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<h2>Understanding Domestic Abuse</h2><p>November is Domestic Violence Awareness Month – an opportunity to spread awareness and provide resources to support victims and prevent further abuse.</p><p>Domestic abuse is a grave issue that affects many households. It can take various forms, including physical, emotional, and psychological harm. People often focus on the visible signs of abuse, but it's important to consider the financial aspect of abuse.&nbsp;</p><p>Financial abuse is occurs in 99% of domestic violence cases and is the silent weapon.&nbsp;</p><h2>So what is Financial Abuse?</h2><p>Financial abuse is a less visible form of control that can vary in degree and can be difficult to identify.&nbsp;By definition financial abuse is when an individual uses money, finances and resources as a means of excercising power and control over another.&nbsp;</p><p>Finanical abuse often creeps up and is very insidious. At first, it can be very considerate that your partner is taking care of all the financial needs, paying the bills and making all the daunting decisions.&nbsp;</p><p>If your partner however controls every bank account, every credit card, all the investments and makes all the decisions, it is very very easy to end up being coerced.&nbsp;</p><h3>Common Signs of Financial Abuse</h3><p>Recognizing financial abuse is crucial in addressing the issue. Some signs include:</p><ul><li><strong>Control Over Finances:</strong> Your partner controls all the finances such as bank accounts, credit cards and income and you have little or no access to these resources.&nbsp;<br></li><li><strong>Limited Access to Money:</strong> You have to ask for money and your partner controls how much you recieve. You may only get small allowances for basic needs.</li><li><strong>Monitoring Spending:&nbsp;</strong>Your partner scrutinizes and critizices your spending, even on necessities.&nbsp;</li><li><strong>Forbidding Employment or Education:</strong> Your partner discourages or prevents you from working or furthering your education, making you financially dependant on them.<br></li><li><strong>Forced Debt:</strong> Your partner pressures you to take on debt or use your name to accrue debts without your knowledge or consent.&nbsp;</li><li><strong>Forced Signatures</strong>: You are forced to sign financial documents without understanding them</li><li><strong>Witholding Information:</strong> They hide financial information from you, such as account statements, bills, or tax returns making it difficult for you to understand your financial situation</li></ul><h2>The Impact on Victims</h2><p>Financial abuse is one of the most powerful methods of keeping a survivor trapped in an abusive relationship and deeply diminishes the victim’s ability to stay safe after leaving an abusive partner.&nbsp;</p><figure id="figure-opmycgikjhm31w4ywg"><img id="opmycgikjhm31w4ywg" src="https://media.gettyimages.com/id/1301336028/photo/handcuffs-in-shadow-light-with-diamond-wedding-rings-and-possible-jail-for-domestic-violence.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=_pgvWyJiPH8PSSOXBITLDQZO4eZP0pk9q-le5_W8aKI=" alt="Handcuffs in Shadow Light with Diamond Wedding Rings and possible Jail for Domestic Violence" title="Handcuffs in Shadow Light with Diamond Wedding Rings and possible Jail for Domestic Violence" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="undefined" data-positiony="undefined" data-fullwidth="false" data-mce-src="https://media.gettyimages.com/id/1301336028/photo/handcuffs-in-shadow-light-with-diamond-wedding-rings-and-possible-jail-for-domestic-violence.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=_pgvWyJiPH8PSSOXBITLDQZO4eZP0pk9q-le5_W8aKI=" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure><h3>The dilemma often becomes: Either risk staying in an abusive relationship or risk losing finanical security, becoming homeless and facing poverty.</h3><p>For those who manage to escape the abuse and survive initially, they often face overwhelming odds finanically and <span style="font-family: inherit; font-size: calc(18px * var(--body-fontSize, 1)); font-weight: inherit; font-style: var(--body-fontStyle, normal); background-color: rgba(249,250,251,var(--tw-bg-opacity));" data-mce-style="font-family: inherit; font-size: calc(18px * var(--body-fontSize, 1)); font-weight: inherit; font-style: var(--body-fontStyle, normal); background-color: rgba(249,250,251,var(--tw-bg-opacity));">is the #1 reason victims often return to abusive relationships.</span></p><p><span style="font-family: inherit; font-size: calc(18px * var(--body-fontSize, 1)); font-weight: inherit; font-style: var(--body-fontStyle, normal); background-color: rgba(249,250,251,var(--tw-bg-opacity));" data-mce-style="font-family: inherit; font-size: calc(18px * var(--body-fontSize, 1)); font-weight: inherit; font-style: var(--body-fontStyle, normal); background-color: rgba(249,250,251,var(--tw-bg-opacity));"> Ruined credit scores, sporadic employment histories, lack of knowledge or resources, and legal issues caused by the abuse make it extremely difficult to gain independence, safety, and long-term security.</span></p><h3>Steps to Break the Cycle of Financial Abuse</h3><p>Breaking free from financial abuse requires careful planning, education support. Taking the first steps to break free of financial abuse may seem scary, but you don’t have to do it alone. Here are some steps you can take:</p><ol><li><strong>Open a separate bank account for personal use</strong>- even if you don't have much money yet to put in the account, this is the first step.<br></li><li><strong>Gather important documents and keep them safe</strong></li><li><strong>Speak to a professional: </strong>whether an advisor, a coach or a trusted family or friend, reach out for help.&nbsp;</li></ol><h2>Support and Resources</h2><p>Support networks play a vital role in helping victims. Friends, family, and professionals can offer guidance and resources. It's important to reach out and ask for help.</p><p>Here at FemFinancial we exist to ensure women everywhere have the knowledge and resources to avoid these situations or help them get out of an abusive situation.&nbsp;</p><p>We all know someone who has been affected and it is important we spread awareness and support one another.&nbsp;<br><br>Please feel free to book a free <a data-mce-href="https://calendly.com/femfinancial/personal-finance-discovery-call" href="https://calendly.com/femfinancial/personal-finance-discovery-call" target="_blank" rel="noopener">call</a> to get some support with financial planning or share with someone who may need support. </p><p>Knowledge is power. Power is choice. Choice is Freedom. <br>Let's help prevent and stop domestic violence together.&nbsp;<br><br><br></p>

The Connection Between Domestic Violence & Financial Abuse

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<h2>Understanding the Basics of a Roth IRA</h2><p>A Roth IRA is a type of retirement savings account that offers tax-free growth and tax-free withdrawals in retirement. Unlike traditional IRAs, contributions to a Roth IRA are made with after-tax dollars. This means you pay taxes on the money before you deposit it into your account.</p><p>People often choose Roth IRAs for their flexibility and tax benefits. It's important to understand how these accounts work before deciding if they are right for you.</p><p>A Roth IRA is an account type, not an automatic investment. Contributing is just the first step. If you want to build wealth over time, you also need to invest that money- which I will break down in this guide!</p><figure id="figure-0xlzn3zmocm23va098"><img id="0xlzn3zmocm23va098" src="https://media.gettyimages.com/id/1200482681/photo/interior-and-decoration.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=J5P8afCVyH8DZtQZBqaYE8ya-8tMTcvX4qCOJBHqfLg=" alt="Interior and Decoration" title="Interior and Decoration" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="null" data-positiony="null" data-fullwidth="false" data-mce-src="https://media.gettyimages.com/id/1200482681/photo/interior-and-decoration.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=J5P8afCVyH8DZtQZBqaYE8ya-8tMTcvX4qCOJBHqfLg=" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure><h3>Financially &amp; Mentally Prepare.</h3><p>Before you start investing, you need to make sure you are financially and mentally prepared. Here is a checklist to ensure you are ready:</p><p>- You have paid off high interest debt (anything over 8%)<br>- You have an emergency savings fund in place for unexpected expenses<br>- You are NOT seeking instant gratification<br>- You are patient &amp; understand investments take time to grow</p><p>If you have checked all these boxes, you are ready to open a ROTH IRA &amp; start investing!</p><h3>1. Determine your Eligibility</h3><p>Not everyone can open a Roth IRA. Your eligibility depends on your income level and filing status. The IRS sets income limits that determine who can contribute to a Roth IRA each year. It's crucial to review these limits annually to ensure you qualify.</p><p>If your modified adjusted gross income (MAGI) is below $146,000 (single filers) or below $230,000 (married filing jointly), you can contribute the full amount the IRS allows to a Roth IRA — $7,000 for those under 50 and $8,000 for those 50 and older. At incomes above the limits, the amount you can contribute becomes smaller until you are no longer eligible.&nbsp;</p><h3>2. Choose a Provider &amp; Open your Account</h3><p>Many financial institutions offer Roth IRAs, including banks, credit unions, and investment firms. When choosing a provider, consider factors such as fees, investment options, and customer service. I encourage Vanguard, Robinhood, or SoFi as brokerage options!</p><figure id="figure-p065lqjdblm23va1ux"><img id="p065lqjdblm23va1ux" src="https://media.gettyimages.com/id/474938593/photo/investing-in-your-retirement.jpg?b=1&s=2048x2048&w=0&k=20&c=6amzW7_Jaj70njr5MrtocD6xgdzC1WSU0kpJE9fE3e4=" alt="Investing in your retirement" title="Investing in your retirement" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionX="null" data-positionY="null" data-fullWidth="false"/></figure><h3>Step 3: Choose an investment that aligns with your goals</h3><p>With a Roth IRA, you have a wide range of investment options. These include stocks, bonds, mutual funds, and exchange-traded funds (ETFs). Your investment choices should align with your risk tolerance and retirement goals.&nbsp;&nbsp;</p><p>Some providers offer Robo Investment Options which are a great option for beginner's looking to get started with a diversified and balanced option.&nbsp;</p><p>Index Funds and ETF's are a cost effective and a simple way for you to diversify without needing to do the work yourself!</p><p>For those with a long term time horizon (12+ years) a very common and great option in the US is the VOO: Vanguard S&amp;P 500 ETF.&nbsp;</p><h3>Step 4: Start Small and Automate your investment.</h3><p>After opening your Roth IRA, the next step is to fund it. I encourage setting up automatic regular contributions on a bi-weekly or monthly basis from your checking or savings account. This can help you stay on track, be consistent and take advantage of Dollar Cost Averaging.</p><p>If you're new to investing, start with a small amount of money. This allows you to learn, gain experience and easily get started. As you become more comfortable or start earning more, you can increase your investments!</p><figure id="figure-ywunijz5gem23va3q3"><img id="ywunijz5gem23va3q3" src="https://images.unsplash.com/photo-1544377193-33dcf4d68fb5?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwyM3x8aW52ZXN0bWVudC1mdW5kc3xlbnwwfHx8fDE3Mjg1OTkxMTJ8MA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" alt="investment-funds" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9;" data-mce-src="https://images.unsplash.com/photo-1544377193-33dcf4d68fb5?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwyM3x8aW52ZXN0bWVudC1mdW5kc3xlbnwwfHx8fDE3Mjg1OTkxMTJ8MA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" data-mce-style="aspect-ratio: 16/9;"></figure><h3>Step 5: Set It &amp; Forget It.</h3><p>Don't obsess- set it &amp; forget it.&nbsp;</p><p>The market will fluctuate, don't obsess and continuously try to time the market or get emotionally attached to the ups &amp; downs. You are investing for the long term!</p><h3>Step 6: Monitor, Adjust &amp; Build Momentum.</h3><p>Now I do encourage review your account at least once a year to ensure it aligns with your retirement goals and increasing your contributions if you have the ability to! It also helps you to build momentum and see how far you have come.&nbsp;</p><p>By following these steps, you can start building a secure financial future with a Roth IRA. Remember, investing is a long-term journey! The earlier you start, the better. &nbsp;</p>

Getting Started with a Roth IRA: Your 6-Step Guide

Mental Health Emotional Well Being Psychological Cognitive Personality

<h2>On this Mental Health Day, let's take a moment to recognize the relationship between our finances &amp; mental wellbeing.<br></h2><p>Worrying about money can affect our mental wellbeing and our ability to manage money can be affected by our mental health.</p><p>Many people experience financial stress at some point in their lives regardless of their economic status. According to FP Canada 2024 Financial Stress Index, 38% of Canadians say financial stress has caused anxiety, depression and/or mental health challenges.</p><p><span style="font-family: inherit; font-size: calc(18px * var(--body-fontSize, 1)); font-weight: inherit; font-style: var(--body-fontStyle, normal); background-color: rgba(249,250,251,var(--tw-bg-opacity));" data-mce-style="font-family: inherit; font-size: calc(18px * var(--body-fontSize, 1)); font-weight: inherit; font-style: var(--body-fontStyle, normal); background-color: rgba(249,250,251,var(--tw-bg-opacity));">It can stem from various sources such as debt, unexpected expenses, rising cost of living, job uncertainity, or layoffs. This stress can have a profound impact on your mental health.&nbsp;</span></p><figure id="figure-ekxymhfi9em23kbcvl"><img id="ekxymhfi9em23kbcvl" src="https://images.unsplash.com/photo-1564121211835-e88c852648ab?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwxNnx8ZmluYW5jaWFsLXN1cHBvcnR8ZW58MHx8fHwxNzIzMDczNzgzfDA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" alt="don't give up. You are not alone, you matter signage on metal fence" title="don't give up. You are not alone, you matter signage on metal fence" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="null" data-positiony="null" data-fullwidth="false" data-mce-src="https://images.unsplash.com/photo-1564121211835-e88c852648ab?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwxNnx8ZmluYW5jaWFsLXN1cHBvcnR8ZW58MHx8fHwxNzIzMDczNzgzfDA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure><h3>The Impact of Financial Stress on Mental Health</h3><p>Financial stress does not only affect your wallet; it can take a toll on your mental and overall well-being. Anxiety and depression are common among those experiencing financial difficulties. These conditions can make it harder to focus, work, and maintain relationships.</p><p>Moreover, financial stress can create a cycle of poor mental health and financial decisions. When you are stressed, you are more likely to make impulsive purchases or avoid dealing with financial problems, which can worsen your situation.</p><h3>Signs of Financial Stress</h3><p>Recognizing the signs of financial stress is the first step in managing it. Common signs include:</p><p><strong>Anxiety and Depression</strong><br>Financial stress can cause racing thoughts or even panic attacks about paying the next bill, fear of unexpected expenses, or dread of checking your bank account or thinking about the future.&nbsp;</p><p><strong>Difficulty Sleeping<br></strong>According to FP Canada 2024 Financial Stress Index, 49% of Canadians have lost sleep due to financial worries.&nbsp;</p><p><strong>Feeling Overwhelmed &amp; Avoiding Financial Matters<br></strong>Feeling like you can't keep up with your finances or you don't know where to start. You choose not to check bills or bank accounts, avoid talking about finances or making a financial plan.&nbsp;</p><p><strong>Social Withdrawal<br></strong>As financial stress develops, you might start withdrawing from social activities. Whether it's because you don't want to spend money, don't have the energy to participate, or don't want be around others who are&nbsp;<strong><br></strong></p><p><strong>Unhealthy Coping Methods</strong>, such as drinking too much, abusing prescription or illegal drugs, gambling, or overeating.&nbsp;</p><p>By recognizing the signs and effects of financial stress, you can take informed steps toward improving both your financial situation and your overall health.</p><figure id="figure-w1ge9z7zeam23kbdx8"><img id="w1ge9z7zeam23kbdx8" src="https://media.gettyimages.com/id/1159495308/photo/healthy-lifestyle-and-yoga-concept-close-up-hands-woman-do-yoga-outdoors-at-sunrise-in-lotus.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=mOky790W_HUBbxjFH3vZyZKri4Akv7cKQVlKYYLVWNs=" alt="Healthy Lifestyle and Yoga Concept. Close-up hands. Woman do yoga outdoors at sunrise in lotus position. Woman exercising and meditating in morning. Nature background." title="Healthy Lifestyle and Yoga Concept. Close-up hands. Woman do yoga outdoors at sunrise in lotus position. Woman exercising and meditating in morning. Nature background." class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="null" data-positiony="null" data-fullwidth="false" data-mce-src="https://media.gettyimages.com/id/1159495308/photo/healthy-lifestyle-and-yoga-concept-close-up-hands-woman-do-yoga-outdoors-at-sunrise-in-lotus.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=mOky790W_HUBbxjFH3vZyZKri4Akv7cKQVlKYYLVWNs=" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure><h3>Strategies to Manage Financial Stress</h3><p>There are several strategies you can use to manage financial stress. Here are a few steps you can take:</p><h3>1. Open Conversations.&nbsp;</h3><p>Sharing your financial concerns or talking about your money goals with trusted friends, family can provide emotional support and reduce feelings of isolation &amp; anxiety. You may prefer to speak confidentially to a financial advisor or coach to work out how you feel and get practical advice.&nbsp;</p><p>Remember, you’re not alone.</p><h3>2. Intentional Spending.</h3><p>Reflect on your spending habits. Are they aligned with your values? Practicing intentional spending can create a healthier relationship with money, leading to less guilt and more fulfillment. One practical step to managing your finances with greater intentionality is to create a budget/intentional plan for your money.</p><h3>3.&nbsp;Mindfulness.</h3><p>Consider starting a gratitude practice, journaling or finding practical techniques that fit into your daily routine that help you to be present &amp; reduce stress. By being aware of our thoughts and emotions, we can avoid being overcome by them and can manage them more effectively</p><h3>4. Movement.&nbsp;</h3><p>Our physical health often affects how we feel emotionally and mentally. Incorporating physical activity helps to reduce stress, regulate our nervous system, increase focus, &amp; boost energy levels. Walking is the most underrated form of exercise for our mental health!</p><h3>5. Education.</h3><p>Many of us did not learn about finances growing up (at least in the formal education system). So, we’re left to rely on ourselves, family and friends to put the pieces together.</p><p>Educating yourself about budgeting, saving, and investing can empower you and reduce feelings of helplessness. Knowledge is a key tool for improving both your finances and your mental health.</p><p>If you feel under informed when making financial decisions, you’re certainly not alone.&nbsp;<br><br>Check out some of our Free <a data-mce-href="https://femfinancial.ca/resources-and-tools" href="https://femfinancial.ca/resources-and-tools" target="_blank" rel="noopener">Resources</a> &amp; Guides to as a starting point learn more and feel financially confident!<br></p><h3>Let's work together to create a safe space where everyone has access to resources &amp; support for managing their financial &amp; mental wellbeing.</h3><p>Book a <a data-mce-href="https://calendly.com/femfinancial/personal-finance-discovery-call" href="https://calendly.com/femfinancial/personal-finance-discovery-call" target="_blank" rel="noopener">Free Discovery Call </a>to work out how you feel and get practical personalized advice and support.&nbsp;</p><p>Let's break the taboo! Share this with a friend who would benefit from a judgement free space to talk and learn about financial wellness.</p><p>Remember, your mental health matters and you are not alone.</p>

How Financial Stress Can Impact Our Mental Health—and Steps to Help Cope

Tea mug with warm scarf open book and apple

<p>Days are getting shorter, leaves are changing colour and we are often spending a little more time indoors as it gets a little colder.. Odds are we are experiencing some changes in our physical, mental, and emotional states. It's a great time for us to reflect inwards, take time to slow down, embrace change and set some good intentions to finish out the rest of the year strong.&nbsp;</p><p>This fall, take some time to slow down and incorporate financial wellness into your self care routine. When it comes to self care, we often think about our physical well being, mental wellbeing, bubble baths and pumpkin spice lattes to treat ourselves, but we tend to forget about financial self-care.</p><p>Practicing financial self-care means developing habits that work for you and reflect what you’re trying to achieve with your money. Regular financial self-care practices will help you work towards your financial goals and ease financial stress which affects our overall wellbeing.</p><p>Here are five simple ways to practice financial self-care this fall:&nbsp;</p><h2>Enjoy Lost Cost Activites</h2><p><br>Buy yourself the pumpkin spice latte, maybe not everyday (not just for financial reasons, but for health reasons), but a couple of $5.95 coffees isn't going to be the thing that changes your financial well-being.&nbsp;</p><p>With that being said, take this opportunity to enjoy low cost acitivities. Spending time on fall walks, enjoying time indoors reading a book, meal prepping food at home as opposed to eating out and not getting wrapped up into buying all new holiday decor!</p><figure id="figure-00wt3js4ffm1qmp7qz"><img id="00wt3js4ffm1qmp7qz" src="https://media.gettyimages.com/id/1274206925/photo/gorgeous-inviting-view-of-yellow-golden-color-autumn-forest-on-sunny-warm-great-day.jpg?b=1&s=2048x2048&w=0&k=20&c=3-fVT93R6yAPZMjH5umrgCtA6l4rxpmXH0_sNEJSCt4=" alt="gorgeous inviting view of yellow golden color autumn forest on sunny warm great day" title="gorgeous inviting view of yellow golden color autumn forest on sunny warm great day" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionX="null" data-positionY="null" data-fullWidth="false"/></figure><p><br></p><h2>Budget for joy + savings.</h2><p>As fall approaches, it's a good time to review your budget. Especially since we tend to have spent a fair bit more in the summer with travelling, kids out of school, wedding and patio season.&nbsp;</p><p>Look at your income and expenses and decide on an amount you would like to set aside for savings every time you get paid. Commit to transfering and saving that amount FIRST, and then calculate what amount is leftover for you to spend on yourself and the things that bring you joy!&nbsp;</p><h2>Journal + Reflect</h2><p>Do not wait for the new year to reflect on the progress of your goals and set new goals and intentions. Take some time to think about what financial accomplishments you are proud of so far this year and what you would like to change to finish out the year strong. Take a few minutes to download My <a data-mce-href="https://femfinancial.ca/resources-and-tools" href="https://femfinancial.ca/resources-and-tools" target="_blank" rel="noopener">Mindful Money Worksheet</a>&nbsp; and work through some reflective questions!</p><h2>Invest in your Financial Literacy</h2><p>Investing in your knoweldge is one of the best forms of self care. Make a list of finance books to borrow or check out from your local library. My recommendations include:&nbsp;<br><br>-The Pyschology of Money<br>-The Almanack Of Naval Ravikant: A Guide to Wealth and Happiness<br>-Girls Who Invest</p><p>Feel free to empower your financial journey with our free <a data-mce-href="https://femfinancial.ca/resources-and-tools" href="https://femfinancial.ca/resources-and-tools">guides</a> and worksheets—designed to help you build confidence &amp; clarity.<br></p><h2>Financially Prepare for the holidays<br></h2><p>Be kind to yourself and your bank account by approaching the holiday season, both mentally and financially, with intention. Talk with family and friends about how you might exchange gifts, and suggest other ways to celebrate without excessive gift giving. Create a budget and stick to it.&nbsp;<br><br>Seriously take out a pen and paper. Write out all the loved ones you plan on buying gifts for and start writing out a number or a gift idea (which will then give you a range) next to each person on your list. You should know how much you plan to spend and have available to spend well before the holidays. Then you can take advantage of Black Friday Deals and save money since you are prepared!</p><h3>If you need some help or accountability- don't be afraid to ask.</h3><p>This is a critical time to look after your mental and emotional health. The best thing that you can do is to take care of yourself, and know that it’s ok if you need help from others. Look into daily practices that you can implement on your own, and don’t hesitate to get help with your finances if you need to. Sometimes, we just need to talk about a few things out loud to a friend or a finance professional- <a data-mce-href="https://calendly.com/femfinancial/personal-finance-discovery-call" href="https://calendly.com/femfinancial/personal-finance-discovery-call" target="_blank" rel="noopener">Click here to Book A Free 20 Minute Personal Finance Call!</a></p>

Financial Self-Care Tips for the Fall Season

Closeup of woman looking directly at the camera

<p>How many women do you know that rely on the men in their lives to make all the big important financial decisions? To be the ones to save and invest for retirement? To be the ones to take care of them and the family financially? I imagine it's quite a few.&nbsp;<br><br>If you don't know many or you don't want to take my word for it, according to a 2022 TD Wealth for Women report, fewer than 20% of women manage their own finances.&nbsp;<br><br>To be even more clear, this is not just stay at home partners, or low income earners. A 2021 survey of high-net-worth individuals by UBS Group, a financial services firm, found that just one in five couples make financial decisions together. In addition, more than 8 in 10 women defer to their spouses because they believe they lack the knowledge.&nbsp;<br><br>Now, I realize these survey's are a couple of years old so I acknowledge the data is slightly outdated. Even amongst my inner circle along with the women I work with on a daily basis, I can confidently say the narrative is starting to change and there are more and more women stepping into the driver's seat of their finances.</p><p>With that being said, I am eager to discuss the importance of women having financial independence and taking charge of their financial futures, early.&nbsp;</p><h2>I love my man, but here are 5 good reasons why he is NOT my Financial Plan.</h2><p>The number one reason is he may not be around forever- but that is not the only reason. Number 5 is my favourite, which is often overlooked.</p><figure id="figure-ymnw9uasmm1jn83o1"><img id="ymnw9uasmm1jn83o1" src="https://media.gettyimages.com/id/923588318/photo/super-business-woman-on-mountain.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=EtYzRvVna211__CbcMuyCaN6eUkc2Ej8RZ0Ejwo9K1c=" alt="super business woman on mountain" title="super business woman on mountain" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: undefined undefined;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="undefined" data-positiony="undefined" data-fullwidth="false" data-mce-src="https://media.gettyimages.com/id/923588318/photo/super-business-woman-on-mountain.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=EtYzRvVna211__CbcMuyCaN6eUkc2Ej8RZ0Ejwo9K1c=" data-mce-style="aspect-ratio: 16/9; object-position: undefined undefined;"></figure><h3><br>#1 The reality of death or divorce.</h3><p>Growing up, my dad always used to tell me nothing in life is guaranteed (except death &amp; taxes). I want to make sure I am prepared if something happens. Yes, I love and trust my partner, and he is incredibly health conscious with a great chance of outliving me, but life throws everyone curveballs and statistics are statistics:<br></p><p>- 40% of marriages in Cananda end in divorce (Statistics Canada)<br>- the average lifespan for women is 7 years longer than men (Harvard Health, 2020)<br></p><h3>#2 He could get sick or injured.</h3><p>If my partner gets sick or injured, his income could drastically change overnight. I have heard tragic stories over and over again about the impact of disabilities or long term illnesses affecting families that were not financially prepared.&nbsp;</p><p>I refuse to rely solely on my partner for our financial future and planning, as our quality of life could change dramatically very quickly or I may be forced to take over decisions &amp; responsibilities and I don't want to be left lost as to where to start.</p><h3>#3 I don't want money to be the source of any of our problems.&nbsp;</h3><p>I don't want to fight over money, or control over money or have to ask my partner for permission to spend money. When it comes to financial responsibilities I want to work as a team while still having my own independence.&nbsp;<br></p><p>According to a study done by Simplii Financial in 2024, 46% Canadians, aged 18-34 say money is a major source of stress in their relationship. and that breaks my heart.&nbsp;</p><h3>#4 I am just as capable of making financial decisions as he is.</h3><p>What hinders us in making decisions is our confidence. We tend to feel less confident about money, despite being highly educated and highly proficient in our areas of expertise.&nbsp;</p><p><strong>Men are not better investors or better at managing money than us. Being "good" at money is not some gene that we are born with.&nbsp;</strong></p><p> It is just that for generations we have typically watched the men in our lives manage the money and be the majority in positions of power in influential financial companies, the financial advisors at traditional bank or have degrees in finance and economics.&nbsp;<br><br>We are just as capable of learning the basics of financial literacy and managing our own dime!</p><h3>#5 If we work as a team towards our financial plan, we are more likely to reach our goals and spend more quality time together.</h3><p>...After all isn't that the goal?&nbsp;</p><p>Working together allows us to hold eachother accountable, have different prespectives, support eachother in difficult financial situations and be on the same page with our dream goals.</p><p>I encourage you to love your man, but take care of your own financial plan.</p><h3>So What Do I Do To Take Control?</h3><p>You commit to learning and talking about money! Take a look at some more reads on my <a data-mce-href="https://femfinancial.ca/blog" href="https://femfinancial.ca/blog">blog</a>, download some of my simple step-by-step-<a data-mce-href="https://femfinancial.ca/resources-and-tools" href="https://femfinancial.ca/resources-and-tools">guides</a>, and feel free to book a Free Personal Finance Discovery <a data-mce-href="https://calendly.com/femfinancial/personal-finance-discovery-call" href="https://calendly.com/femfinancial/personal-finance-discovery-call">call</a>!&nbsp;</p>

5 Reasons why your man should NOT be your Financial Plan.

Young woman sitting on the grass drinking coffee and reading a book enjoys outdoor recreation.

<h2>Social media can often make us feel like we're financially behind.&nbsp;</h2><p>Many people worry about their financial situation often feeling as though they are not doing well enough or are "behind" the average person. The reality is, we are often doing better than we think.</p><p>Check in on your financial health with these 5 financial statistics below. I hope these statistics remind you that you are doing better than you think or give you some comfort that you are not alone.&nbsp;</p><figure id="figure-oalc2nrudvm1b3erer"><img id="oalc2nrudvm1b3erer" src="https://media.gettyimages.com/id/1200482681/photo/interior-and-decoration.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=J5P8afCVyH8DZtQZBqaYE8ya-8tMTcvX4qCOJBHqfLg=" alt="Interior and Decoration" title="Interior and Decoration" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="null" data-positiony="null" data-fullwidth="false" data-mce-src="https://media.gettyimages.com/id/1200482681/photo/interior-and-decoration.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=J5P8afCVyH8DZtQZBqaYE8ya-8tMTcvX4qCOJBHqfLg=" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure><h3>1. You have $5000 or more in savings.&nbsp;</h3><p>Savings is the foundation to financial wellness. The Motley Fool Ascent survey found that 71% of people have $5000 or less in savings, with 41% having $500 or less set aside.&nbsp;<br><br>If you don't have $5000, but you have started setting aside funds in an emergency savings account, you are winning. Stay the course and keep building your financial safety net!</p><h3>2. You have $4k or less in credit card debt.&nbsp;</h3><figure id="figure-7xtckah7gm1b3estx"><img id="7xtckah7gm1b3estx" src="https://cdn.durable.co/blocks/6SYoAV8Ikz3dhHxImnlfOr6cOY9dEq1CEDrQWzoliTGbmzr2qPVQDohuQWmj6qAP.jpg" alt="debt management" title="debt management" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="null" data-positiony="null" data-fullwidth="false" data-mce-src="https://cdn.durable.co/blocks/6SYoAV8Ikz3dhHxImnlfOr6cOY9dEq1CEDrQWzoliTGbmzr2qPVQDohuQWmj6qAP.jpg" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure><p>If you carry credit card debt, you're far from alone.&nbsp;<br><br>According to Transunion, the average credit card balance for Canadians at the end of 2023 was $4265.&nbsp;<br><br>Make sure you have a consistent plan to take the outstanding credit card debt that you do have. Paying off high interest debt is crucial.&nbsp;</p><h3>3. Not a homeowner &amp; feeling behind?</h3><p>Don't stress.&nbsp;</p><p>The average age of a first time home buyer in Canada is 36 years old.&nbsp;<br><br>Data shows that 31 percent of first-time homebuyers have received financial help from family members so far in 2024 with the average amount of money they received rising to $115,000.&nbsp;<br><br>If you are independently saving for your first home, it is going to take a little longer. Keep it up and don't get down on yourself. And make sure you are taking advantage of the First Home Savings Account (FHSA) in Canada.&nbsp;</p><p>And remember if you don't want to be a homeowner, that is perfectly okay.&nbsp; A home is not the only way to build wealth.&nbsp;</p><figure id="figure-oth9kokzigm1b4mexq"><img id="oth9kokzigm1b4mexq" src="https://media.gettyimages.com/id/821895542/photo/house-key-in-hand.jpg?b=1&s=2048x2048&w=0&k=20&c=myr5u0AK3Cpe8jTnpmkCS9V4P6ho6_s_acjZ7qzOjv4=" alt="House key in hand" title="House key in hand" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionX="undefined" data-positionY="undefined" data-fullWidth="false"/></figure><h3>4. You don't have a car payment.</h3><p>Paying interest on a depreciating asset that becomes less and less valuable over time is not recommended.&nbsp;<br><br>The average car loan interest rate in Canada according to Statistics since 2023 has been 8%.&nbsp;<br><br>If you have a used or new car that you bought without a loan or financing, you are doing well!<br><br>If you don't have a car, you are in a unique position to save or invest the amount that you save by not spending on fuel, insurance and car payments. Take advantage!<br><br>If you are financing with a better rate than 8%, that is a win too!</p><h3>5. You have invested your first $100.&nbsp;</h3><p>Consistent investments are another key indicator you're better than you think financially, no matter how small.&nbsp;</p><p>According to recent studies, 48% of working Canadians put at least some money into investments, however 32% of working Canadians have never set aside money for retirement (saving or investing).&nbsp;</p><p>The earlier you start investing in your future, the better.&nbsp;</p><h2>You may be doing better than you think, but if not, you are not alone.&nbsp;</h2><p>Many people are doing better financially than they think. By building an emergency fund, paying down debt, saving for the future, tracking your net worth, and living within your means, you can gain a clearer picture of your financial health.</p><p>Remember, financial planning is a journey. Celebrate your progress and keep working towards your goals. Dream big, save often and come up with a financial plan that works for you and makes you feel good.&nbsp;<br><br></p>

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