If you’re a woman making all the financial decisions for your household, you’re in the majority. More than half of American women have primary responsibility for household finances. Whether you’re just starting out, have a well-established financial strategy, or are already enjoying retirement, here are somethings to keep in mind. 1
Build 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 in some emergencies, using cash means you can avoid fees and interest. Six months’ salary can be an ideal 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 types of coverage through your 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 uses 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 curve ball.
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 conquer the world. 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.
PRNewsWire.com, April 12, 2022