What Every Woman Ought to Know About Money
The following is a guest post from Esther Mukoro who is the founder of MoneyNuggets – a personal finance blog for women. Their goal is to empower women through financial education so they can take charge of their finances and achieve their financial goals.
What Every Woman Ought to Know About Money
Looking after your money and making it work for you is something we all worry about, but typically, women are a lot less likely to take action and make financial plans for the future.
Despite being excellent when it comes to managing budgets, counting the pennies and finding bargains, studies show we women aren’t making the most of our finances with investments and savings plans.
It’s time that this changed. With many of us living for longer, earning more and having more independence over our finances, we should also be seizing control of their financial futures.
So what should you know about your money? And what should you be doing with it? We take a look at why it’s time women started talking about money, and how you can change your financial outlook.
Saving the Pennies
If there’s one thing us women are good at, it’s penny-pinching. From spotting a great offer in the supermarket to bagging a bargain on the rails, shopping is a fine art with saving at its core.
We plan the household budget closely, get great deals with online shopping sites and make the most of coupons and vouchers. There are countless surveys showing that women are becoming more savvy with their money, so why aren’t we making the most of our money by saving or investing it wisely? Saving is just as important as cutting costs and finding a bargain.
It’s time women started thinking about how to get more from the money we have. We can start by talking about money more. Not only can friends and relatives provide a great source of advice, but financial advisors are also available to guide you.
Women are much less likely to invest money than men, and we often don’t include savings and investment in our plan. Additionally, we’re statistically less likely to be involved in a pension plan or hold financial protection.
If we know how to save money, shouldn’t we be doing more to protect it and to make it work for us? With the right advice and some careful planning, you could see your savings grow and create a great financial future for yourself and your family.
You can start making changes today by looking at your budget and making sure that you’re paying yourself as well as your bills. Chances are, you don’t put money aside in a high interest savings account each month.
This means you’re potentially missing out on interest, and you’re not keeping anything back for yourself in case of emergencies or a change in circumstance. You might be keeping on top of your budget right now, but if you’re spending instead of saving, you’ll be putting yourself at risk if anything changes in your life.
Financial Advice and Support
You can reach out to a professional if you’re looking to invest – don’t be afraid to speak out. A good Financial Advisor can be a great help in ensuring that you’re making the right investments and planning your finances the right way.
If you are new to investing, it’s good to have some experienced support. Women are traditionally less likely to engage with professional financial advisors, but they can help you ensure you’re getting the right result.
There are also advice services available to help you with other financial issues, like building or repairing your credit or gaining control of your debt.
If you’re looking to get full financial control and be independent with your finances, make sure that you speak up and get help.
You don’t have to handle everything by yourself – there are lots of services to support you. What is important is that you consider the future as well as the present when you’re planning budgets.
Don’t leave yourself stranded in the future, and grow your money so it can support you when you’re older. You’re in charge of your finances: make them work for you.
How do you handle your money, and do you feel that you’re making the most of it? Get in touch with us today and join in the discussion in the comments box below. We welcome thoughts and questions, and look forward to seeing what you think.
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