Financial planning for women, some practical tips by Judy Kalapac
Posted in Broker In Your Pocket on Jul 31, 2023
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“Women belong in all places where decisions are being made. … It shouldn’t be that women are the exception.”
How true and relevant is this quote by Ruth Bader Ginsburg?
The modern woman is breaking stereotypes every day, including in matters relating to financial planning.
Where the man traditionally was the manager of the household budget, it is no longer taboo for women to be involved with domestic finances or even to have their own bank accounts and financial plans in place.
Throughout the different stages of our lives, from university, to forging a career and beyond into finding a life partner and possibly starting a family, it is important at every stage for women to be in control of their own financial present and future.
The future includes that of our children, planning for their education, and eventually having plans in place for our own retirement. At different stages of the lifecycle, different financial factors need to be taken into consideration. Good financial planning should include looking at your cash flow, savings, debt, investments, short term insurance, risk insurance and estate planning.
So where do you start? Here are some practical tips to get you going:
1. Take control of your own finances. A good place to start is to look at your overall budget and analyse your spending. Knowing exactly where your money is going will help you to plan better.
2. Create an emergency fund. This should be equal to three months income and will be there to cover unexpected expenses such as your car breaking down, or another unforeseen event.
3. It’s never too late to review your finances and insurance policies. Do you have the right kind of cover for your lifestyle? Look at your home, car, health and other short-term policies, as well as considering life cover to protect your family.
If all this sounds a little overwhelming, it is important to find a suitable, accredited financial advisor that can guide you through all your life phases, answer questions and help with your financial decision making. Find someone with whom you are comfortable and that will walk with you on your financial journey.
There is no time like the present. Take ownership of your future now. You deserve to invest in yourself and there is no better way of doing that than by securing your future with all the necessary plans in place to give you peace of mind.