Woman power equals healthy finances

Fin24 user Debbie Park-Dobell who took over the financial reins in her family gives her ground rules for staying ahead of the game. She writes:

I AM a 51-year-old woman and have taken charge of my finances from day one when I realised my husband was less financially conscious than myself.

For me there are some serious rules:

* Develop a philosophy of 'doing' rather than 'having' in life.
* Never re-bond a house, even though the banks may encourage you to.
* Don't raise credit limits, even when the bank offers it.
* Settle for a debit card instead of a credit card.
* Cancel all overdraft facilities.
* Get ahead of home loans, as this will save enormously in the future.
* If you can't pay cash for something, then do without it. This includes a luxury car. Financing these luxury items though loans makes their purchase price much higher.
* Above all, live within your means. Don't compete with the Joneses and if you find yourself in a group of friends where you feel pressurised to do so, it is time to take a hard look at yourself and make adjustments.

I have achieved co-owning a few properties on an educator's salary and whilst it hasn't been easy, it has been possible.

My kids have wanted for nothing of importance but have learned that their identities must not be built on labels, gadgets and fancy items. 

Good luck to all women out there.

 - Fin24

* This is a Fin24 user submission. Add your voice to our Women's Wealth Issue and help empower others this Women's Month.

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