Today women are taking charge in managing their personal finances more than ever before. There are more websites and guidance tools specifically geared to assist women in balancing career and family while achieving personal independent success. While the rules for managing money successfully are universal for every person, there are some that are specifically applicable to women.
Here are some tips for women to consider when it comes to money:
1. Don’t let your partner or husband control the money alone. Whether or not you contribute an income to your family unit or you’re a “stay at home” mom, you are an essential source of input as to how the family income is spent. Plan one night each week to sit down with your partner or husband to review bills and financial statements. Before marriage is the best time to decide upon financial goals as a couple, however, any time is good. Communication goes a long way in making the path towards a united financial goal a lot smoother.
2. Hire your own financial advisor. Women control one-third of the wealth in North America, many of them taking on executive corporate roles making them the chief breadwinners in their family. Yet two-thirds of them say the industry doesn’t accommodate their needs, and nearly half say they feel they are treated differently by investment advisers, according to a Bank of Montreal survey conducted last March. Women are a huge market for banks and investment firms and they are clearly not hitting the mark with women. While the investment industry is challenging itself to find better ways to adhere to women’s investment needs, it is up to female professionals to take the time to interview investment firms carefully to ensure their financial needs and goals are met individually as well as the shared goals of their family. If you share a financial advisor with your partner or husband, make sure he or she speaks directly to you as well as your partner. An equal partnership with your advisor, as well as your partner, is essential in making sure your needs are met.
3. Read every document thoroughly before you sign it. Many women make the mistake of signing papers without reading the print because they trust in their partner or husband. You can ask any divorce lawyer and they’ll tell you this is a huge mistake that can leave women on the hook for their partners’ financial losses. Read the fine print in every document you sign so you are aware of all consequences.
4. If you don’t understand, speak up! Financial terms can be confusing and one can be easily overwhelmed by terminology in contracts. Women are typically more shy and polite in asking questions about finances. Don’t be shy. Ask the questions and record the answers for future reference.
5. Build an emergency fund. While you are striving to attain your financial goals you can count on unexpected costs to arise along the way. Whether it is a home or car repair, or a medical emergency, you don’t want to fall into a hole of debt by unwanted surprises.
6. Put yourself and your family on a budget. You know the drill. You’ve heard this a million times because it works. Track your spending and look for ways to carve out unessential costs. Don’t allow retail sales or advertising lure you from your set budget. Overspending will slow you down from achieving your financial goals. Regular overspending will only keep you in the mouse wheel of minimum payments on your debts.
More than ever before women are impacting society by taking charge of their health, family, career and money. With high career aspiration and employment stability, good budget management, and smart investing, women are taking more control in safeguarding their financial future. We look forward to the future..
Recent Comments