Empowering women in Christchurch are Shiree Hembrow and Unicia Veer of phwealth. They are dedicated to guiding women of all ages through their life stages, and recognise four pivotal moments where financial planning becomes essential: Early Career, Career Advancement and/or Family Planning, Mid-Career and Retirement Planning, and Post-Retirement and Legacy Planning.

The first crucial stage they delve into is “Early Career”. “For women stepping into their careers and pursuing further education, making savvy financial decisions is paramount. It’s not just about managing money; it’s about laying the groundwork for a future overflowing with possibilities,” they say. “The goal of this phase is clear: to establish a solid foundation that supports our dreams and aspirations.”

To achieve this, Shiree and Unicia suggest addressing several key considerations. “First and foremost, creating a simple spending plan is crucial. This plan acts as a roadmap, helping us allocate our hard-earned money effectively, prioritising savings for emergencies, and laying the groundwork for future plans. Implementing a straightforward system for managing bank accounts transforms this static plan into easily actionable steps, ensuring our finances remain organised and on track.”

“Many women in their early careers dream of overseas travel for career growth and personal enrichment. However, for those with student loans, managing repayments becomes a critical aspect not to be overlooked, especially if we want to avoid penalty interest and undue stress later on,” they add.

Navigating early career
While retirement may seem distant and homeownership a lofty goal, it’s never too early to start planning, believe Shiree and Unicia. “KiwiSaver is a powerful tool, enabling us to save for retirement and, if necessary, withdraw funds for purchasing our first home. By starting our contributions to KiwiSaver early and optimising our settings, we can capitalise on its long-term benefits.”

Building an emergency fund is equally vital. Shiree and Unicia recommend setting aside three months’ worth of income, providing a safety net that ensures women can weather unforeseen costs that come their way. “Additionally, planning and putting money away for further education, or training to advance careers, demonstrates foresight and investment in future success.

“The early career phase marks a key moment for women to proactively take control of their finances. Developing smart financial habits during early adulthood sets the foundation for responsible money management throughout life,” they say.

Shiree and Unicia are passionate about journeying alongside women through this transformative stage, empowering them to navigate their financial pathway with confidence and resilience, one smart choice at a time.

Keep asking great questions …