Women should feel secure and confident in handling their personal finances. Here are some financial planning advice that is specific to women;
Get involved – Make sure you are involved in goal setting, budgeting, saving and investing. If you don’t get involved in the setting of your goals, you will find it much harder to reach them. If you are married or have a partner, include them in the goal setting process.
Have a plan – Have a financial plan for your short and long term goals. Understand what your future expenses maybe and then work out how much you would need to save to meet those expenses. Maximize your employer benefits and retirement plans to receive tax benefits.
Insurance – To secure your future, ensure you are sufficiently insured. For women whose spouses are the primary earners, it is important that your partner has life and disability insurance, to ensure that you are prepared for the worst. This will keep you and your family comfortable, until you are ready to enter the workforce.
Maximize social security – To maximise your social security benefits, refrain for withdrawing your benefits early. Women have a longer life expectancy than men and therefore should ensure that they have a stable income after retirement.
Assess your risk – When investing your funds, make decisions based on educated facts and not on short term market fluctuations. You may find that your portfolio may go up or down, but if they are tied to your goals, you will be less likely to make reactive decisions.