Taking Control: Financial Strategies For Women (Part 1)
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Did You Know?
Women who worked full-time in 2019 earned about 82% of what men earned1
Women experience more career interruptions than men, primarily to care for their families2
These statistics highlight how women face many financial challenges in today's society. Whether it's making a lower salary than men who are just as qualified, or, having to take time off from work to take care of their families, women face a variety of financial setbacks. Despite these challenges, women are more than capable of taking control of their finances. Here are some steps to help you not only bank better, but live better:
How To Get Your Financial House In Order
1. Take a Financial Inventory
What do you know about your current financial place? How much money are you bringing in? How much money are you spending? What investments do you have? Do you have any debt? Understanding your own financial situation will help you not only feel more in control of what is going on, but it will also help you come up with a financial plan that fits in with your life and your goals.
2. Set Financial Goals
Once you have a better understanding of your current financial place, you can set realisitic financial goals. Find out what is really important to you financially. Do you want to retire at a certain age? Do you want to put your kids through school? Do you want to pay your house off early? Ask yourself what really matters to you financially.
3. Build Smart Habits
Once you know what's important to you, meet with a financial advisor to help come up with a strategy to help you achieve those long-term financial goals. Whether it's living within your means, maintaining good credit, or building an emergency fund, a financial advisor will help you build smart financial habits to help you reach your financial goals.
4. Start Saving
It's never too late or too early to save. Pick a set dollar amount (it doesn't have to be a lot) and tell yourself that you will save that amount every month. You'll see that saving small amounts adds up over time. Can you live without buying your daily cup of coffee? Great! make it at home and start saving that $5 a day that you would be spending on buying coffee on the go. In a year's time, that would be $1,800. Even tiny savings can add up. So, ask yourself what amount you are going to start saving daily (however big or small it may be) and stick to it!
As you can see in the chart below, tiny savings like this can really add up over time.
Financial Strategies For Women: Part 1
It's Never Too Early Or Too Late To Start Planning Today!
At Coastal, we make it our priority to help all of our members plan for a secure retirement. Wherever you are in your financial planning journey, we are here to partner with you to give you financial advice based on your unique financial circumstances to help you make the best decisions with your money. Connect with a CFS* Financial Advisor to scheduled your complimentary retirement plan review.
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