Although just about everyone appreciates it’s important to plan your financial future, there’s still a disparity between the sexes when it comes to actually doing this.
For far too long, financial planning for women wasn’t a topic people took seriously.
Obviously, that’s changed.
Nonetheless, if you’re a woman, it can still be difficult knowing where to get started.
3 Financial Planning Tips for Women to Help You Get Started
Financial planning and investing for women is slightly different than it is for men. While most of the advice out there is fine for both sexes, the following three tips are specifically for women.
1. Always Play Some Role in Your Finances
In many relationships, men still control the money. If that’s what works best for you and your spouse, there’s no reason to change things.
However, you should always be involved to some degree. While you may not be able to pick up exactly where your husband left off, you should be able to take over things relatively quickly if you had to.
While no one wants to think about divorce, many women find themselves struggling after a separation because they don’t know where to begin with their finances. The same goes for another taboo topic: becoming a widow.
If you currently don’t have any role in your family’s finances, start changing that today by becoming more and more involved so you’re prepared for whatever the future may hold.
2. Make Financial Planning a Priority
It’s no secret that we’re busier than ever and this seems to be especially true for women. Many have full-time jobs and are expected to handle most of the work at home, too.
Even if you’re not married and/or have kids, it’s tough to find free time these days, but that’s exactly what you’ll need to do to take financial planning into your own hands. There are plenty of financial literacy courses online you can take that will help improve your understanding quickly.
3. Adjust Your Investments for a Longer Lifespan
Even though women usually live much longer than men, their investing habits tend to be more conservative throughout their lives. This is despite the fact that they could arguably be much more aggressive when younger with years to make up for any missteps.
Either way, investing for women is different than it is for men because of these two factors. After taking control of your financial planning, you’ll need to rethink a lot of the advice you hear from men because they’re planning for shorter life spans.
You don’t necessarily need to be more aggressive, though, but understand that this inherent difference does seem to exist. So if it feels unnatural to take more or bigger risks, that doesn’t automatically mean it’s a bad idea.
Need Help with Your Financial Planning?
While we wholeheartedly support everyone learning about finances and investing, we also know it helps to have a financial advisor who can provide support and honestly answer important questions.
If you’d like to learn more about financial planning for women or receive help getting started, contact Mooney Lyons today.