Femtalk USA
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Women, as a statistical group, have different
financial needs than men do. Women, on average, live longer than men do.
Therefore, it is essential that women plan financially for their senior
years, as it is probable that they will outlive their spouse or partner. The
number
of widows living in poverty is astounding, but smart, forward-looking
financial planning can help to avoid this.
Another
significant difference in financial needs has to do with the rearing of
children. With the rate of divorce being what it is, many mothers find
themselves raising their children on their own. After divorce, it is still
the woman that typically experiences a decline in lifestyle and a decrease
in financial stability.
Women raising children alone make up a huge percentage of
the nation’s poor. Even with child support payments from fathers the real life,
day-to-day expenses involved in rearing children can be overwhelming. For
women, particularly mothers, financial planning should take into account
this potential. It’s better to be safe than sorry, and if the marriage
survives and single parenthood doesn’t happen, then there’s a tidy little
nest egg for college, retirement, or a celebration of making it through the
good times and the bad times successfully and together.
Financial Tips For Women
- As a woman, you are likely to live longer than your
spouse or partner. Be sure that your retirement planning reflects that
likelihood.
- Take the steps to become educated about money and
finance in both the broad sense and within your personal life. Be an
informed and active part of your family’s finances and fiscal decisions.
- Invest in yourself. Too often, women don’t make real
investments. Consider buying a house, start retirement accounts, engage in
serious financial planning and investing – during your 20s and 30s or while
you are single.
- Question your spending motives. Don’t fall prey to
emotional spending, to using shopping as a means of feeling better when
experiencing a period of stress or of feeling down, or something more
serious, such as depression. If there is an underlying issue, address it.
You and your bank account will be better off.
- Budget like you really mean it.
- Recognize that the odds are that, as a woman, your
overall earnings are likely to be less. Increase the percentage of your
income that you save to offset that difference.
- Prepare for potentials that are unpleasant to consider,
such as marital breakup and single parenthood. Do your best to have
separate, private just in case savings.
Take this "financial" test from
MsMoney.com. It's quite fun!
Look at
Women's
Finance for more advice.
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