How Women Can Take Charge of Their Finances: Your Cash Flow and Savings

If your employer offers short- and long-term disability plans, take advantage of both. If not, check into the costs of obtaining your own and seriously consider doing it. You can compare quotes online from various insurance platforms or ask your local insurance provider. If you set up an automatic withdrawal from your bank account every month to be invested in the market, you’ll be surprised how painless it can be to start accumulating money. Women need to give their financial life the personal attention it deserves. The tips above are meant to help you get more engaged in planning your financial future.

Read more about financial literacy for women here.

That new advisor, Merrill Wealth Management Advisor Mitch McLendon, has been a valuable sounding board for Warren’s business decisions as well as her more personal long-term goals. Warren is describing one of the biggest hurdles many women face when it comes to money.

Don’t wait for the perfect partner to figure out how and when you’ll be able to afford it. It doesn’t matter how much you’re investing; what matters is how long you’ve been investing. Plan the life you want
Once you know you’ve prepared for nearly any unexpected setback, you can start dreaming big. What do you want out of life, and what will it realistically cost?

Remember, the most important thing you have is time, so putting money away now will only benefit you later and put you closer to your financial goals. Only 10% of women say they have their financial stress completely under control. There are always bills to be paid, monthly budgets to be balanced, and a vague picture of a retirement that depends on your savings. The financial tasks can seem never ending, yet it can feel like you aren’t making adequate progress toward long-term goals. Financial advisors who want to help women achieve their goals need to meet women where they are, McKinsey advocates. Women often seek out an advisor after a major life event, such as a marriage, promotion, or divorce.

For instance, say you make good money at work but frequently shop until you drop. You’re essentially investing in your vanity instead of in your retirement. So, break the budget into digestible chunks with plenty of room for what you love. That’s because females are typically more cautious about money, and most prefer stability instead of ambition. But in general, ladies don’t invest as much into volatile stocks.

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