4 Ways Women Can Become Empowered From Their Finances

by Lauren Beichner

Marketing Specialist

6.11.2020
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Articles

4 Ways Women Can Become Empowered From Their Finances Infographic.

In our society, women tend to carry a lot of financial stress and opression. This is partly due to the fact that women generally make less money than men with the gender pay gap, which as a result, creates more financial strains for women. Knowing that, it's no secret that more than 20% of women say they are routinely worried about money. 

So, as a woman, what can you do to get a handle on your finances? Take charge of your finances. It doesn't matter what your salary is or how much you have in savings, you can start today to implement tactics and strategies to help you get on the right financial path. 

Whether you are single, married, divorced, or widowed, getting a handle on your monetary concerns will make you feel accomplished and secure. We're going to outline four ways that women that turn their finances around so that they can be financially independent and take charge of their own life. 

1. Create A Financial Plan   

Having a strategic financial plan is the first step to establishing your monetary independence. Whether you choose to work with an advisor or come up with a financial strategy on your own, having a plan in place is key. Without a plan, you don't have any guidelines to keep you on the right financial track. Create a budget that will help you meet your long-term financial goals and put it on paper. Writing it out will help you hold yourself accountable and help you stick to it. Your financial confidence will skyrocket when you see what you are financially capable of just by adhering to a budget. 

2. Make Investing A Priority  

If you don't think investing is neccesary, think again! Sure, saving money is important if you want to gain financial freedom, but, investing is just as important. Often times, women overlook the value of investing and just focus on saving. In fact, a recent study found that 71 percent of women prefer to keep the majority their money in cash instruments such as savings. It's okay to be cautious when it comes to investing, but don't let your fear of it prevent you from investing at all. If you want to do something impactful with your money and make the most of it, then investing is the way to go. 

3. Focus On Retirement 

If saving for retirement isn't already one of your top priorities, it should be. Since women generally take off more time from work to have children, they are less prepared for retirement than men are. So, if you're the kind of woman who puts others' needs before her own, this is an area where you need to focus on yourself. Whatever life stage you are in, make sure you have a retirement plan in place. Start saving early for retirment so that when the day comes you are financially prepared. You'll feel confident knowing that you have a plan of action to help you retire on time. 

4. Team Up With An Advisor

Working with a financial advisor who knows your needs and goals is key to a successful financial future. Having a support system to guide you through certain financial decisions also comes in handy when it comes to managing your money. Checking in with a financial advisor can help you make sure that you are making the right monetary choices to help you meet your financial goals so you no longer have to question if you are making the right choices or not. Find an advisor who you feel understands you and you feel comfortable with. You'll be thankful to have this helpful source guide you through your financial journey. 

Last But Not Least 

Don't forget to share your financial experiences with other women. Remember, you aren't in this alone. Share your stories with others and build a financial empowerment comradery. Take charge of your finances and become the financially self-sufficient woman that you know you are. 

Our team of experienced CFS* financial advisors will work with you to analyze your current investment and retirement planning strategy and ensure that you are on track to reach your financial goals.

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*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. Coastal Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members.