Taking Control of Your Finances: A Guide for Women
Updated: Aug 7
By Tynah Matembe | Scotland’s No-Fluff Money Coach | Helping You Flip the Script on Wealth.
Feeling the pinch? You’re not alone. MoneyMatiX has launched a FREE Masterclass series designed to empower women to take control of their finances, put more money on your table, and bring a smile back to your face. You can secure a place HERE.
In the meantime, I’ve created a 7-day action plan to help you regain control and combat the cost-of-living crisis.
Understand the Challenges
Energy bills, food prices, and rent have all skyrocketed. While everyone’s shouting “cut the takeaway” and “cancel Netflix,” we’re here to give you real, useful hacks that make a difference. It’s time to fight back against the cost-of-living crisis—and we’re here to help.
Whether it’s slashing your bills, making your grocery shopping stretch further, or finding free ways to enjoy yourself, we’ve got your back.
Your Financial Comeback Starts Now
Think of this action plan as a “Cough to 5K” for your finances—simple steps that will take you from stressing over your bank balance to celebrating savings success in just a few weeks. So buckle up; your financial journey starts today.
Monday: Plan Your Money
Today is the day to confront your finances head-on. Yes, it can be daunting—especially if you're unsure where you stand—but honesty is the first step.
Face the Facts
If you have a partner, be completely transparent with each other. This means coming clean about hidden debts, maxed-out credit cards, and everything else lurking beneath the surface. Financial wellbeing starts with honesty and teamwork.
Make a Money Map
Create a simple spreadsheet or use a free online template. List every debt—credit cards, loans, overdrafts—with their balance, interest rate, monthly payments, and loan term. This gives you a clear picture of your financial situation.
Talk About It
Sharing money worries reduces stress and is good for your mental health. Remember, you're not alone in this.
Set Goals
Whether it’s paying off a credit card, saving for a holiday, or building an emergency fund—having goals gives you focus and boosts motivation. Achieving milestones feels good and puts more money in your pocket.
Rewire Your Money Mindset
Our beliefs about money shape our choices. If you’ve grown up thinking, “I’m just bad with money,” challenge that belief. Create a more positive, empowered mindset about your financial future.
Check Your Entitlements
Ensure you’re receiving all the benefits and support you’re eligible for—from tax breaks to energy grants. A few clicks could unlock help you didn’t know you had.
Finally, remember that volatility is normal. If your pension pot has dipped recently due to external factors, don’t panic. Markets go through ups and downs, but investing is a long-term game, and history shows they do recover.
Tuesday: Cut Costs—Swaps Could Save You Hundreds
Take five minutes to examine your daily spending. Ask yourself one question: What can I live without or swap for a cheaper alternative?
These aren’t life-changing sacrifices but can lead to a healthier bank balance. For example, by forgoing a daily Tall Latte, you could save £851 a year. That’s a holiday or your energy bill paid!
Take Action
Log into your bank account and be ruthless.
Cancel subscriptions you barely use.
Review your phone contract. Switch to a SIM -only deal could save you £10–£30 a month.
Save on medicines with an NHS Prescription Prepayment Certificate to cut pharmacy bills.
Small changes can add up. In a year’s time, you could be hundreds—even thousands—of pounds better off. Start today; your future self will thank you!
Wednesday: Putting More Money on the Table
Midweek is a great time to explore ways to increase your income. Think about:
Your time is money. Can you use just one hour to earn an extra £50?
Unused space. Do you have any extra space you could rent out?
Hidden talents. What skills could you monetize?
Side hustle ideas. What business or gig has been on your mind?
Free local resources. Look for community support or savings.
Costly habits. Identify habits that are draining your wallet.
Hidden value. Explore what items you could sell on platforms like vinted.com or Facebook Marketplace.
Travel for less. Consider budget commuting options, such as Railcards.
Energy efficiency tips. Small changes can make a significant impact.
Sit down quietly with a cup of coffee and think about how you can put more money on the table today.
Thursday: Smarter Investing Will Grow Your Money
Today, take a look at your investments. It might seem odd to think about investing during a cost-of-living crisis, but smarter investing can help put more money on the table—both now and in the future.
Open an ISA
If you haven’t already, open an ISA. You can save up to £20,000 a year, and any interest or returns you earn are completely tax-free. Over time, tax-free savings can grow significantly.
Know Your Pension Pot
If you’re in full-time employment, your employer must contribute to your workplace pension. But do you know how much is in your pension pot?
Take Advantage of Tax Relief
For every £100 you put in to your pension, the government adds£25 in tax relief. That’s free money—it's a no-brainer!
Regular Saving Matters
Even small amounts, set aside consistently, can unlock the best interest rates.
To keep your finances healthy, aim to follow my 70:10:10:10 rule: spend no more than 70% of what you earn; save at least 10%; invest at least 10%; and give away at least 10%.
The bottom line? You don’t need to be wealthy to invest wisely—you just need to start today.
Friday: Smarter Shopping
Today, become a smarter shopper. Research discounts, vouchers, and cashback offers to save money and help you stay ahead in the cost-of-living crisis.
Switch Your Bank Account
Some banks offer up to £200 just for switching! For example, First Direct offers up to £175 in instant cashback for new customers. Compare the best deals at www.moneysavingexpert.com.
Use Cashback Sites
Don’t forget cashback websites like TopCashBack (https://www.topcashback.co.uk) and Quidco (https://www.quidco.com), which offer money back on various purchases.
Cut Down Impulse Buys
Use my 24-hour rule. Wait 24 hours before clicking “buy” on any online item. Chances are, you’ll realize it’s not a necessity.
Saturday: Free Family Days Out
Keeping your family entertained, especially during holidays, can be costly. However, it doesn’t have to be!
Explore Free Activities
Check Tripadvisor for the best free things to do in your area.
Browse sites like Dayoutwiththekids.co.uk and Kidspass.co.uk for inspiration.
Get outside and enjoy nature—great for mental wellbeing.
Engage in creative activities like arts and crafts. Use materials around the house—it's cost-effective and eco-friendly.
Simple Ways to Save
Walk instead of taking the bus. If you're going out in the evening, only take cash.
These small changes can make a big difference without sacrificing fun.
Sunday: Smart Cooking
Sundays are often a day for family time and cooking. Think about how you can save money with smarter cooking.
Batch Cooking
Plan meals for the week ahead. If you usually buy lunch at work, bringing your own could save you £1,012 a year.
Downshift Your Brand
Consider visiting budget supermarkets to stretch your budget further.
Cooking at Home
Home-cooked meals can help save money. By preparing meals instead of eating out, you could save over £2,000 a year.
Save by Buying in Bulk
Purchase staples like rice and pasta in bulk. Store fresh produce properly to extend shelf life.
Repurpose Leftovers
Get creative with leftovers to minimize waste and maximize your budget.
Finally, ladies, empowerment is at the heart of what I do—especially for women and often-overlooked groups. I'm excited to launch a free online masterclass series called Girl Money Geeks. It aims to equip you with the skills you need to take control of your money. It runs fortnightly over lunchtime, fitting conveniently into your busy life. https://www.moneymatix.com/girl-money-geeks.
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