Gender equality and financial security

Saving your way to financial independence

09:17 26 July 2013

It would seem that the gender equality movement made great strides in Iceland four years ago as they elected their first ever female prime minister, prohibited strip clubs and have a high 70per cent of all post graduates being women.

However, Icelandic women continue to struggle against job stereotyping and are still “expected” to take on the major responsibility of taking care of the home and children.

This brings us to a dilemma of how to achieve financial independence.

Having a good job, something above the minimum wage could be a good start.  However, if you spend everything that you earn or worse spend more than what you earn, it will only be a matter if time when the small discrepancy each month could snowball into a big financial woe.

If this cycle becomes a way of life, you will be nowhere near achieving financial independence.
But even if you are just a minimum wage earner, there is a way to beat the odds but it will take great resolve, commitment, discipline and some sacrifices. Savings should be made a priority by everyone.

Pay yourself first, it has been often said, how, by putting a part of your earnings to a savings account, 10per cent of it at least. If you have extra time, you can take on extra jobs and put your earnings from that in your savings account as well. Every time you say no to unnecessary, frivolous expenses brings you closer to your goal of financial independence.

Learn ways of how you can wisely invest your savings so you can make your money start working for you. Study and compare interest rates and other investment facilities such as money market, fixed-rate bonds, ISA, etc. You could also use part of your savings to start a small business, if you have the heart and acumen for it.