Make your money work for you.

If you’re struggling with your finances, it may be because the circumstances are outside your control. When it comes to money problems, there’s often one big emotion at the heart of it all, and that’s shame.No wonder then that, according to a 2015 Gallup study, 70 percent of millennials report feeling financially stressed!

64 percent of those who struggle with debt are women. Whether that’s because more women than men are in lower-paid jobs or have more unpaid commitments around family life, it highlights one thing: when it comes to money, there is a big gender disparity.

But one of the biggest strains on a woman’s finances comes after having children. In fact, in Europe, statutory maternity pay is so low that many women end up in poverty if they don’t have savings or a wealthy partner to fall back on. Then, as well as costing a lot to clothe and feed, having a child also means that women’s careers stall. When they do return to work and ask for part-time or flexible hours, they’re often denied the career opportunities they might have expected to get pre-pregnancy.

So what can you do with it? Here are 7 steps:

• Concrete goal-setting is the best way out of financial difficulty. Once you’ve clarified what your big goals are, you’ll be able to set lots of smaller goals to help you get where you want to go. That might be saving money by taking a packed lunch to work every day, or it might mean answering the phone to your creditors and not using your credit card for a month. 
• Review your finances systematically and make a clear budget, so you don’t overspend. 

1. Take a look back at your spending over a period of six months. You’ll probably see some patterns emerging – perhaps you spend too much on Prosecco from the corner store, or maybe you buy too many lottery tickets. It might make it uncomfortable reading, but you won't make progress unless you can spot your patterns.
2. Second, look at your income and outgoings. Work out how much money you’re bringing in every month. This is how much you have available at the start of each month. Now consider your fixed outgoings – these are the things you can’t do without, like rent, taxes, or childcare costs. If your outgoings exceed your income, then you really do have to rethink some of your fundamental commitments.
3. In step three, analyze your other regular outgoings. That includes the expenses that aren’t vital to your survival but enhance your quality of life – think Netflix or a magazine subscription. Go through these and cut out the ones you can do without. But if you can afford to keep some extra expenses, don’t be too hard on yourself. We all need a little pleasure, even when budgeting. 
4. Step four asks you to consider your variable expenses. These are things that change each month, like food or fuel for your car. Although they’re essentials, you can often shop around for cheaper deals. 
5. Finally, step five is to look at what you have left. Once you’ve subtracted your essential living costs and non-negotiable outgoings, you’ll have a final sum that you can choose to save, use to pay off debt, or spend on things you love. It might take a little while to work out the right balance, and that’s totally fine.

Being debt-free and financially autonomous has a positive knock-on effect that you’ll notice in every aspect of your life. Taking control of your finances means being able to pursue your passions, hone your confidence, and broaden your career options – it might just be the ultimate form of millennial self-care.

You’re not bad with your finances – you lack confidence.