Financial Tips For Women

Recently I heard about this great list of tips for women and personal finance.  I posted a few below, and you can read the rest at Ask The Advisor.

17 Important Financial Tips for Women

Unfair as it may be, the reality is that women are often at a disadvantage  when it comes to finances. Though the gap has closed considerably in the past   fifty years, women still only make about 77   cents on the dollar compared to men. Also factor in that women are often out of the workforce for an average of seven years due to maternity leave and time spent raising and caring for children. This latter activity reduces contributions to pensions and social security. But the situation isn't hopeless. There are many things women can do to help secure their financial future. Here are a few tips to help you gain control and confidence when dealing with your finances.

1. Set a financial goal — Setting a goal for yourself can be one of the most important steps in financial success. Without financial goals and plans for meeting them there is a tendency to simply go with the flow and leave the future to chance. Knowing where you want to end up is the first step in getting there. So, sit down and figure out what your big financial goals are and how you plan to reach them. Often it helps to create smaller short-term goals to help you feel more successful along the way. Make sure to evaluate your progress over time to see if you are on track to meeting your goals, and before you know it you'll be on your way to feeling more financially     secure.
2. Don't go it alone — If you're having trouble getting a handle on your finances you don't have to  go it alone. If you're deep in debt and you feel helpless, it can often be helpful to join a support group like Debtors Anonymous. Sharing your financial burdens with others and learning from their experiences can be a great help. If you're just unsure how to get started, a class on financial management can be a great place to begin. Many places offer classes that are free or at a low cost. Women are often intimidated by investments, and being unsure about options causes much of this intimidation.     When you learn more about your finances, you'll feel more confident.
3. Get professional help — Aside from classes, if you're in need of financial guidance sometimes it's best to just find a professional who can help you along. A financial planner or a CPA can help you to allocate     your assets into good investments and to create a plan for retirement. Though     they do charge a fee, the benefit of their experience and knowledge can be worth the money. Make sure you find someone you can trust, as sad as it is, not everyone has your best interests in mind. Get a recommendation from a friend or relative when  possible.
4. Take control of your finances — While most women participate in the day-to-day finances, there are still some women who leave these decisions  to a boyfriend or spouse. Do not let someone else have complete control over your financial future. Relationships should be equal partnerships and finances should be no exception. Know where your money is located and make sure that it's being invested in a way that you see fit. It may not be a nice thought, but relationships do often end,     so you should ensure that you will be equipped to handle your own separate financial future if the circumstance should arise.

Unfair as it may be, the reality is that women are often at a disadvantage  when it comes to finances. Though the gap has closed considerably in the past   fifty years, women still only make about 77   cents on the dollar compared to men. Also factor in that women are often out of the workforce for an average of seven years due to maternity leave and time spent raising and caring for children. This latter activity reduces contributions to pensions and social security. But the situation isn't hopeless. There are many things women can do to help secure their financial future. Here are a few tips to help you gain control and confidence when dealing with your finances.

Comments

[Katie]

Good tips. I work with the Heinz Family Philanthropies and they just released an ebook providing even more tips on how you can secure your financial future. It’s available online for free at http://www.womensretirement.org. Hope it’s helpful to you.