Today’s women come up against some acute financial hurdles. Family dynamics are very different in today’s world with many women being the breadwinner or managing single parent households.
The wage disparity between men and women which still exists and the fact we live on average a lot longer, we as women need to work smarter and harder to achieve financial stability.
When planning your financial well-being, consider a holistic view of creating wealth. Think about the small, actionable steps you can take today to steer your financial situation in the direction you want to go. Every step you take towards financial stability will make you better off each month. But don’t focus on getting rich. Focus on being money smart and financially stable.
Earn it, Save it and Invest it
Before you can begin to save or invest, you need to have a regular source of income which is sufficient enough to cover your necessities and to give you some leftover for savings. Try and continue to have your own source of income even after you get married and have children. Even a regular, part-time job can accumulate a steady stream of cash.
Your income is related to super or retirement savings, so by maintaining your income source you are also contributing towards your retirement.
Once you have an income which covers your basic monthly outgoings, you can then develop a proactive savings plan. Build a firm foundation with a plan to meet periodic, non-monthly expenses, such as car insurance, taxes, family holidays and even some long-term investments. Periodic savings are essential to make your financial life work. Without it you are likely resort to credit cards for those unexpected expenses and get into debt.
Once you’ve set aside some money for investing lock it away into shares, term deposits, a managed fund or a property and make use of compound interest over time. Let the money work for you. If you plan on working all your life then you won’t need to invest for your retirement. However, unforeseen circumstances can happen at any time of your life which may not allow you to work.
Accidents, disability and changes in family stability can all affect your long-term financial goals. By investing early you can protect yourself and avoid financial problems that unexpectedly come up.
Be In The Driver Seat
Every woman should take charge of her own finances. Being in control of your finances means being in control of your life. You should know the bills you’re paying, keep track of what you owe and know what you’re entitled to especially in a relationship. Even if you aren’t the one earning money in the relationship, if anything happens you have the power to control your financial destiny, more so if you are aware of the finances.
Improve your financial wellbeing by gaining a better understanding of a broad range of personal finance topics, including creating a budget, managing your cash flow, using credit wisely, and saving for retirement. Learning as much as you can about how these tips, advice and resources can help you develop strong solid money management skills that will serve you today and for years to come.
Australian women today are smart, savvy and inspirational. We run businesses and homes, we raise children, we study hard and we support our families. Isn’t it time to apply those same important life skills and passions to our finances?
Post from Women In The Black – A community where the modern Australian woman from all walks of life can learn, share, discuss and act on opportunities to take control of her finances and ultimately secure a stable financial future.
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General Advice Warning
The Information on this page has not taken into account your financial situation, needs or objectives. Before acting upon any advice, you should consider whether it is appropriate for you.