4 Tips for Women Struggling with Financial Insecurity

4 Tips for Women Struggling with Financial Insecurity

By: Solid Serenity Legal Solutions

Many of us, at least in the South, were raised with the adage money is the root of all evil. As such, many women, even more than men, tend to doubt their financial abilities and choices and decide to let their partner take the reins in financial planning and decision-making.

This approach can lead to problems down the line. If the couple separates, divorces, or the partner in charge of the finances becomes incapacitated or dies, the non-participating partner is left with a mess. She often doesn’t know what the couple owe, and sometimes even what they own.

Here are 4 tips for women struggling with financial insecurity to help empower you financially.

(1) Learn About Finances

Studies show that those who learn about finances and take an active role in financial decision-making end up twice as wealthy as those who don’t. That sounds like a good motivator, doesn’t it?

So, get out there and learn. Take some time to learn how to read a financial statement. Learn how to budget. Sit down with your partner and make an accounting of what you own, where it is, and what you owe.

Getting the knowledge and power over your future is worth the time and money investment. If you don’t know where to start, Google it. There are also community classes for women and we know a local team that can help as well.

(2) Meet with a Financial Planner

Professionals are professionals for a reason. They have a deep knowledge and understanding of complex issues that you may not even know you have. Reach out to one. Find the right fit for you.

What is the area you need the most help in? Do you need help with a budget? Is retirement planning your goal? Find someone who can help you meet those goals. For some questions to ask to help you decide who the right financial planner is for you, click here.

(3) Make or Update Your Estate Plan

Women are often taught to think of others and their needs first. We spend so much time serving others and caring for them. Most of us highly value our care-taking roles and do not want to burden the ones we love.

Estate planning is the perfect way to relieve some of the burden of our incapacity or death for our families. Estate planning helps us prepare for times when we can’t make decisions for ourselves and times when we won’t be there for the ones we love the most.

Alleviate your family’s stress by getting plans in place that save them the time, money, and stress associated with going to Court. You will also have peace knowing that your legacy will pass exactly the way you want it to.

(4) Be Healthy

What does health have to do with finances? Plenty. Women’s life expectancy rates continue to rise. As we get older, our health decreases.

Start making health a priority in your life now so that you can save yourself and your family the expense and pain of medical costs and ailments when you age.

If you need help setting up an action plan for your finances, or finding the resources you need, please reach out and we can help!

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