How can women thrive when it comes to money values?

Wisdom in Borrowing , Honesty in Earning , Responsibility in Spending , Generosity in Giving , Self Control in Saving , Values & Money

As we celebrate women in August, we know that they face a unique set of financial challenges. How can women thrive when it comes to their money values?

Men and women often have different spending habits, so it doesn’t come as a huge surprise that our saving habits and values sometimes also differ. According to a 2023 study done by the Southern Africa – Towards Inclusive Economic Development programme, women earn approximately 78 cents for every R1 earned by men. This is despite the fact that women, especially in our country, carry the majority of the load that comes with supporting families.

Women and saving

When it comes to spending, saving, giving and borrowing, men tend to focus on putting money aside to grow over time whereas women focus on their and their loved ones’ immediate future.

According to Stats SA’s mid-year population estimates for 2022, the life expectancy for men is 60 and 65.6 for women. With this fact in mind, women need to be more conscious about how they plan their long-term savings.

Money values

A large majority of homes in our country are headed by women and research shows that women are likely to use their money wisely and for the good of others. So instead of investing in shares or long-term assets, for example, women would much rather take out funeral cover for themselves, their children and their extended family.

Living out your money values

When it comes to how we earn, spend, give, borrow and save money, we are all governed by a set of attitudes and behaviours. Here is how you can apply our five money values to your life and be financially ready for the future:

Honesty in earning

We all have choices to make when it comes to money and how we earn it. Earning money honestly involves making informed choices that align with our values, goals and circumstances. For many women, this often means navigating challenges such as the gender pay gap, balancing work demands with family time, and breaking through barriers to financial independence. One way you can ensure that you continue to earn money honestly is to continuously learn. The job market is constantly evolving, so keep your skills up to date. Take online courses, attend workshops, or pursue certifications to stay competitive.

If you find yourself in a position where you don't have much financial flexibility or the opportunity to take up short courses, you can dust off some of your golden oldies and rent them out. In many rural homes, our mothers and women in the community rent out warmers, pots and even plates to neighbours who are hosting events. You can rent out almost anything these days from clothing to your car, and even furniture. Your client base can be your immediate community or you can advertise this service on social media.

Responsibility in spending

Some studies suggest that women are emotional spenders or are driven by societal pressure to conform to certain standards of beauty, fashion and lifestyle, which can lead to overspending. Remember that it is important to adapt responsible spending habits that support your financial well-being and help you achieve your goals. Setting financial goals will help you achieve financial wellness. Split your goals into the following:

Short-term goals: These could include saving for a holiday, building an emergency fund, or paying off a specific debt.
Long-term goals: These might include saving for a home, retirement, or your children’s education. Break down these goals into manageable steps and integrate them into your budget.

Self control in saving

Saving money effectively requires a combination of discipline, planning and applying practical strategies (such as budgeting, taking out life cover and planning for retirement). A great example that even our great grandparents have used is the concept of stokvels or community savings clubs, such as grocery hampers. For years women have leveraged these as tools for financial empowerment, community building and economic resilience. There is so much power in saving as a unit, and stokvels often act as a safety net for members, providing financial support during emergencies.

Whether you are a single parent, single woman helping your extended family or a married woman who finds herself as the breadwinner, it's important to realise that you have to be intentional with the way that you stretch your rands.

Wisdom in borrowing

With the high cost of living, it’s not always easy to make it through the month, especially if you have a single-income household. Some of the ways to stay on track when it comes to finances include: Being aware of your money matters, setting a budget, having savings (no matter how little), setting money goals, building good credit, and minimising high-interest debt.

Generosity in giving

As women, we almost instinctively put the needs of others above our own, even our future plans. For example, a single mother will put her focus on how she is going to financially navigate her child's immediate financial needs (where they will go to school, what they will eat, wear or need for schooling, the neighbourhood that they will grow up in, etc.), but she might not necessarily think about her own retirement plans. Remember that even in our selflessness we need to plan for our own financial futures.

For more information and resources you can check our Values & Money course which helps us examine our attitudes, behaviour and values around each of the money values explored above.

Bonolo Mokua

Bonolo is a multimedia journalist and content creator at Heartlines. She has experience in online and radio media production and helps spread the Heartlines message on multiple platforms.