First published in the Daily Maverick 168 weekly newspaper.

“Two-thirds of women surveyed live in [women-headed] households and are financially responsible for the entire family, while receiving an average of 27% less pay than their male counterparts for the same work,” says TymeBank executive Linda Appie. On a positive note, the survey also showed that women are better budgeters, with 80% of those surveyed managing to stick to a budget.

As we celebrate Women’s Month, you can apply a few core fitness rules to get yourself financially fit.

Fitness rule one: Focus on one goal at a time. Rather than getting overwhelmed when you try to think about all the things you need to do to get your finances in order, tackle one thing at a time.

A great example is when you use the snowball method to tackle a debt problem. The concept is simple. Instead of trying to tackle all your debt at once, focus on paying off the smallest amount of debt (Debt A) as quickly as possible – while still keeping up your other debt repayments. As soon as Debt A is paid off, you channel the money allocated for Debt A towards Debt B. Once Debt B is paid off, the money you had allocated for Debt A and Debt B goes towards Debt C, and so on. Before you know it, your debt mountain has been conquered.

Fitness rule two: Make it your own. Tailor your budget. There are thousands of different budget templates available on the internet, but you don’t have to try to fit your finances into something that is not sustainable. If you absolutely have to have a coffee every morning, work that into your budget and find something else to cut out.

Dume Mxenge, business development manager at Satrix, says budgeting can allow for both investments and fun. “You should ‘pay yourself first’ by investing as much as you can afford monthly. It [will]help if you also [allocate] what you need to meet your needs (living expenses), and then you will know how much is left over for your wants (fun expenses). It is really all about getting as organised as you possibly can with your income,” he says.

Fitness rule three: Make it measurable and specific. Set measurable financial goals for yourself. Asavela Gwele, Investment Consultant at 10X Investments, says saving for retirement without having a plan in place is like getting on a train without checking the destination. “Online calculators can help you get started. Add a few basic details such as your age, your income and how much you have saved to generate a savings goal and a retirement plan. Once you have a plan in place, it’s important to check that you’re on track to achieving your goal. Revisit that plan regularly, especially if your circumstances change,” she advises.

Fitness rule four: Build your confidence and reward yourself. You may need to get creative with rewards that don’t cost money. For example, the luxury of a long, uninterrupted phone call with a friend you haven’t seen in ages.

Fitness rule five: It’s a lifestyle change. Play the long game. Jaco Prinsloo, certified financial adviser at Alexander Forbes, points out that every single 20-year period in history has shown positive gains in the stock market. “So, if you’re 30 years old and investing for the next 30 years, don’t worry about the short-term market fluctuations. Stick to your long-term investment goals and save as much as you can every month,” he says. DM168

This story first appeared in our weekly Daily Maverick 168 newspaper which is available for R25 at Pick n Pay, Exclusive Books and airport bookstores. For your nearest stockist, please click here.