Achieving Financial Independence as a Woman: My Journey Through the FI Phases
Are you a woman looking to gain control over your finances, build wealth, and achieve financial independence? If so, you’re in the right place. Financial independence (FI) has been my goal for years, and I recently took a big step by joining the ChooseFI Community.
When I first learned about FI, I realized that financial freedom isn’t just for the wealthy—it’s for anyone willing to take charge of their money. That was a game-changer for me. I didn’t need a six-figure salary to start making progress; I just needed a plan and consistency.
Now, I’m actively working through my FI journey, focusing on saving, paying off debt, and building wealth. If you’re looking for practical financial tips for women, ways to save money, or how to become financially independent, keep reading!
Phase 1: Building a Strong Financial Foundation
The first phase of FI is all about setting yourself up for financial success. Here are the key milestones and where I stand:
Open a bank account – ✅ Done! I use both a checking account and a high-yield savings account for my emergency fund.
Understand your income and expenses (Budgeting 101) – 😅 I’m still figuring this out! Budgeting is a learning process, but I’ve started tracking my spending and using a budgeting app to stay on top of things.
Track your net worth – ✅ Done! My net worth is over $90K if I exclude credit card debt; including it, it’s about $10K lower.
Create an emergency fund (initial goal: $1,000) – ✅ I started with $5,000, but sometimes I dip into it for unexpected expenses. I’m working on keeping it steady.
Pay off your first debt (smallest or most urgent) – ✅ I paid off my highest-interest credit card last month, but I still have $10K left in credit card debt.
Set up an automated savings transfer – ⚡ In progress! Automation is helping me build savings without thinking about it.
Start a retirement account (401k, IRA, etc.) – ✅ Done! I contribute regularly to both a Roth and Traditional IRA and plan to max out my Roth this year.
Live within your means for one full month – 🤔 Work in progress. Some months I overspend, but I’m learning to balance saving and enjoying life.
Learn the basics of investing – ✅ I invest in ETFs and index funds for long-term growth and financial stability.
Achieve your first positive net worth month (assets > liabilities) – ✅ Done! My net worth is positive (if I don’t count my mortgage), and I’m slowly building more financial security.
Phase 2: Financial Stability & Momentum
Once you have a strong foundation, the next step is to build stability and grow your wealth. Here are some key milestones I’m working toward:
Fully funded emergency fund (3-6 months of expenses) – Almost there! I need to stop dipping into it.
Pay off all high-interest debt – In progress. Getting rid of my remaining credit card debt is my top priority.
Earn more than you spend for six consecutive months – I’m tracking this and working on consistency.
Invest beyond retirement accounts – I have a brokerage account but need to invest more aggressively.
Negotiate your first raise or promotion – ✅ Done! But tech industry pay isn’t what it used to be, so I’m exploring other income streams.
Start a side hustle or passive income stream – Working on it! I’ve revived my Etsy shop for digital art and content creation.
Max out retirement contributions for the first time – Almost there! Just need to stay consistent.
How Women Can Pay Off Debt & Grow Wealth
One of the biggest challenges I’ve faced is figuring out the best debt payoff strategy. Should I focus on paying off my highest-interest credit card first, or knock out smaller balances for a quick win? I’d love to hear from other women who’ve tackled debt—what worked best for you?
Another thing I’m struggling with is stopping credit card use without closing accounts. I don’t want to hurt my credit score, but I need a way to stop using them. If you have experience with this, drop a comment below!
Beyond debt, I’m thinking about how to increase my income without burnout. Tech salaries aren’t what they used to be, so I need alternative ways to earn. My content creation, Etsy shop, and UX freelancing are all potential income streams, but I need a solid plan to make them work long-term.
Why Financial Independence for Women Matters
Women face unique financial challenges, from the gender pay gap to career interruptions. That’s why learning to save, invest, and build wealth is so important. My goal isn’t to be rich—it’s to have freedom and choice. I want to:
Work because I enjoy it, not because I have to.
Travel and live part-time in Europe.
Have a comfortable home and financial security.
Spend more time with loved ones and my cat 🐱.
Even with setbacks, I know I’m on the right path. FI isn’t about perfection—it’s about persistence and progress.
Join the Financial Independence Movement
If you’re a woman working toward financial freedom, let’s connect! I’d love to hear your experiences and strategies.
We’re all in this together—let’s support and inspire each other!
Nicole
