How to be financially fearless

There’s never been a more important time to take control of your finances. Luckily money queen Davinia Tomlinson is on hand to help...

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Right now it’s easy to feel like you’re at the mercy of outside forces, with the rules on who we can see and where we can go ever changing. But there are some things we can feel on top of. In fact, when it comes to our finances, it’s crucial to be the boss.

Yes, financial management might not sound sexy, but we’re seeing a huge shift in the way we view what we spend and what we save. For instance, you may already be a fan of Vestpod, a female-led company that helps women invest their cash. Or perhaps you take an interest in My Frugal Year, a personal account by Clare Seal, which honestly depicts her struggles with debt and relationship with money.

There are some great individuals helping to change our money mindset, who are empowering us to take the leap into investing in our long-term future. Top of the list is Davinia Tomlinson, founder and CEO of Rainchq, whose sound experience makes her a key figure in money matters. Not only does she offer up plenty of advice, but she is also particularly keen to chat about how finances play a big role in who we are - be that women, black or city dwellers.

“I started Rainchq in 2018 after working in the investment management industry for 15 years,” says Davinia. “I was becoming frustrated with the poor representation of women in senior management positions and low engagement of women in general when it came to their finances. “It’s a reality that’s reflected in the data: despite us outliving men, we currently save up to five times less for retirement. A frightening prospect. Rainchq was born out of my commitment to helping women overcome some of these challenges and in particular helping them take control of their financial futures and live their best, most financially abundant lives, once and for all.”

Davinia's three steps to financial self care

1. Do a self check on your incomings and outgoings What were the last three things you spent money on? What were the last three forms of income you received? The idea is to make sure you’re in control of money rather than money being in control of you.

2. Get a rainy day fund If you don’t have a rainy day fund, start one today. Soon you’ll recognise the power of having one in place, especially now given how devastating the pandemic has been on many people’s finances. Start with as little as £1! Your future self will thank you for it.

3. Talk to someone When we think of the gender pay gap, one of the reasons employers are able to perpetuate their discriminatory practices is because not enough women talk about what they’re getting paid. So, turn to a loved one or trusted friend and benefit from their advice. Talk more!

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