Are you a woman looking to take control of your financial future but feeling unsure where to begin? In times of economic uncertainty, getting your finances in order is more crucial than ever. Women have their own set of financial planning hurdles, from handling debt to getting ready for retirement, and it can be challenging to tackle them on your own.
But with the right approach, you can aim to overcome the common obstacles women face and work your way to financial stability. In this article, we explore three strategies you can employ to both boost your confidence and help set yourself up for financial success. Whether you’re a busy mom, a working professional, or both, keep reading to find out how to focus on your finances and progress toward a stable financial future.
Women have a lot on their plate, so it’s no surprise that managing the family’s finances is often the last thing they want to do after a long day. With taking care of the home, working, and raising kids, the to-do list seems endless.
But I always encourage my female clients to prioritize “taking care of business” by paying themselves first. This means automatically setting aside a portion of your income into savings before anything else. A simple way to implement this is by setting up a recurring transfer from your checking account to your savings account. For instance, if you get paid every two weeks, transferring $150 to savings each payday can result in $3,600 by year-end with minimal effort.
Also, if your employer offers a 401(k) plan, it’s crucial to take advantage of this benefit. Automatic payroll deposits into your 401(k) make it easy to prioritize saving for retirement. By consistently saving and understanding your monthly expenses, you can adjust your spending habits to better align with your long-term financial goals. Prioritizing savings helps you build a strong financial foundation that sets the stage for a solid financial future.
Women often take a more conservative approach to investing, possibly because they have historically had fewer assets and minimal experience in managing financial assets. However, being too cautious might limit growth opportunities and extend the need to work longer and earn more. By partnering with an advisor who is dedicated to education and clarity, you can navigate the financial landscape more effectively and make informed decisions.
The goal is to find a balance between growth and protection, which might mean weathering short-term market fluctuations for long-term benefits. While it can be unsettling to see your investments dip, pulling out of the market too quickly could hinder your savings goals.
If you’re unsure about your risk tolerance, consider reaching out to a knowledgeable financial professional. They can help you develop a risk profile that aligns with your individual needs and goals.
Staying with a long-term strategy is a smart way to keep your emotions steady when uncertainty inevitably arises. When you create a plan, think about your future goals. What are you saving for, and how are you working toward that goal? What’s your investment strategy and the optimal mix of investments for you? Knowing these variables can help give you clarity during economic shifts or market swings.
And while it’s true that women face unique financial planning challenges (e.g., balancing work and family responsibilities; managing gender-specific retirement risks), you still can take control of your financial future. Having support is key when you’re trying to create stability for your future, and I’m here to help you create a financial plan that fits your life.
Let’s team up to tackle debt, save money, and aim for financial independence. Reach out to me at Contact@Wadvocate.com or 440-505-5578 to schedule an introductory consultation and get started today.
Lauren Coverdale joined Wealth Advocate Group in 2019 as an intern. Upon completion of her undergraduate degree, she joined the team as a paraplanner. As a paraplanner, Lauren provides analysis of client investments, estate planning, cash flow, and retirement readiness for her team. Lauren graduated from John Carroll University in 2020 with a Bachelor of Science in Business Administration in Finance with a concentration in Wealth Management and Financial Planning as well as a minor in Entrepreneurship. In 2021, Lauren also obtained her MBA from John Carroll University. Lauren received her CFP® designation in 2023. She also holds her Series 7 license through LPL Financial and 66 securities licenses through LPL Financial and Stratos Wealth Partners. In her spare time, she enjoys being outdoors, traveling, and spending time with her husband and their dog, Indi. To learn more about Lauren, connect with her on LinkedIn.
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