On Wednesday 6th March, we attended the Financial Freedom for Women in Cornwall, where our MD, Laura Whyte, spoke about our passion for helping people take control of their finances.
There’s an old saying: burying your head in the sand won’t make problems disappear. And when it comes to finances, avoidance can only make things worse, or it can simply mean you aren’t benefiting from things you’re missing.
The good news?
With the right knowledge and tools, financial independence is within reach.
So, let’s tackle things with Laura’s tips for financial freedom, and control.
Firstly, a bit of background.
Did you know that only 18% of High Growth Enterprises are women-led? And that’s with the definition being just one woman in three main roles and a 25% shareholding!
The financial world is still male-dominated and we’re here to change that.
Women deserve equal access to financial education, opportunities, and business growth.
So, here are some ways to get to grips with your finances.
Confidence can sometimes stand in our way, but here, you’ll hopefully find the tools you need to get started…
Planning for the future: essential milestones
Understanding key financial milestones can help you plan for the future.
Are you planning on starting a family, or looking further ahead to retirement? It’s important to look at statutory pay, investments, and retirement.
Know your pension age
- State pension age: currently 66, rising to 67 in 2026.
- Private pensions: accessible from 55 now, increasing to 57 in 2028.
- Check your pension details: GOV.UK – State Pension Age
Budgeting and cash flow management
Taking control of your money starts with knowing where it’s going.
- Use more than one bank account to separate spending, savings, and bill: This prevents overspending and ensures your essentials are covered first.
- Track your expenses with budgeting apps: helping you make small changes in spending that will add up over time.
- Make a spending plan that aligns with your income and financial goals: knowing where your money goes puts you in control, rather than your finances controlling you.
Debt or credit health: good debt vs. bad debt
Good debt: helps build wealth, like mortgages and business loans
Bad debt: things that have high interest and can quickly spiral out of control, like high-interest credit cards or payday loans.
For further reading about how to tackle debt, click here for our blog post ‘How to tackle stubborn debt’.
Improve your credit score
A good credit score isn’t just a number, it’s the key to showing lenders you’re reliable, opening doors to more and better financial opportunities.
How to improve it?
- Pay bills on time: this has a huge impact on your credit history.
- Keep credit usage low: avoid maxing out credit cards.
- Check your credit report regularly.
Tax essentials everyone should know
Tax really doesn’t have to be intimidating!
- Understand your tax obligations: whether you’re an employee, freelancer, subcontractor, or business owner, knowing what you owe (and when) keeps you ahead of deadlines… and potential fees!
- Payment plans are available: if you’re struggling with tax payments, HMRC offers Time To Pay. Don’t be afraid of contacting them!
Common mistakes to avoid
- Check your tax code: are you paying the right amount?
- Know your benefits: are you missing out on tax credits?
- Not having health and life insurance: this is a non-negotiable for financial security
To stay on top of your taxes, and making sure you know the when, what, and how, set up your Personal Tax Account on the gov.uk website: GOV.UK – Personal Tax
Retirement and tax-efficient investing
The earlier you can start planning, the better!
- Pensions and ISAs: these allow you to save money tax-free, take advantage on them!
- SEIS and EIS: tax relief for investors and business owners.
- Get a financial advisor: they can help you make the most of tax-saving strategies and investments.
Keep learning
This is a journey, not a one-time lesson. It’s always better to keep improving your knowledge. We recommend:
- Networking and social media: follow finance experts on Instagram and LinkedIn for bite-sized advice.
- Listen to finance podcasts: learning doesn’t have to be boring
- Read the Rose Review: the latest (and last) report (from 2023) on female entrepreneurship, filled with insights and progress updates: Rose Review 2023
Financial freedom isn’t just about earning more money, it’s about making smarter choices with the money you have.
By understanding the fundamentals of budgeting, debt, taxes, and investing, women in Cornwall (and beyond!) can build a more secure future and actually feel empowered about their finances!
Here is a breakdown of your ‘to do list’ to get on your way to controlling your finances:
YOUR TO DO LIST
- Set up your Personal Tax Account: track your National Insurance, tax code, and benefits
- Use a spending tracker: seeing the numbers might be scary, but it’s absolutely essential.
- Get health and life insurance
- Start a pension: even if it’s tiny, the sooner you start, the better.
- Have a financial advisor on hand …and save their number!
- Open at least one more bank account… or 10!: Separate accounts help manage spending.
- Make a plan and set some goals: knowing what you’re working towards keeps you motivated.
As always, we’re here to help.
Get in touch with us to talk through anything mentioned, and keep an eye on our socials for updates, information, and tips.
Give us a call on 01872 267 267, email us contact@whyfield.co.uk, or message us on WhatsApp 0777 49 39 111
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