Providing education and resources for women has always been one of our highest priorities, and there is good reason for that. One study found that 40% of women take the lead in their household finances, while another 30% make financial decisions with their partner.* Whether you are just starting out, have a well-established strategy, or are already enjoying retirement, here are some things to keep in mind.
- Build and Maintain an Emergency Fund: Sometimes when it rains, it pours. Saving up for a rainy day (like a sudden job loss, major medical expenditure or natural disaster) is one of the smartest places to start. While a credit card can help you in some emergencies, using cash avoids fees and interest. Depending on your income and expenses, 3-6 months’ worth of salary is a good goal.
- Protect Your Assets: It’s not all about saving. The right insurance coverage may also play a role in your financial strategy. Even if you’re offered some basic coverage through your workplace or a spouse’s workplace, you may find there are additional angles you’d be wise to consider. Being well insured can save you major headaches down the road.
- Never Stop Learning: Even if you have a financial professional helping you build your strategy, it’s still important to stay engaged and aware. The more you educate yourself on the financial issues you may face as a woman (like wage gaps, time out of the workforce, longer lifespan), the better prepared you’ll be when life throws you a curveball.
- Consider Investing Differently: On average, women tend to live longer than men, meaning you have more years ahead that you’ll need to finance. Given women’s unique financial needs and challenges, it makes sense to talk to your financial professional about long-term investment strategies that might be particularly advantageous to you.
- Prepare Your Legacy: “Getting your affairs in order” needn’t be a morbid exercise that you delay until the end of your life. Ideally, it’s something you’re already thinking about now. Your estate decisions matter, whether that means keeping your beneficiaries updated, making extended care decisions, or preparing a legacy to leave your loved ones.
When women win, everybody wins. We want to see you Achieve Your Purpose. With a savvy financial strategy in place and a knowledgeable team at your back, you can be more confident about the future you’re creating for yourself- and those you love.
*Yahoo.com, March 21, 2023