May 16, 2022
Women tend to ensure their family’s basic financial and other needs are taken care of before their own. It often comes with managing a household — caring for children, a partner, maybe even aging parents.
Often, women are taking care of family finances on their own: According to Pew Research Center, one in four mothers are single. And despite the fact that more than 57% of women have a job, they continue to face a lot of societal pressure to be an involved parent. Consequently, women often set aside their own financial wellness.
Financial wellness is defined as understanding and mindfully managing your income, investments and spending so you can achieve your financial goals. It’s important that you feel confident and capable of making the long-term, as well as basic short-term, financial decisions for yourself and your family. As wealth managers, we’re like the fitness trainers — helping women take care of themselves by bringing their financial picture into focus and providing guidance and encouragement to stay on track.
So here are seven positive financial health and wellness tips that you can use for every stage of your life to take care of yourself, as well as your family.
The first step toward financial wellness for women is knowing what you have, where you have it and how to access it. This is especially important if you do not manage your own finances. Understand what your household assets and liabilities are by creating a personal balance sheet. Also consider:
Financial planning provides a roadmap that guides you toward achieving your goals. A wealth manager can help you create a financial plan by analyzing your information and listening to what’s important to you. Your financial plan should evolve as you evolve. You can’t predict what the future holds, but you can take actions that will build your economic security.
Goals-based investing is key to helping you achieve your goals. As you focus on the long-term, you should look toward high net worth investment strategies that will take the appropriate level of risk while preserving your growing wealth.
Whatever your “why” is, internalize it by reminding yourself of the purpose of your money so that you stay focused on what you’re striving to achieve. This will allow you to be more confident with your financial decisions and help you avoid choices that aren’t aligned with your goals.
Set aside time each month to keep track of your financial affairs. Review credit card statements and bank account activity to make sure there aren’t any fraudulent transactions. If you find budgeting keeps you on track with your spending goals, a budgeting program can also help you monitor your activity. (Mint, YNAB and Quicken are popular.)
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