Women and money: How to build financial freedom

The challenge of financial freedom for women

Financial freedom means having the power to support yourself without relying on anyone else—a goal that comes with unique challenges for many of us. From the gender pay gap to financial dependency within relationships and cultural biases, there are real hurdles that make this journey tougher than it should be.

Despite progress, the reality remains: women, especially those from marginalised backgrounds, often earn less for the same work. Many also find themselves in financial situations where major money decisions are made by a partner or family members. But here’s the good news—gaining control over finances isn’t just possible, it’s empowering. Whether you're starting from scratch or looking to level up, taking small, consistent steps can help create a secure and independent future.

Steps to achieve financial freedom

Step 1: Take a clear look at your finances

The first step towards financial freedom is understanding where you stand. Take a deep dive into income, expenses, savings, and any debt. Free tools like Plum and Snoop make tracking money easy and stress-free.

If things feel overwhelming—maybe you're juggling bills as a single mum, working with a low income, or trying to break free from financial stress—start small. Even a simple spreadsheet or a notebook can help bring clarity.

Step 2: Create a budget that works for you

Contrary to what you might think, a budget isn’t about restriction: it’s about freedom. When you know where your money is going, you can spend it with confidence. One of the simplest approaches is the 50/30/20 rule:

• 50% for necessities (rent, bills, groceries)
• 30% for personal spending (entertainment, hobbies)
• 20% for savings and debt repayment

For anyone looking to avoid overspending, prepaid credit cards (like PCS, paysafecard, and Neosurf) can be a game-changer. They allow you to load a set amount of money and prevent going over budget—perfect for taking control without the risk of debt.

Smart spending: Making every pound count

Being mindful of spending doesn’t mean missing out on what you love. Here are some simple ways to keep spending in check:

• Pause before buying: Give yourself 24 hours before making non-essential purchases.
• Use apps to track spending: Real-time tracking helps stay accountable.
• Shop smarter: Compare prices, use discount codes, and take advantage of cashback deals from apps like TopCashback and Quidco.

Gift cards and prepaid cards also help stick to a budget. They let you allocate a set amount for shopping or entertainment without the temptation of overspending.

Investing and passive income: Growing wealth on your terms

Saving is important, but building wealth is what truly creates financial freedom. If investing sounds intimidating, start small with options like:

• Mutual funds and ETFs, which spread out risk while growing money over time.
• Micro-investing apps, like Moneybox, that round up purchases and invest spare change.
• Side hustles and passive income streams, like renting out a room on Airbnb, selling digital products, or investing in dividend-paying stocks.

Even small contributions can grow over time. The key is to start where you are and keep building.

Overcoming barriers: Pushing past financial challenges

Money struggles aren’t always about numbers—there are real barriers that make financial freedom harder to reach. But there are ways to push through:

• Close the gender pay gap by researching salaries, negotiating raises, and knowing your worth.
• Find financial education resources through online courses, books, and podcasts tailored to UK audiences, such as The Money Podcast and The Money Edit.
• Break financial dependency by setting personal goals, building a support system, and taking control of financial decisions.

Confidence is the key to financial freedom

Financial freedom isn’t just about numbers—it’s about mindset. Seeing money as a tool for empowerment changes everything. Surrounding yourself with positive influences, learning from other financially independent women, and staying curious about money management can make all the difference.

Want some inspiration? Check out books and podcasts that focus on women’s financial empowerment, or join online communities where like-minded women share advice and support.

Take charge of your financial future
No matter where you are right now, financial freedom is within reach. By taking small, intentional steps—whether it’s setting up a budget, investing a little, or shifting your mindset—you’re building a future where you call the shots. And that kind of freedom? It’s priceless.