Discover six essential steps to protect yourself from financial abuse and empower your financial independence. File photo.
By: Boipelo Ndimande
Gender-based violence (GBV) is a scourge that too many women and girls face in South Africa. Trapped, alone, and voiceless, many women are caught in the cycle of abuse unable to break free. During these 16 days of activism against GBV, we need to shatter the silence and create a world where all are heard, supported, and empowered.
One of the most crippling forms of GBV is economic abuse. Many women feel that they don’t have the financial means to start a new life. In many relationships, traditional roles dictate how financial responsibilities are divided. Women often cover day-to-day expenses like groceries, school fees, and utilities, while their husbands or partners focus on long-term investments, such as property. This paradigm usually leaves women at a financial disadvantage – especially when it comes to a point where the woman wants to leave the relationship.
This inequality can further fuel feelings of helplessness, especially in situations involving GBV, where financial dependence often traps women in abusive relationships.
Here are six tips to help safeguard yourself against financial abuse:
1. Set up a private savings or investment account
A separate, secret account can act as a safety net. Even if you trust your partner completely, this account ensures you have the means to stand on your own if circumstances change. Regularly deposit a portion of your income into this account, no matter how small.
2. Contribute to long-term assets
If the household budget allows, negotiate to contribute to long-term investments, like property. Even if you do not contribute to family assets such as property, ensure that your name appears on the title deeds or similar legal documents so that you are legally recognised as co-owner – especially if you are married out of community.
3. Educate yourself about finances
Financial literacy empowers you to make informed decisions. Learn about investments, savings, and property ownership. If you need help navigating these topics, reach out to your financial adviser. Your financial independence is our priority.
4. Balance day-to-day and long-term spending
It’s commendable to handle daily expenses, but don’t neglect your financial future. Consider splitting responsibilities so that both partners contribute to short- and long-term goals.
5. Know your legal rights
In many countries, laws exist to ensure equitable distribution of assets after a separation. Research your legal rights regarding property, inheritance, and financial support. Seek legal advice if necessary.
6. Create an emergency fund
An emergency fund should cover at least three to six months of living expenses. This fund can provide immediate financial support if you need to leave a harmful situation.
Remember…
Emotional barriers can be extremely difficult to overcome. Many women hesitate to prioritise their financial independence due to guilt or a desire to please their partners. Remember, securing your financial future is not selfish – it’s essential. A financially independent woman can contribute to her relationship from a place of strength, not dependency.
It is important that women recognise the importance of securing their financial future, not as a sign of distrust, but as a safeguard against unforeseen circumstances. By planning wisely, educating themselves, and taking proactive steps, women can build a future where their choices are not dictated by financial constraints, but by their own aspirations and needs.
Financial independence is more than just having money, it’s about ensuring safety, dignity, and freedom to make choices. It is crucial for us to set you up for success. We want to empower you to make the changes that will ultimately prioritise your well-being and peace of mind.
Your financial health is not just about wealth; it’s about self-worth. Take control, stay informed, and prioritise your independence. You deserve it!
* Ndimande is a CFO at Consult by Momentum.
PERSONAL FINANCE