world, we celebrate the great achievements women have made throughout the years as well as encourage the great strides being made toward total equality. In honour of International Women’s Day, we want to focus on how women can live a more financially balanced life.  Here are some handy tips:

1        Be sure to take an active role in your finances and have a good understanding of your financial picture. Calculate your income, and plan and keep to a budget. By doing this you’ll be able to account for where your money goes.

2        Prioritise savings! Creating a good regular savings habit - no matter how small - will help with the ups and downs of life. A savings pot will come in so handy for things like Christmas and holidays.  Our Christmas Saver account is a lifeline for many members.

3        Learn about your Credit Score - Check your credit score regularly, we would suggest monthly. Educate yourself on what can affect your credit rating such as your payment history and the amount of hard enquiries that are made on your report. Having a good credit score will mean you have more options when you need to borrow money.

4        Understand Credit. When the time comes to borrow money, having a good understanding of the different credit options will help you avoid paying more than you have to. Responsibly using a line of credit such as our Flexi Credit or Family Benefit Plan can help to boost your credit without taking on a load of excessive debt. Understanding APR can save you £100’s in interest, as you would know that using your Credit Union for a small loan is much cheaper than using a doorstep lender. 

5        Protect yourself from identity theft and online fraud. It’s so easy to do things online now, such as paying bills and shopping, but it is important to be cautious when sharing information digitally. Change your passwords regularly and keep a close eye on your bank account and savings.

6        Start saving for your retirement. Generally, women have less time to save for their retirement due to taking time out of work to have children. So the earlier you start the better. 

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