We all lead busy lives with women often putting family and work before their own needs.
Women face a unique challenge, they live longer and need to live and retire securely. Women are also better educated today with research suggesting that that women now exceed men in post-school education.
The challenge is to educate women on their long-term economic well-being and research has also shown that women have a greater openness to advice and in particular seek guidance and better information.
So here are my top 8 tips for women to get their financial future started:-!
1. Have a Plan
“If you don’t know where you are going, how are going to get there”?
Having a roadmap is key so write down a plan with key objectives/goals and strategies.
2. Step by Step
Don’t try to do everything at once. Your plan should include a series of small and simple steps – for example, start off with reducing credit card debit, saving a set a set minimum every month, contributing to your super every month etc. !
3. Have a Budget
Stick to a fortnightly or a monthly budget. The budget should include your expected income and expenses with the amounts you need to set aside for paying off debt and savings.
The budget should be realistic yet challenging enough to make a difference. The general rule is to spend less than you earn. You also need have some wiggle room for that special pair of shoes or handbag.
4. Read that Credit Card Statement
Your credit card statement is a very valuable document.
You can tell where most of your money is going and the interest rate you are being charged if you dot pay off the whole balance if you don’t.
5. Pay Yourself First
While we all have bills and expenses don’t pay yourself last by saving only what is left over at the end of each month. A smart strategy is to have an automatic fortnightly deduction from your salary that goes into a high interest savings account.
6. Learn about Money and Investment
Education is key and women have generally greater levels of anxiety around finances and worry about not having enough money to live comfortably.
Don’t let the feat of losing money or fear of failure stop you from investing. Take the time to learn the basics of superannuation and the tax benefits it can give you.!
7. Take Responsibility for Your Financial Health
Don’t rely on someone else for your financial security.
Be involved in the day-to-day management of your family’s finances and talk about money with your partner.
8. Talk to an Expert
Discuss your current banking and financial needs with your current provider. You may also seek to see a financial planner who can bring the right knowledge, expertise and guidance to help you achieve your specific lifestyle goals. They will talk to you about your current finances and goals and put together your personalised plan.
Your financial health is important so take the time to consider your current financial situation and what you want to achieve.
It all takes planning so consider these steps to help plan your brighter financial future.