The Importance Of Family Finances
In these complex economic times, keeping one’s finances in order is more important than ever. This is especially important for women because we face unique challenges that add up to different financial needs.
At some point in your life, you will be solely responsible for your finances, whether you are single, married, divorced, or widowed. Women generally live longer than men, so we need to save more for retirement. We need to start investing younger and more aggressively, and we need to evaluate our investments to be sure the rate of return is ahead of inflation and taxes. We need to learn as much about saving and investing your money as we can.
It’s been shown that women tend to …show more content…
Retirement planning may seem overwhelming, but it doesn’t have to be. Investing is not as complicated as the news chatter of stocks and market swings. Conservative, long-term investing can be simple. Don’t delegate the task of dealing with money matters if you’re not sure what’s happening or how your investments doing.
You may be thinking, what does this mean for you? Start now. Any woman needs, at minimum, a basic understanding of her family 's finances and should be involved in the financial planning of her future. This means not only being involved in the daily details, but also in the long-term planning. This reduces your financial stress and will make you feel more in control.
If you have a financial plan in place and are married, be sure that you and your partner are both on the same page. Couples should prepare in advance so in case of a death the surviving spouse will know what to expect and can navigate the legal and financial paperwork more …show more content…
When thinking about your money, you ideally want to create a lifetime of healthy money habits. Try to focus on your HABITS around money, rather than the outcome. Having healthy money habits throughout your life will help you achieve your financial goals. Take advantage of the power of time. Start early. And if you’ve made mistakes in the past, forgive yourself for them, learn from them then focus on today and move forward. Don’t let your financial past dictate your financial future. Taking control of your finances will also help boost your confidence. Even if you’re not interested in personal finances, force yourself to get involved. At some point in your life, you will likely have to manage the finances on your own.
Don’t avoid discussions about money. Lean in and take control of your finances. Don’t be intimidated by the financial industry or financial professionals. Taking responsibility can start with simple steps such as taking an inventory of your accounts, creating a budget or asking to be more involved in important financial