How Female Business Owners Secure Their Financial Future

by | Feb 15, 2022

As a female business owner, you know life is full of ups and downs.

We plan for the worst but expect the best – that is a key to our survival and success.


Female business owners can secure their financial future. At times, though, we have all found ourselves in a financial jam. Life just happens, and unexpected expenditures can catch us off guard. This is why having a plan for your finances is such an important component of your financial future. Both personal AND for your business.

Rather than hope and pray that it won’t be needed, you’d be better off starting an emergency fund now. When we’re both the employee and employer, we need some cushion in both business and our personal finances. Savvy Business Owners know there is no time like the present – so here are four steps for how female business owners create emergency funds, fast.

The 4 Steps Successful Female Business Owners Take To Create Financial Stability In Their Future

1. Sit down and get real about an emergency fund. It’s time to have a real conversation with yourself and your spouse or significant other for your personal finances. PLUS you want a cushion in the business with  any other partners involved in your business. Outline the purpose for your fund and clearly define what an “emergency” is. We recommend a minimum of 3 months of expenses in both personal and business. Calculate what a month’s worth of household expenses would be such as rent/mortgage, insurance premiums (car and health), utilities, food & gas. Having your deductible factored in is smart. Don’t worry about debt minimums other than auto or home. Then think about your business, what would cost to stay afloat at the bare minimum? Include items like: rent, insurance, utilities, services required to maintain your business, staff salaries (including you), minimum required supplies or services.


2. Set a schedule for when and how much you will contribute to your emergency fund. If you want to have $3,000 in your fund in six months, that means you have to put $500 in every month. Can you comfortably do that? Is something else a little more practical for your lifestyle? I suggest at least $250 per month if you can. But always align your goal and plan with your budget to make sure it’s achievable. Do this quickly and before you start increasing the purchases in your business or at home. It’s like having insurance against a crisis.

If you’re a female business owner that wants to create a secure financial future, schedule a free discovery call with me here.


3. Decide where you want to put that fund. Do you want to be extra savvy and put your fund in a money market or high-interest savings account? Do NOT tie this money up in investments. Your specific fund amount and goals will likely determine this, so think strategically. A pro move is to put this money into an account that isn’t so easily accessible that it is tempting to raid it when things get tight.  Consider moving it to another bank. When you can’t get it as easily, it makes it harder to spend. Commit to your original goal of what an emergency IS.


4. Celebrate your success. Having an emergency fund is a huge accomplishment. According to a recent survey from Bankrate, “More than half of Americans have less than three months’ worth of expenses in an emergency fund.” Business Owners – even less! So as you are building your fund, make sure to celebrate that success. Pat yourself on the back and treat yourself a little when you get there. You are taking a critical step to becoming financially free!


As a female business owner, you know life is full of ups and downs. You plan for them and are prepared. You can weather any storm when you are supported by your finances. Having an emergency fund for your family and business will be your key to success.


If you need some more guidance on creating your emergency fund or how to rock your personal and business finances as a female business owner, then schedule a free discovery call with me today.

About Penny Kidd

I'm a social worker turned Financial Coach. I'm completely debt-free (including my house!) and help others make their money behave by doing a budget and becoming intentional with their money.

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