Key Takeaways:
- Financial confidence starts with a plan. Set clear goals, break them into small steps and check in consistently to stay on track.
- Smart money habits help you grow and protect your wealth. From saving and investing to building multiple income streams, small changes add up.
- You don’t have to do it alone. Surround yourself with mentors, financial experts and supportive peers to stay motivated and make informed decisions.
Women’s History Month is the perfect time to focus on financial empowerment and the opportunities that come with it. Whether you’re working to pay off a home, start a business or plan for the future, smart financial moves help you feel more in control and confident.
This guide breaks down five simple steps to help you grow your money, protect what you’ve built and set yourself up for long-term success.
Step 1: Set Clear Financial Goals
Taking control of your finances starts with knowing what you want. When you have clear goals, making important money decisions feels easier and more intentional.
How to start:
- Decide what matters most: What’s your biggest financial priority right now? Maybe you want to pay off credit card debt, establish an emergency fund, save for a home or start investing for the future. Write it down and get specific — knowing your “why” helps you stay motivated.
- Make it manageable: Big financial goals can feel overwhelming, but breaking them into SMART goals — Specific, Measurable, Achievable, Relevant, and Time-bound — can make them feel more within reach. Instead of focusing on saving $5,000 all at once, set a goal to save $100 per week or $400 per month. Clear, structured steps help you stay motivated and make steady progress over time.
- Get accountability from friends or family: Share your financial goals with a trusted friend, family member or mentor. Having someone to check in with can help keep you on track and make the process feel more encouraging and rewarding.
- Check in on your progress: Your financial needs and priorities may shift, so it’s important to revisit your goals regularly. Set a calendar reminder to review your progress monthly. Adjust as needed to stay on track or to pivot when life changes.
The best way to reach a financial goal?
Make a plan, take small steps and stay flexible along the way.
Step 2: Build Your Financial Knowledge
Understanding how money works gives you the confidence to make smart financial choices. The more you know, the better prepared you’ll be to handle challenges, grow your savings and make your money work for you.
How to start:
- Get comfortable with the basics: Make sure you have a solid grasp of key financial habits like budgeting, tracking expenses and building an emergency fund. If any of these areas need attention, start by strengthening them so you have a solid foundation before tackling bigger financial goals.
- Understand your credit score: Your credit score affects everything from loan approvals to interest rates. Check your credit report regularly and look for ways to improve it, like making payments on time and keeping credit card balances low.
- Learn from trusted sources: Banks and community organizations often offer free resources like webinars, workshops and online courses. Take advantage of these to deepen your knowledge and get answers to common financial questions.
- Talk about money with people who are financially where you want to be: Discuss finances with friends, family, professionals or mentors who have strong financial habits and experience. Their insights can help you make informed decisions and stay on track toward your goals.
The more you know about money, the more control you have over your financial future.
Step 3: Fund Your Dreams
Your financial goals become more achievable when you have a plan to fund them. By setting up systems and habits, you can make steady progress toward what matters most to you.
How to start:
- Create goal-specific accounts: Open separate savings accounts or a flexible-rate CD for major financial goals, like a down payment, emergency fund or retirement. Seeing your progress in each account can help you stay motivated and on track.
- Automate your savings: Set up automatic transfers so money goes directly into your savings before you have a chance to spend it. Even small, consistent contributions add up over time.
- Use windfalls wisely: When you receive extra money — like a tax refund, bonus or unexpected cash — consider putting a portion toward your savings goals. These one-time boosts can help you get ahead faster.
When you make saving a habit, reaching your financial goals becomes easier and more rewarding.
Step 4: Create Financial Independence by Increasing Your Income
Maximizing your earning potential is a key step toward financial independence. Whether it’s through career growth, salary negotiation or new income opportunities, increasing what you earn gives you more flexibility to save and invest while building long-term security.
How to start:
- Invest in your skills to increase earning potential: Workforce development programs offer career training, certifications and skill-building opportunities that can help you qualify for higher-paying jobs or transition into a new field. Many programs are available throughout the country. For more information, check out resources like YOUR MONEY, YOUR GOALS: A financial empowerment toolkit by the CFPB.
- Avoid leaving money on the table at tax time: A tax professional can help you identify deductions, credits and tax-efficient strategies to ensure you’re not overpaying. Review your withholdings and adjust them as needed to free up more of your income to save, invest or put toward financial goals.
- Make your money work for you: Look into high-yield savings accounts or investment options that can help your savings grow over time. A financial advisor can help you consider options that align with your goals.
More income means more financial freedom—and more options for your future.
Step 5: Build a Support Network of Mentors and Financial Experts
Managing your money is easier when you have the right support system. Whether it’s trusted mentors, financial professionals or friends who encourage your progress, a strong network can help you stay motivated and make smart financial decisions.
How to start:
- Surround yourself with like-minded people: Connect with friends, colleagues or community groups that share your financial goals. Whether it’s a women’s business network, an online financial community or a local professional group, having a support system keeps you motivated.
- Find a mentor who has been there before: Learning from someone who has navigated similar financial challenges can be invaluable. Look for mentorship opportunities through business groups, career networks or women’s leadership organizations.
- Work with financial professionals you trust: A financial advisor, accountant or estate planner can help you create a roadmap tailored to your goals, from investing to long-term financial security.
- Stay accountable with a money check-in partner: Share your financial goals with a friend or family member who will help keep you moving forward. Regular check-ins give you a dose of encouragement and help you stay focused on your progress.
A strong financial network equips you with the knowledge, confidence and support to reach your goals.
Ready to Take Your Next Financial Step?
Visit your local Comerica banking center. We’re here to help with tools and advice to support your goals.
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