Women:  Let's Be Financial Advocates

_{By Bromwich+Smith Staff | 1302 words | Reading Time: 6 minutes, 30 seconds | Last update: 2023/04/27}

Women have made major treads whether it's in the workplace, investing or our collective power in bringing change. Women are often responsible for the well being of the family, raising children, keeping the house in order and everything that goes along with those items- which anyone who does these tasks knows that they can be overwhelming. On top of being the homemaker, many women have careers outside of the home. If its working part time at the grocery store, running a multimillion dollar empire or any career in between these days women truly do run the world.

With so much put on our shoulders, Bromwich+Smith has put together a few  simple tips that we know will keep the momentum going, while at the same time ensuring that we become the financial advocates we need to be for ourselves.

Let’s Talk About Money

We know that for many, money can be a taboo subject. Lets stop feeling guilty or ashamed and shed a light on the topic. When we talk about money we start to establish a healthy money mindset, which is so critical in empowering ourselves financially.  Talking about money helps us understand what’s possible and takes away the stress that comes along with the unknown.  

The key to any relationship is to communicate, and that includes your relationship with money.  It doesn’t have to be awkward or uncomfortable, carve out space specifically to get used to these unfamiliar conversations. It’s time to normalize money conversations in your lives with friends, partners, your family and yourself.

What scares you about money? What do you not know enough about? By shining a light on the unknown, we can ensure we are doing right by ourselves to become financially aware. Maybe you don’t understand the stock market, and how it can be an option to increase your income. We suggest finding a financial advisor to talk to. Meet with as many as you need to find the right person for you. Your relationship with money may have a team around it including a financial advisor, investment specialists, and for some it may include a debt relief team.

Teach your children about money

Whether you’re a mom, aunt, older cousin, or role model, we have advice for teaching your children about money. Bottom-line: your child is never too young to start to learn. How you talk to your child will depend on their age, but by introducing them to money at an early age you will help ensure they build a healthy relationship with it. For some this can be earning and spending their own money on extra items they want, or obtaining a part time job to help save for school expenses.

Some choose to take their kids to the grocery store and explain the cost of items and use the opportunity to talk about budgeting. Many school boards are now introducing financial wellness to children as early as grade 6. Be aware of what your child may be learning at school so that you can help them understand real life costs.

Speak up for change at work 

The more we can make things better for women in our workplaces, the better off we’ll all be. If you’re in a position to speak up in your workplace, please do so. Also remember to speak up for yourself. Advocating to be paid what you’re worth is a feminist act. 

Women supporting Women

Where we put our dollars makes a difference. Researching female owned businesses is a great starting point, but can be taken a step further. If you’re in the position: consider ways that you can give your money to women that need it. Donations to good causes are powerful. Whether you’re donating to established causes, or to the mom down the street who offers in home daycare services. Knowing you are making donations to other females is an empowering thing, and you will know that your money or donated items really are making a difference.

Invest to change the world for women

Every dollar you spend, save, or invest has an impact, even if you don’t know what that impact is. Intentional investing comes down to knowing why you’re investing (aka what goals you’re working toward), choose investing in a company that aligns with your values.  

Look for ways to learn more

Bromwich+Smith offers many resources available to you, which you can find here. 

Financial Literacy is often overlooked, and the more you know the more likely you are to make smart financial choices.

If you are feeling overwhelmed with financial stress and don’t know where to start, we’re here to help. With Bromwich+Smith you are never alone and we ensure that our expertise will leave you feeling hopeful and confident. Call our Licensed Insolvency Trustees today for a free, no obligation, confidential consultation 1-855-884-9243. Let’s see you flourish!

FAQ for financial advocacy

1-What is financial advocacy? Financial advocacy refers to the act of taking control of your finances, educating yourself on financial matters, and making informed decisions about your money. It involves being aware of your financial situation, setting financial goals, and taking action to achieve those goals. Financial advocacy also includes speaking up for your financial rights, and the rights of others, such as negotiating fair wages, speaking up about financial issues, and supporting financially responsible businesses.

2-How can I overcome my fear of talking about money? Talking about money can be uncomfortable regardless of what your money relationship looks like. It's important to address it in order to establish a healthy money mindset. To overcome your fear, start by recognising your feelings and reminding yourself that it's okay to talk about money. Start small by discussing finances with a trusted friend or family member. Take time to educate yourself on financial matters, so you feel more confident in discussions. And remember that it's okay to ask for help from a financial advisor or professional.

3-What are some age-appropriate ways to teach my children about money? Teaching children about money is important for building a healthy relationship with finances. These lessons ca start early on, and can change and grow as your child gets older. For younger children, introduce the concept of money by using play money and allowing them to "buy" items from a pretend store. As children get older, encourage them to save money in a piggy bank or savings account. You can also involve them in grocery shopping and budgeting by setting a spending limit and having them choose items within that limit. For teenagers, introduce the concept of earning money through part-time jobs and encourage them to save for larger expenses like college or a car.

4-How can I find a financial advisor? Finding a financial advisor can be a intimidating task, but there are several resources available to help you. Start by asking for referrals from friends or family members. You can also search for advisors online through professional organizations like the Financial Planning Association or the National Association of Personal Financial Advisors. When choosing an advisor, make sure to ask about their qualifications, experience, and fees. We suggest setting meet and greets with a few advisors before settling down, as you want to have a long term relationship with this person it is important to be comfortable and in line with their thoughts on managing your finances.

5-How can I align my investments with my values? Aligning your investments with your values involves investing in companies or funds that align with your personal beliefs and values. Start by identifying the issues or causes that are important to you, such as sustainability or social justice. Then, research companies or funds that align with those values. Look for companies with strong environmental or social records, or funds that invest in specific causes. You can also work with a financial advisor who specializes in socially responsible investing to help you make informed decisions.