Is there a bag lady in your anxiety closet? If so, you are not alone. Despite an increase in education and earnings in recent years, 90% of women feel somewhat or not at all financially secure.

Suze Orman is a strong financial role model, who speaks vehemently about how important it is to be financially free. In her book, “The Courage to be Rich,” she talks about the necessity of protecting yourself in a marriage with your own insurance contracts.

Here are some suggestions on how women can ensure their financial independence and security:

Clued up?:  Women must take an active role in their household’s financial decision-making process and assist in managing the family’s finances. The fantasy of the knight in shining armour who will take care of all of our finances is just that – a fantasy. The reality is that women who do rely on men to pay all the bills often fall short when things go wrong.

Investigate investment:  Whether it’s in property, a retirement annuity or even an insurance policy payout, an investment that is yours, and yours alone, is vital for peace of mind. Women need to know that they can take adequate care of themselves, their families and their belongings, as the majority of modern women do not want to, or often cannot, rely on a partner to do this for them.

Destroy debt:  Paying off debt like credit card bills should become a priority. When paying off debt, it is advisable to pay a bit more than the minimum requirement each month. By doing so, more of your payment goes towards the main balance and not just to the interest component. 

Retirement responsibility:  It’s a well-known fact that women live longer than men. With this in mind, women should save 12% of their gross income for retirement, rather than the suggested amount of 10%.

Expert opinion:  Meet with a qualified financial advisor to create a financial plan that is tailor-made to help you reach your financial goals.

Being financially independent does not mean that you and your partner don’t rely on each other financially at all. Rather, it means sharing the responsibilities, being knowledgeable and making sure that you have a means to make an income so that you have a nest egg for the future.