5 Financial Glow-Up Tips for Living a Soft Life
Hello, Girlies. This one's for you, for my beautiful queens out there. For the past few days, a burning topic has been weighing on my chest, and I really wanted to delve into it and share my thoughts with you.
There's nothing quite like the connection we share as women. We understand each other better than anyone else and can share so many burdens. There's nothing like the support from like-minded ladies who genuinely wish each other the best in life. I mean, sometimes even our cycles synchronizes – that's incredible! I wish I had always felt as connected to my femininity as I do now, but unfortunately, it's only been in the last year or so that I've realized deeply how much I appreciate and need a profound connection with the purity of feminine energy and the inspiration I see in other women. I feel incredibly lucky to have some women in my life who truly inspire me to be my true, vulnerable, soft self – the one who smiles, wears pink, buys flowers, and strolls around a city in cute outfits, free of fear of judgment. This energy is so pure and beautiful that I made a big decision to protect it at all costs. I need to take the best care of it. And I wish all of you girls to find that soft spot (again) and enjoy the new spring inside your heart.
In that sense, I started to think about how we can protect ourselves and build ourselves up as women, also on practical and material levels. The soft life everyone talks about can only be worryless to the extent that we make it, so I have prepared some points for you to consider from my point of view as a financial advisor. Let's go!
1. Financial Independence: This one may seem crazy in this day and age, given that we live in a culture where it's pretty much normal to be financially independent and have your own money – but believe it or not, it's not a reality for everyone. Despite maybe having special arrangements with your partner, it's crucial to have some of your own money as well. Even if I were lucky enough to have an incredibly generous partner, relying solely on their willingness to take care of me financially brings nothing good in my eyes. You have to be able to take care of yourself and (God forbid!) leave if it doesn’t work out. You have to make sure that you learn how to deal with finances on your own and utilize your potential. Staying home, raising a family, or working part-time can be an incredible luxury, and a supporting partner is such a blessing in that case, but you should also not forget about the effect this has on the state retirement pension (I go deeper into it under point 3)! Be smart about discussing money with your partner, and make sure you are on the same page - a page that doesn’t end halfway through on your side...
2. Salary Negotiation and Pay Equity: Research has been done on why there are so few women in high positions, high-paying jobs, experiencing pay gaps, and so on. And of course, there are reasons like occupational segregation, motherhood penalties, unconscious bias, discrimination, and lack of pay transparency. But there is also one important key fact: on average, women tend to be more agreeable and are less likely to demand more at our workplace. Just like we like to talk about raising standards in the relationships around us, we should also be continuously evaluating and perhaps raising standards at our workplace. Have you ever directly asked for a bonus or a raise or if there is an option for you to maybe get certain services or costs covered by your employer? Or stood up for yourself in terms of working hours, holidays, etc.? Statistically, men do that more; they simply care less about what the reaction might be and who might think this and that. We can demand respect and a proper salary as well. Don’t be afraid to go somewhere where you are paid fairly and equally for the same job as your male colleagues.
3. Retirement Savings and Pension: Now, this is a big one for me, only because the more I know and the more I talk to other women, the more I see that this reality gets totally lost. And it is scary. Let's look at an example.
This is Stella (an alias I use when people anywhere outside of Slovenia don’t understand my name - which is often). Let's say she is an assistant, has two kids, worked 39 years (25 full-time and 10 years part-time), was on baby leave for 4, and started her pension at 65. Twice before, she also had a short period switching between jobs, but nothing major. Well, she earned 1,861.88€. And her pension (pretending everything stays the same and doesn’t worsen) will be (drum roll!): 1,226.24€.
That means 635.64€ less every month. 635.64€ she might need to actually keep up her living standard and pay the costs of a house, food, and transportation. Or even continue to pay off her debt. Or 635.64€ she might need to invest in her health or an assisting nurse as an older woman down the road. Or maybe 635.64€ she could use to relax at some point in life, as she might also not be able to work more if necessary. And according to the prognosis, this is actually the best-case scenario. So you can see that women have to take even better care of their retirement plans, and no one talks about it! Part-time working, studying, raising a family... those are all important factors in calculating the end result. Also - do you know how much pension the state owes you? None.
I know I am not happy with what I am seeing in my retirement prognosis; that is why I have a private retirement plan to cover the missing sum.
4. Investment and Financial Planning: Adding to point 3 – we need to have an investment plan, a clear concept to help us feel secure and make our money work for us. Budgeting, analyzing your wishes and dreams for the future, and creating a carefully curated financial concept – we need to start doing that without fear or insecurity. We need to take control. One of the main reasons I started to learn about those topics passionately was that I felt so hopeless and so powerless in that area. Luckily I found people around me who encouraged me to seek advice and invest in a consultation. I am happy to be at a place where I can also advise other wonderful women and help create a space where they feel comfortable sharing their future plans and help create a realistic plan for them to achieve all of them. Don’t be shy to take this step.
5. Work on Your Mindset Around Money: Whether any financial matter instantly gives you anxiety or you come from a background with deep, limited beliefs around money and what you deserve, like me, the most important thing is to try and reprogram your mindset around money. Why does it make you insecure? Why does it bring you anxiety and feelings of powerlessness? What can you do to feel financially safer in your life? Why do you feel like you don’t deserve to live a comfortable life? I would wish for every girl out there to be spoiling herself without the fear of an empty bank account at the end of the month and overloaded credit cards. I want you to feel free and light, and sorting and organizing your finances is a fun act of self-care and pampering. I want all women to flourish and live their soft life, believing they deserve everything – but mostly a peace of mind.
