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Key Points:
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86% of women say that investing makes them feel powerful.
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In general, the survey found that feeling powerful was related to feeling in control of their financial future.
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But 95% of women agree that the financial services industry wasn’t built with women in mind.
Most of us know that saving money is important. But in addition to saving, investing your money is a key part of building a solid financial future. With that, it’s not surprising that a recent survey found that the overwhelming majority of women who invest feel more powerful.
We will explore how investing makes women feel and how you can build space in your budget for investing.
Most Women Feel More Powerful When They Invest
A recent survey by Ellevest found that 86% of women feel more powerful when they invest. Most survey respondents equated feeling powerful with feeling in control of their situation and better prepared for the future.
One survey respondent put it, “Investing consistently, even just a little, makes me feel stable and in control.” Another respondent wrote, “I love knowing I’m in control of my own future and taking steps to set myself up for success. It’s my version of self-care.”
How to Make Room for Investing in Your Finances
Investing for the future has tangible financial benefits, like the compounding effect that can grow your portfolio to unexpected heights over time. But it also has intangible elements attached, like the empowering feeling of being confident about your financial future.
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If you are ready to invest, getting started might be the hardest part. After all, you’ll need to find space in your budget to set aside for investments. Below are some ideas on how to help you make room for investing in your budget:
1. Cut back on unintentional purchases:
The most obvious solution is to cut back on your spending. If you have a habit of impulse purchases or pay for a litany of subscriptions you don’t use, make an effort to slash spending in those areas.
2. Reevaluate your big expenses:
While you can save a bit here and there by slashing unintentional spending, most Americans spend the largest portion of their budget on housing, transportation, and food costs. With that, the changes you make here could have a bigger impact on your budget. For example, trading in your vehicle for a more affordable ride or opting for a smaller apartment when your lease is up could free up hundreds of dollars in your budget.
3. Grow your income with a side hustle:
The reality is that there is only so much spending you can cut out of your budget. But the good news is that there is no limit to the amount you can earn. Some ways to boost your income include negotiating for a higher salary or picking up overtime hours. But building a side hustle might be the most rewarding way to grow your income.
As you brainstorm side hustle ideas, consider what services you can offer with the skills you already have or are interested in learning. For example, you could offer freelance graphic design services. Or you could offer pet-sitting services if you love dogs.
Depending on the side hustle you start, you might need a small business loan to get your idea off the ground. Explore the top small business loan options today.
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Tips for Investing
As you create space in your budget for investing, it’s time to move forward. Below are some tips to help you get started.
- Pursue matching dollars from your employer: If your employer offers a matching percentage, then do your best to hit that match. For example, some employers offer matching percentages to employees who contribute to their 401(k)s.
- Automate your investments: Choosing to invest month after month can be challenging. Consider automating your investment goals so that the funds are automatically invested on the schedule you have in mind.
- Don’t panic: The stock market rises and falls over time. Although tempting to sell when the market is going down, do your best to stick to your long-term investment plans.
The Bottom Line
Women often feel more powerful and in control of their financial futures when they invest. If you are interested in investing, don’t wait to move forward. Start by making space in your budget through spending cuts or growing a side hustle with a small business loan. Then funnel the newfound funds into an investment strategy that suits your unique situation.
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Sarah Sharkey is a personal finance writer with a Master's in Management from the Hough School of Business at the University of Florida. She enjoys helping people make better financial decisions and has written for numerous personal finance publications, including Money Under 30, Business Insider, and The College Investor. Sarah enjoys traveling, hiking, and reading when she is not writing.
