How to Be The First Financially Savvy Woman in Your Family - Breaking the Chains of Poor Money Management

“In a family, you take on each other's problems and joys differently, and more intensely. The amplitude - and the undulation of the family - is different from the people you just generally bump into on the street, because you're chained together. And what happens if you break that chain? In almost every family that I know, someone has escaped, set themselves free, tried to run away - whatever what you want to call it. And often, they are made more conspicuous by their absence." - Mary Kay Zuravleff

Insights from a Certified Money Coach:

Let’s be real for a minute. If you’re reading this, you might feel like you’ve been dealt a tough hand when it comes to money. Maybe you didn’t come from wealth? Perhaps you didn’t have a strong financial role model growing up - someone to show you the ropes, explain investing, or demonstrate how to build wealth strategically. For SO many women over 40, that’s the story. You’ve worked hard, maybe juggled a career with raising children and you’ve built a life. But deep down, you know you could be doing more to secure your financial independence.

If that’s you, let me assure you: you are not trapped by the circumstances of your family’s past.

You can be the first financially savvy woman in your family.

Yes, you!

It might feel like there’s this invisible ceiling hanging over your head, but I promise - it’s breakable.

The keys to shattering it lie in making intentional choices, setting clear goals and learning a few savvy money strategies that can literally change your life.

Whether you're looking for a beginner investment, trying to muddle your way out of poor money management or just a girl with a dream of financial freedom - it truly is possible to create financial wellness, no matter where you come from!

Ready to break those intergenerational chains? Let’s dive in.

Why Money Stories Hold Us Back

First, let’s talk about something powerful: your money story. This is the deeply ingrained belief system you have about money, built from your family’s history, societal expectations and personal experiences. If your family struggled financially, you might have grown up believing that money is hard to come by, that saving is a fantasy, or that wealth is only for “other people.”

Many of us carry invisible financial baggage based on what we saw in our families: maybe your parents or grandparents lived paycheck to paycheck, always worried about bills, or never had the chance to invest in their futures. And when that’s the environment you’re raised in, it’s no wonder that you feel like financial success is always going to be just out of reach.

But here’s the exciting part: you don’t have to repeat that story. You can rewrite it. You can be the one who smashes through that glass ceiling, not just for yourself but for the future generations of women in your family.

Step 1: Acknowledge Your Money Story (Then Let It Go)

The first step to breaking intergenerational chains is acknowledging the story you’ve been living with.

What beliefs about money have you inherited?

Do you believe that you’ll always struggle?

That debt is inevitable?

That investing is too risky or complicated for someone like you?

Recognising these beliefs is essential.

Once you’ve done that, you can start challenging them.

Ask yourself: is this really true, or is it just something I’ve come to accept?

It’s time to let go of those limiting beliefs.

You are in control of your financial future - no one else.

Step 2: Set Clear Financial Goals

Once you’ve dropped the weight of past money stories, it’s time to chart your own course. The women who break free of financial stagnation are the ones who set clear, actionable goals. Don’t just say, “I want to be financially independent.” What does that mean to you?

Here are some questions to get you started:

What does financial freedom look like for you?

Is it retiring early?

Is it owning a home without a mortgage?

Is it having a financial plan for the future?

Maybe you plan to make a will?

What are your short-term financial goals?

Paying off debt, building an emergency fund, saving for a vacation or major life event?

What are your long-term goals?

Are you saving for retirement, planning to invest, or looking to start a side business?

Write these goals down and be specific. Give them numbers and timelines. The clearer your goals, the more intentional you’ll be about reaching them.

Step 3: Create a Plan for Success

You know your goals, but how do you actually get there? This is where strategy comes in.

Here are five simple steps to include in your financial game plan:

1. Start With a Budget: Yes, it’s the B-word, but budgeting is the foundation of any financial success. It’s not about restricting your spending—it’s about giving yourself the power to allocate your money toward what matters most to you. List your income, track your expenses, and see where your money is going each month.

2. Build an Emergency Fund: Life happens, and we all know that unexpected expenses can derail even the best financial plans. An emergency fund is your safety net. Aim for three to six months’ worth of living expenses in a high-yield (aka high-interest) savings account.

3. Attack Debt With a Plan: If you’re carrying debt (credit card, student loans, etc.), make it a priority to pay it off. There are different strategies you can use, such as the snowball method (paying off the smallest debts first) or the avalanche method (paying off debts with the highest interest rates first). Choose the one that works for you.

4. Start Investing—Even If It Scares You: If you want to build wealth, investing is a must. You don’t have to be Warren Buffett to start. Begin small, whether it’s through a retirement account, index funds, or working with a financial advisor. The earlier you start, the more time your money has to grow.

5. Automate Your Savings: One of the easiest ways to reach your financial goals is by automating your savings. Set up automatic transfers from your checking account to your savings or investment accounts each month. That way, you’re building wealth without even thinking about it.

Step 4: Don’t Let the Fear of Failure Hold You Back

Maybe you’re thinking:

“What if I mess this up?”

or

“I’ve tried budgeting before, and it didn’t work.”

Here’s the thing: no one is perfect with money.

Even the most financially successful people have made mistakes, and the path to financial freedom is rarely a straight line.

What sets financially savvy women apart is resilience. They learn from their mistakes, make adjustments, and keep going. The fear of failure doesn’t stop them - it fuels them to keep growing and improving. And that can be you! You can absolutely do the same.

If you backslide, dust yourself off and get back on track. Each step you take brings you closer to the financial independence you’re aiming for.

Step 5: Surround Yourself With the Right Support

One of the biggest factors in whether or not you’ll succeed is the company you keep. If you’ve never had a financial role model, now’s the time to find one. Surround yourself with people who will encourage you, hold you accountable, and share their knowledge.

This is where a money coach (like me!) can be invaluable. Imagine having someone in your corner who not only knows how to build wealth but who also understands your challenges and is dedicated to helping you overcome them. A money coach is like having a no-nonsense cheerleader as a guide on your financial journey - someone who helps you stay focused, motivates you when things get tough, and provides you with the strategies you need to succeed.

Real-Life Scenarios: How Women Break Free From Financial Limitation

Let’s look at some real-life scenarios that many women over 40 face—and how you can handle them like a pro.

Scenario 1:

You’re the First in Your Family to Go to College, but You’re Still Struggling With Debt

Maybe you thought getting a degree would set you up for financial success, but student loans are hanging over your head, and you’re finding it hard to get ahead. Don’t worry - you can still create wealth even while paying off student debt. Start by setting up a plan to tackle your loans while contributing small amounts to a retirement account or savings fund. Remember, progress is progress, no matter how slow.

Scenario 2:

You’ve Been Juggling Kids, Work, and Life, and You Feel Like You’re Always Playing Catch-Up

Balancing work and family can make it feel impossible to stay ahead financially. But you don’t have to sacrifice your future for your present responsibilities. Create a realistic budget that reflects your lifestyle, automate your savings, and make room for your own financial goals—even if it’s just a small amount each month. Remember, consistency is key.

Scenario 3:

You’re in an Industry That Doesn’t Support Women - But You Want to Build Wealth Anyway

Many women work in industries where they aren’t always given the same financial opportunities as their male counterparts. If that’s you, focus on what you can control: negotiating your salary, building multiple streams of income, and investing in your future. Don’t wait for someone else to hand you the financial opportunities you deserve—create them for yourself.

Step 6: Stay Focused on Your Vision of Success

Finally, remember that your financial journey is just that—a journey. It’s not a sprint. It’s about taking intentional steps, staying focused on your goals, and not letting setbacks define your success.

You have the power to be the first financially savvy woman in your family. You’re not trapped by the past, and you’re not limited by what you didn’t know before. The path to financial independence is clear - it’s just waiting for you to take that first step.

Ready to Rewrite Your Money Story?

If you’re ready to take control of your financial future, why not get the support you need to succeed? As a money coach for professional women, I’m here to help you break free from old money patterns, build the financial habits you need, and achieve the independence and success you’ve always dreamed of. Together, we can rewrite your money story and create a future filled with confidence, freedom and wealth.

Are you ready? Let’s get started!

While you’re here, be sure to snag my free workbook, Map the Gap.

It’s designed to make money goal setting a breeze - so easy and effective that it’s perfect for building into your regular routine. Even if you’re just dipping a perfectly polished toe into the world of Money Coaching, you’ll find it simple to dive in and get started. Trust me, the results will be so fabulous you’ll be amazed!

There’s nothing to lose except your fear of failure, so go ahead and grab your copy here.