Never underestimate the power of women. Five women working at ME share the path they took to financial wellbeing – plus their top money tips.
Women are fast becoming a financial force. Today, women have a combined global wealth of $US70 trillion, and it’s rising faster than ever before, growing by $US5 trillion each year.
Yet, women still face hurdles – a 13.4% gender pay gap and a greater likelihood of working in casual or part-time jobs.
But mastering money has the power to turn women’s lives around – and it’s never too late to start. Five ME staff share their stories.
Madeline: I wasn't taught anything about money
Madeline grew up in a family where dad took care of the finances. As a result, she says, ‘I wasn't taught anything about money.’
Without foundations to build on, Madeline fell into a common trap. ‘I got into a lot of debt, taking out an overdraft and personal loans.’
Crunch time came in her mid-20s. “I got to a point where I was living paycheck to paycheck. I wasn't saving any money, still paying off debts and loans, and I thought, ‘Okay, Madeline, where do you see yourself in five years?’
‘I envisioned I’d be owning a property, or my own car – and I knew I had to change. I realised if I continued to live the same way I wouldn’t be able to achieve those goals.’
Madeline found her inner money manager by reading, researching, and talking to friends and work mates to find the financial strategies that work for her. The process also helped Madeline see her finances through a different lens.
‘I had a complete shift in mindset. I started using a budget, and separating my bank accounts so I could see where my savings were going. The biggest change was that I began prioritising, saving, and making it a non-negotiable part of my weekly budget.’
Today, Madeline is the proud owner of her own home. ‘It’s crazy – if I look at Madeline four or five years ago, probably with five cents in her bank account and living pay day to pay day, I would never have thought that owning a home was something I would achieve.’
Tiffany: Busting out of a money rut
Like Madeline, Tiffany didn't have any kind of financial education growing up. By her 20s, Tiffany was living payday to payday – spending and not managing. But she says, ‘I feel a lot of people get themselves into that position because they don't know how else to manage their money.’
In her 30s, Tiffany met her future husband. His healthy money habits inspired her to learn about budgeting and saving – with spectacular results.
‘My husband and I saved enough to pay for our wedding outright. It’s something I’m really proud of. But I’m also proud that I’ve gone from having numerous debts where I was just paying the minimum and not getting anywhere, to having a savings account with three months’ worth of income saved.’
‘It’s such a good feeling knowing the money is there if I need it. That security is what financial wellbeing means to me.’
Manju: Focus on needs, go easy on wants
Now let’s meet Manju. Growing up in India, Manju was encouraged to save from childhood. ‘We used to have piggy banks, then as a teenager and later when I started college, I continued to save. So savings has really become a part of my life.’
Despite arriving in Australia in 2017 with no job and no home, Manju’s savings habits meant she and her husband were able to buy a home in just four years.
Bianca: Educate yourself
Bianca was lucky to have a mum who provided sensible advice. ‘Mum took up the reins with money,’ says Bianca. ‘She taught me a lot about saving.’
However, living in Cambodia was a big game changer for Bianca. ‘It shakes you when you see people with nothing and they still have an amazing smile. I now believe that you don't always need to buy new things. I'm teaching my daughter that – she loves a good garage sale.’
Bianca is a big fan of the power of learning. ‘Educate yourself as a woman. When the Dow Jones comes on the news, know what that means. Know what the dollar means for the economy – and you. Everything's on the internet. It's free. Be inquisitive, ask questions – no question around money is stupid.’
Janaya: Be real about what you can afford
Early experiences as a casual worker shaped Janaya’s approach to money. ‘It really taught me some great financial wisdoms about never counting on the next pay packet. Always be savvy with the money coming in – don’t spend it all at once, make sure you have a safety net.’
It’s advice Janaya lives by. ‘When I was younger, my safety net was only about $1,000, whereas now it's much higher. But it means if I lost my job, I‘d be in a position to find a job I wanted rather than just having to take any job.’
Find your fit
There’s no one-size-fits-all solution when it comes to making the most of your money. It just means finding what works for you. Start money conversations with other women, tap into free resources like ME’s Ed School of Money, and show your financial wellbeing some love – it can be the start of living the life you choose.
Disclaimer:
Quotes taken from interviews with ME Bank employees in February 2021 reflect the personal views and experiences of those employees.
This article is prepared based on general information. It does not take into account individual financial objectives or needs and is not financial product advice.