The Financial Independence Starter Kit: How to Save, Invest, and Build a Life You Love

For women looking to build financial independence, the journey can feel overwhelming. To help you get started, we sat down with Amy Schultz, Co-founder of Bolder Money and Head Coach, to answer common questions and share practical advice.

Q: What does financial independence mean, and why is it important for women?

Amy Schultz: Financial independence means having the freedom to make life choices without being constrained by money. It’s about having enough savings, investments, or income to cover your needs and goals, whether that’s retiring early, starting a business, or taking a sabbatical.

For women especially, it’s crucial because we face unique challenges—like the gender pay gap, time out of the workforce for caregiving, and longer life expectancies. Achieving financial independence gives you security and options, regardless of your circumstances.

Q: Where should someone begin if they’re new to managing their money?

Amy Schultz: Start with awareness. Understand where you are financially by answering three key questions:

1. How much do I earn?
2. How much do I spend?
3. How much do I owe?

Once you have that clarity, create a budget that prioritizes your needs, savings, and debt payments. A coach can be invaluable in helping you set realistic goals and stay accountable.

Q: What are the first steps to building an emergency fund?

Amy Schultz: An emergency fund is your financial safety net. Aim to save 3-6 months of essential expenses, but start small. Even $500-$1,000 can make a huge difference.

• Step 1: Open a separate savings account for emergencies.
• Step 2: Automate transfers from your checking account, even if it’s just $20 a week.
• Step 3: Redirect any windfalls—like a bonus or tax refund—into this account.

Many of our clients are amazed at how quickly their savings grow when they make it a consistent habit.

Q: How should someone approach investing if they’re intimidated by the idea?

Amy Schultz: Investing doesn’t have to be intimidating. Think of it as a way to grow your money over time so you can achieve bigger goals.

Start with these basics:

1. Pay off high-interest debt first: It’s like getting a guaranteed return.
2. Contribute to a 401(k) or IRA: Many employers match contributions—don’t leave free money on the table!
3. Choose low-cost index funds: These are a great way to diversify your investments without needing to be an expert.

And remember, you don’t need a lot to start. Many platforms let you begin investing with as little as $5.

Q: What’s the best way to stay motivated on the journey to financial independence?

Amy Schultz: Motivation often comes from connecting your financial goals to your values. Ask yourself, What does financial independence mean for me? Maybe it’s traveling the world, starting a family, or retiring early.

Break big goals into smaller milestones. Celebrate progress along the way—like paying off a credit card or reaching your first $1,000 in savings. At Bolder Money, we often recommend visualization exercises to help clients picture the life they’re building. It’s amazing how powerful that can be.

Q: Can you share a success story from a Bolder Money client?

Amy Schultz: Absolutely. One of our clients, Sarah, came to us feeling stuck. She was in her early 40s, living paycheck to paycheck, and unsure how to start saving for retirement. Through coaching, we helped her identify opportunities to cut unnecessary expenses and increase her income with a side hustle she loved.

Within two years, Sarah had built an emergency fund, started investing in her 401(k) with her employer match, and even took her first solo vacation, something she’d always dreamed of. She now feels confident and empowered to make decisions that align with her goals.

Q: What’s one piece of advice you wish every woman knew about money?

Amy Schultz: You don’t need to have everything figured out to start. Small, consistent actions compound over time. Whether it’s automating savings, investing a little each month, or simply tracking your spending, every step moves you closer to financial independence.

And remember, you don’t have to do it alone. A coach can help you navigate challenges, stay on track, and build confidence in your financial journey.

Ready to Build the Life You Love?

Financial independence is within your reach, and it starts with taking the first step. Whether you’re building your emergency fund, paying off debt, or learning to invest, Bolder Money is here to guide you. Schedule a free consultation with a coach today and take control of your financial future.