|
Wise financial planning for women means listening to women who you look up to and finding ways to improve your own personal financial situation by being mindful of your money and what you are spending. Many women spend money without knowing its specific place in their budget and have no idea how much money the household earns, thereby exacerbating their own financial situations. No one has so much money that they shouldn’t be doing some very wise financial planning. Here are the top 5 tips to manage your money and plan your finances now and for the future. Start Saving Now The most basic, and yet the most important, financial habit that anyone can get into that will do more to save a struggling financial situation is to put aside some of your money into a savings account. As a general rule, you should plan to set aside at least 10% of each of your paychecks towards savings. If you can get into the habit now, it will be much easier to set aside this money in 10 years from now. Put Money into Retirement If you have a 401(k) account through work, consider distributing 10% of your income into this account automatically. Even if you are self-employed and therefore do not have a group 401(k) plan to contribute to, you can get a solo 401(k) plan or a Simplified Employee Pension that will offer you a tax deduction for contributions made to the account throughout the year. Once you get more comfortable with your 10% contribution, consider raising this 1% every year until you are putting 20% of your income into this account. Sleep on Every Purchase If your financial plan does not involve saving more and spending less, then you’re probably doing it wrong. Your financial plan should always involve some serious thought about where your money is going. You will have a much less guilt and fewer hassles if you can determine that you will spend some considerable time thinking about a potential purchase before going through with it. You can avoid exacerbating an already sad financial situation by determining to let a good night’s sleep pass before making any major purchases. You might need a few weeks’ worth of good nights of sleep before making major purchases. Make Saving Your Mindset In order to maximize your savings, you need to get your mind into a savings mindset. This requires a lot of discipline and may require that you change your habits. When you are putting together your monthly budget and entering how much you are spending for your monthly bills such as gas, electric, and utilities, include an additional space for savings. Treat your savings funds as you would any other regular monthly expense. Put these funds into another bank account so that you don’t ever see it. If you don’t see it, you will be less likely to draw from it at will. An online bank account is great for this because you don’t have to see it as part of your other accounts in online banking and you can’t just go to the teller line and withdraw cash quite so easily. Work with a Professional Finally, one of the best tips regarding financial planning for women is to work with a professional. You probably want to invest in stocks, or you might consider opening a Roth IRA. The best person to guide you through these decisions is a professional advisor or financial planner. They can help by identifying your unique financial situation and needs and coming up with a plan to help you reach your goals.
Related Articles -
financial, planning, for, women,
| 
