When it comes to financial planning, women tend to face more circumstances as many studies have proven. Their life expectancies are longer than that of men which means women have more years to plan for when it comes to their retirement or taking care of loved ones.
Here are a few questions every woman should ask herself as she plans her financial future:
Is your career as steady as you think?
A women’s career is usually not as stable as men, for a number of reasons. Having children and raising them can result in longer periods away from work, which can disrupt cash flow. Even if you plan on having kids with your husband or partner, you must consider their impact while planning your finances.
Do you have a handle on your money?
Put together a list of all your needs, and goals you have set for yourself and allocate funds to them. This will give you a good idea of what you must save every month. If you realise that you are unable to achieve these goals, relook your budget and identify the problem areas. Work out how much you owe and settle as many accounts as possible. Clothing and furniture accounts have very high interest rates, so target these first.
Married? Have you had the money talk?
If you’ve tied the knot, talk to your partner about your finances. Having a clear understanding of how your joined finances, including your debts, are going to be managed will help ensure a sound financial future together.
Will your retirement plan last long enough?
As a woman, when you think about your retirement needs, it’s important to make sure you estimate for a long life. Start by looking at your current spending. This could help you establish a realistic estimate of your expected spending in your retirement years. Then you need to have a look at your potential sources of income. Any expenses not covered by outside sources, such as grants or a pension, must come from your personal savings and investments.
Do you have a hold on your debt?
Seeking professional assistance can help you understand your financial debts and give you a solution to prepare for your future. Contact us at Meerkat today and let our professionals help you get a firm grip on your debt.