Women tend to outlive their spouses or either the marriage or relationship ends. In either case, not having the financial knowledge to keep going in life is a negative impact on you. There are some women that feel as though money has a negative reputation with power and greed, that most do not feel the need to learn how to handle money other then what they do for their own family finances. Women should look at money and finances as a place of opportunity and a way to improve their financial future.
6 Financial Tips for Women
Manage Your Own Money
Managing your own money will help you to educate yourself about your finances. you are not relying on someone else or your spouse to handle everything financially. When you learn where you money goes to where, you will start to trust yourself and see that you are able to do this on your own, you will have control of your money and be financially independent.
Set a Financial Goal
You should always have short term and long term personal financial goals. When you are married, this is essential as you want to make sure that both of you share the same financial goals to achieve. You figure out what your short and long term goals will be financially, prioritize the goals and then make a process to get towards those goals.
Build an Emergency Fund
Without having a emergency fund, you may be forced to use credit cards to pay unexpected bills that may be large and put you in debt. This can be hard to dig yourself out of, but having this fund will help you to not put yourself in deeper financial hole.
It is important to have additional money stored up. According to The Women’s Institute for a Secure Retirement, women should have three different money sources: pension or retirement plan, individual savings and Social Security. A woman’s social security benefits and retirement savings are usually less then men because women tend to take time out of the workforce to care for children or parents.
Find Creative Income Sources
If you are crafty, enjoy watching kids or help people i other ways, this could be an extra source of income for you. Having your own home business on the side will give you freedom to work when you like and bring in income to save and put toward a financial goal.
Get Out of Debt
Student loans and credit cards are the main debts that people struggle with to pay off. Ways to get out of debt is to review your options for payment plans, forbearance and deferment. These would help to have your payments lowered or be able to not pay for a particular period of time if you are having a difficult time in paying the debt such as a financial crisis.
Do you have financial tips that you suggest?