Financial Focus for Women: An article series created by Bill Few Associates to help women achieve financial independence.
Did you know that women were commonly discriminated against when applying for financial products like loans before the Equal Credit Opportunity Act in 1974? After this Act was passed, women were able to apply for financial products such as credit cards or open bank accounts in their own name regardless of their marital status. We’ve come a long way since then, and women control more assets now than ever, but women are still not as confident as men with investing or choosing a financial planner.
According to Clever Girl Finance, women who have higher levels of financial literacy tend to save more, spend more wisely, and invest more than their peers. So, why not take actions to become more financially literate? Here are some ways to do that so you can gain your confidence and meet, and even exceed, your financial goals:
- Learn More About Finances –The more we learn about finances, the more confident we will become about the subject. Participating in webinars or learning about different financial-related items can help us get motivated on spending more time on budgeting and saving, which can only get us closer to our financial goals and financial independence. Here are a few of the many organizations that provide financial literacy training and/or information: Clever Girl Finance, Women’s Institute for Financial Education, Financial Literacy Organization for Women, and Women’s Institute for a Secure Retirement.
- Add Up All Expenditures – Knowing what expenses you have, and breaking them out into categories, can help you change your spending habits so you can reach your goals faster. Some popular categories to consider using when adding up expenses are housing, food, medical, childcare, transportation, savings, giving, taxes, and other.
- Automate Your Savings – When a paycheck rolls in, it would be easier to avoid spending too much of it if a portion goes right into your savings account. Automating our savings is one terrific way to keep money out of sight and out of mind so our bank accounts can benefit.
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- Prioritize Your Financial Goals – Making a list of goals and prioritizing them can help you see the bigger picture of your wants and needs. These goals might be separated into short-term, mid-term, and long-term goals that can range from saving for a vacation to saving for retirement.
- Have the Help of a Financial Guide – One of the best things we can do for ourselves is have a professional financial advisor on our side. They are the ones with up-to-date experience and training, and they are also the ones who watch the markets and make sure investments and financial plans are on track. If you don’t know where to start, give our experienced advisors a call. Someone will be happy to help.
There are many resources and experienced financial advisors available to help women become more financially literate and ultimately more confident. We hope this information can help you get motivated so you can be on your way to meet your financial goals.
If you have questions about the information above, or if we can help with your financial planning in any way, call us today at 412-630-6000.
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