How To Be A Financially Independent Queen: 8 Practical Ways To Take Control Of Your Finances

Being a financially independent woman isn’t just about having money—it’s about having control over your finances, making smart decisions, and securing your future without relying on anyone else. Whether you’re just starting out or looking to level up your money game, here’s how you can take charge of your finances effortlessly and achieve financial freedom.

1. Build a Money Mindset

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   Financial independence starts with how you think about money. In Singapore, many of us are conditioned to think about money as something to stress over, especially when faced with rising costs of living and the pressure to “keep up with the Joneses”. Instead, educate yourself, follow financial experts, and set goals that excite you. Money is just a tool to help you live life on your terms!

   Start seeing money as a tool rather than a stress factor. Instead of thinking, “I’ll never afford this”, think, “I can make smarter decisions with my money”. The way you talk to yourself about money can change the way you handle it. Educate yourself by reading financial blogs like The Fifth Person for practical, financial advice. Checkout podcasts like The Financial Coconut for a weekly dose of financial wisdom.

2. Automate Your Savings

   
   It's easy to fall into the trap of spending what you see in your account, but automating your savings makes the process so much easier. Even if it’s just $100 a month, consistency matters more than the amount. This way, you pay yourself first without even thinking about it.

   Example: If you earn $3,000 a month, set up a GIRO transfer to automatically move $300 into a savings account. The small amounts add up over time, and the interest you earn will make saving feel less like a chore. Treat it like paying your rent: it's non-negotiable!

3. Stop Keeping Up with Others

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   Social media can make it hard not to compare yourself to others, but remember, what's flashy isn't always financially savvy. Just because your friends are buying designer bags or going on lavish holidays doesn’t mean you have to. Focus on your own financial journey, and don’t feel pressured to spend just to fit in. True wealth is built through smart money habits, not looking rich.

   Example: Your friend just bought the latest Chanel bag, and now you’re tempted? Remind yourself: "Do I really want this, or is it just FOMO?" Think about it, the happiness those purchases bring is short-lived. And the next thing you know, you are living pay check to pay check. Instead, put that $6,000 "FOMO" Chanel bag fund into a Singapore Savings Bond (SSB) or start building your Supplementary Retirement Scheme (SRS) account for your future. Both are low-risk and grow over time, giving you more financial freedom in the future.

4. Get Comfortable with Investing

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   Don’t let fear hold you back from investing! You don’t need to be an expert to get started. The key is to start small and stay consistent. Beginner-friendly options like robo-advisors, ETFs, and blue-chip stocks can help grow your wealth over time.

   If you’re unsure, use robo-advisors like StashAway, Syfe, or Endowus to start with. They take care of the investment decisions for you. These are perfect for first-timers who want to grow their wealth over time without managing individual stocks.

5. Track Your Spending with Apps

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   Track your spending and be honest with yourself. Are you spending too much on takeout, ride-hailing, or online shopping? Cut down on unnecessary expenses and redirect that money towards things that actually improve your life, like investments or skills upgrading.

   Example: Use apps like Seedly or Monny to track your spending. You might realise you spend $200 a month on bubble tea and food deliveries—that’s $2,400 a year! Set a realistic limit for non-essential expenses, like cutting bubble tea down to $30 a month, and redirect the rest into savings or investments. Small changes add up over time!

6. Protect Yourself with Insurance

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   You can't predict what life will throw at you, but you can prepare for it. Get proper health, life, and critical illness insurance so you’re covered and protect your loved ones in case of unexpected situations. Ensure that you’re also building your CPF (Central Provident Fund) accounts properly. This not only helps with your retirement but also qualifies you for higher housing subsidies and healthcare benefits.

7. Make More Money

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   The best way to fast-track your financial freedom is to increase your income. Ask for a raise, switch to a higher-paying job, or start a side hustle. You can sell digital products, freelance, or teach a skill online.

   Example: If you love baking, start a home-based business selling brownies or cupcakes. Use your skills—whether it’s writing, graphic design, or teaching, and find freelance opportunities on platforms like Upwork or Fiverr. Or you can also tap into your inner circle and ask around for part-time gigs or opportunities.

8. Plan for Your Future

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   Think long-term: What kind of life do you want in 10 or 20 years? Whether it’s early retirement, owning a home, or travelling the world, start planning now. Your future self will thank you for the smart choices you make today.