Cloete gives tips on finding your financial superpower:

Empower yourself: [Take] advantage of the many educational resources that are freely available. Whether you read personal finance blogs and books, or listen to podcasts, increasing your financial knowledge can help you to become more confident that your budgeting, saving, and investing decisions support both your immediate needs and long-term goals.

Build an emergency fund: Unexpected medical bills, car repairs, and essential appliance breakdowns can strike at any time. Creating a financial safety net will help you to deal with these emergencies without impacting on your monthly budget so, even if you start small, start putting money into a high-interest, tax-free savings account, or a similarly efficient investment plan, every month.

Get ahead of rising education costs: Start saving as early as you can for your children’s education – because costs are increasing dramatically. According to Stats SA, the cost of school fees increased by 5,0% in March, outstripping inflation by more than 2%. Consider education savings plans, tax-free savings accounts, or even investing in low-risk funds to make sure that your children have access to the best opportunities in the future. And remember, the earlier you start, the more you will save.

Draw up a valid will: Your will states your wishes for the guardianship of minor children, and dictates how your assets should be distributed. Without a will, the state decides how your estate is divided, which can lead to delays, disputes, or unintended outcomes. When it comes to guardianship, the surviving parent is the legal fallback but appointing someone else in your will, especially if you have concerns about the surviving parent’s ability to care for your children, ensures that your children are placed in the care you have chosen.

Work with an adviser: Partnering with a qualified financial adviser is one of the best decisions you can make as a female breadwinner. The right adviser can help you to draw up a budget that works, find the right insurance and investment options, and plan for your long-term goals, ensuring that you do not just get by every month but that you flourish. Choosing an adviser who understands your needs, risks, and budget can help you to build a solid financial future for you and your family.

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