Studies show that women, on average, retire with 35% less wealth than men, and only 23% of women feel confident about investing compared to 40% of men.

Growing your wealth isn’t just about how much you earn; it’s about making smart financial decisions and taking consistent actions to build long-term security. It’s a journey, not a quick fix. Whether you’re just starting or looking to take control of your financial future, here are seven key strategies to help you achieve financial independence.

1. Set clear financial goals

Why it matters: having specific and measurable financial goals gives you direction and motivation. Whether you want to buy a home, pay off debt, or retire early, setting clear goals keeps you focused and accountable.

Action steps:
✔️ Write down your financial goals and categorise them into short-term (0-2 years), medium-term (3-5 years), and long-term (5+ years)
✔️ Break them down into achievable milestones and track your progress
✔️ Use vision boards or financial planning apps to stay motivate

2. Create a budget and stick to it

Why it matters: a budget isn’t about restrictions – it’s about financial freedom. It helps you control spending, save more, and invest wisely. Women are often primary caregivers, and budgeting ensures that you’re planning for both present and future needs.

Action steps:
✔️ Track your income and expenses for a month to identify spending patterns
✔️ Follow the 50/30/20 rule: 50% for necessities, 30% for lifestyle, 20% for savings/investments
✔️ Use budgeting tools like YNAB (You Need a Budget), Mint, or Monzo for easy tracking

3. Build an emergency fund

Why it matters: 60% of women say they worry about unexpected expenses. An emergency fund prevents you from relying on credit cards or loans when life happens.

Action steps:
✔️ Aim to save 3-6 months’ worth of essential expenses
✔️ Automate savings into a high-yield savings account
✔️ Start small – even £10 a week adds up over time

4. Invest in your future

Why it matters: studies show that women are better long-term investors than men because they are more patient and risk-aware. However, many women avoid investing due to fear of making mistakes. The best way to build wealth is to get started!

Action steps:
✔️ Learn about stocks, bonds, index funds, and real estate as investment options
✔️ If you’re new, start with robo-advisors (Wealthify, Nutmeg, Moneybox) or workplace pensions
✔️ Consider investing in ESG funds (socially responsible investing) if you care about ethical investments

5. Pay off high-interest debt

Why it matters: debt can drain your finances, keeping you from building wealth. In the UK, women carry higher credit card balances than men. The sooner you tackle high-interest debt, the faster you can grow your wealth.

Action steps:
✔️ List all debts and their interest rates
✔️ Choose the Avalanche Method (pay off high-interest debt first) or Snowball Method (pay off the smallest debts first for motivation)
✔️ Consider debt consolidation to lower interest rates

6. Increase your income

Why it matters: the gender pay gap means that women need to be intentional about increasing their income. Whether through negotiation, side hustles, or career shifts, making more money accelerates your financial independence.

Action steps:
✔️ Negotiate your salary – women are less likely to ask for raises, but those who do earn 7% more on average
✔️ Develop multiple income streams (freelancing, consulting, rental income, online businesses)
✔️ Upgrade your skills through online courses or certifications in high-paying fields

7. Continuously educate yourself

Why it matters: financial literacy is a lifelong journey. 86% of women say they want to know more about managing money, but many don’t know where to start. The more you learn, the more confident and independent you become.

Action steps:
✔️ Read books like Money Mentor by Anna Brading or Your Money Life by Bola Sol
✔️ Listen to finance podcasts like From Roots to Froots for real money conversations
✔️ Follow personal finance educators on LinkedIn, Instagram, or YouTube

Case study: from struggling to thriving

Meet Sarah, a 36-year-old working professional who used to live paycheck to paycheck despite earning a good salary. She never learned how to budget, invest, or negotiate her salary. After attending a financial wellness workshop, she:

✔️ Created a budget that aligned with her lifestyle
✔️ Paid off £8,000 in credit card debt in one year using the snowball method
✔️ Started investing £200 per month into a Stocks & Shares ISA
✔️ Negotiated a £5,000 raise at work

Now, she’s on the path to financial independence, feeling more secure and empowered than ever before.

Final thoughts: take control of your wealth

Financial independence is possible for every woman – but it starts with action. You don’t need to have it all figured out today. Start small, be consistent, and watch your wealth grow.