We live in a world where financial literacy is often self-taught, and being your own bank means mastering how to control, maintain and grow your finances independently. According to Annual P-Fin indexfinancial literacy in the US hovers around 50%, with the EU also lagging behind. According to a report from the American Public Education Foundation, US states are also inconsistent in how financial literacy concepts are taught to public school students.

The statistics paint a bleak picture – especially for women – who face significant challenges in financial sustainability. According to Federal Reserve System Report 2023women are less financially secure, struggling more with paying bills and accumulating more credit card debt than men.

Furthermore, fewer women than men have three months' worth of emergency savings. And black women are at an even greater disadvantage. In the entrepreneurship space, less than 2% of investment goes to women-led businesses, even though companies with women in leadership show stronger growth.

Financial self-reliance is the key to overcoming these inequalities. For entrepreneurs, especially women, construction financial knowledge it's not just about personal empowerment, it's about business survival. Here's how you can take control and truly be your own bank:

1. Take advantage of the gig economy

In today's digital age, the gig economy is redefining work. For entrepreneurs, this means using specialized talent without the commitment and costs of full-time employees. Hiring gig workers—freelance contractors, freelancers, or temporary staff—helps keep you business savvy and your expenses low.

I rely on a hybrid model of full-time employees and contract specialists in my company. This allows me to scale up or down based on the needs of the project. This approach not only conserves financial resources, but also supports strategic growth. Using gig workers to handle on-demand tasks can mean more money stays in your bank, supporting your self-reliant financial approach.

Related: How the gig economy will affect the future of work

2. Become a price ninja

How you price your products and services is crucial. Entrepreneurs often emphasize on prices: set it too high and you risk losing customers; too low and you'll struggle to cover costs. Here's the thing: price should reflect not just the value you offer but the sustainability of your business.

When I started my consulting business, I made a commitment to never underestimate my work. I set stable prices, emphasizing that if customers wanted the unique value I brought, they had to meet my terms. This approach supported my growth and positioned me as a premium service provider. Don't be afraid to set your prices with confidence, ensuring you cover your expenses and add to your financial “bank”.

Related: Step-by-step guide to choosing a pricing strategy

3. Negotiating like a professional

Negotiation isn't just about closing deals—it's an ongoing skill that can save you money and improve your cash flow. Review all your contracts regularly. Can you negotiate a better rate for office space, subscription services or insurance? Creative negotiation can include tactics such as revenue sharing or partial barter agreements.

For example, I have negotiated deals where part of the payment was tied to project performance. This showed my commitment and reduced start-up costs, benefiting the cash flow of my business. Use your creativity for it negotiate terms that match your financial goals.

4. Get professional financial help

Financial literacy can be a huge learning curve for many entrepreneurs. While I have taken finance courses, including at London Business School, managing business finances remains an ongoing learning experience. The main takeaway? Don't wing it. Consult with financial professionals who can guide you through investment strategies, tax regulations and risk management.

A small investment in expert advice can yield big returns in avoided mistakes and optimized financial planning. Don't hesitate to ask for help – self-reliance doesn't mean doing everything alone; it means knowing when to invest in the expertise that supports your goals.

Related: How I Taught Myself to Be Financially Secure – and How You Can Do It Too.

5. Create boundaries and educate yourself

Having boundaries around spending and saving is an essential aspect of financial discipline. Think of these limits as guardrails that prevent you from falling into financial danger during downturns or emergencies. For me, knowing my limits and creating a system for unexpected events has been vital to sustaining my business.

But borders are not enough. Commit to continuous learning. At the end of each year, ask yourself: What do I want to learn next? What new strategies can I test? Last year, I asked myself these questions and decided to take a course for executives called “Finance for Non-Financial Executives” at London Business School.

Financial self-reliance means more than being able to pay your bills on time. It's about proactively managing your money, strategically investing in your growth and maintaining a continuous improvement mindset. By leveraging the gig economy, mastering pricing, negotiating strategically, seeking expert advice, and continually educating yourself, you become your own bank – steering your financial journey with purpose and control.