5 Financial Stages That A Woman Must Prepare For
It is a known fact that women are capable of achieving anything they set their minds to. Women are self-made and there is nothing they cannot do. But if there is one thing that holds them back, then it is managing their finances. Be it investments or retirement plans, women have a tendency to depend on their fathers or partners for the same.
It’s time to show that women too can take charge of their financial future. After all, managing money is not rocket science, right
Whatever phase of life you are in, the sooner you start planning for your financial future, the more you can make the most of it and deal with life’s inevitable encounters. While you cannot predict what life has in store for you next, here are some important stages that you must be prepared for:
No matter how healthy you may be right now; it is almost a sure thing that you will need medical help in the future. They don’t come with a fair warning and that’s why it is one of the most important things you should always prepare for. The first step is to simply save and allot money for medical emergencies. If you are really low on budget, you may start small. Just make sure to do it consistently.
You may also choose to get insurance; however, remember to study which one provides the best rewards and make sure it’s effective
Losing a job/Unemployment
You might be safe and sound in your current job, but always consider the possibility of losing it. Of course, we hope that doesn’t happen to anyone but life is filled with uncertainties. Just because your income can stop coming, does not mean that your expenses and bills would stop as well.
We suggest that you set up an emergency fund. It is best to have 3 to 6 months’ worth of your income in an emergency fund that will help you during these times.
When you get married
It’s vital to communicate and ensure you understand each other’s financial goals and priorities as a couple. The discussion of merging your money in a joint bank account is one you cannot avoid, but if your partner has a bad credit record or a large amount of debt, think twice.
When you become a parent
This is when matters get even more complex as you take responsibility for your child’s needs. You must take into consideration various factors such as saving for their education, healthcare needs, updating your life insurance among many others. Particularly now, it’s important to get your financial affairs in order and to be practical.
While more women are beginning to work these days, many are not focused enough on saving for their own needs. This is extremely worrying as women have a higher life expectancy than men and fewer working years due to pregnancy and raising children. This is why you must start investing as soon as you can, and take expert guidance to get the best returns. As you get older, security and safety, comfort, and convenience are what’s important. You may also consider putting your name down for assisted living or frail care facilities should you eventually need them
Women have been doing extremely well for as long as we can remember. Being the multi-taskers they are, they learn to juggle different roles comfortably well. Taking control of their finances should always be a priority, no matter how overwhelming it can seem at first. Remember that investing is not just for men.