Women are playing more of a role in financial decision-making and are striving to build financial confidence and security. Are you ready to boost your financial confidence? If so, here are five things to consider:
A recent study revealed single women are the least likely group to have a financial plan in place as compared to single men, married women, and married men. A financial plan can act as a roadmap to your goals and help you identify the gaps in your current financial situation. Taking the time to put a plan in place can help you make better financial money choices in the long run. Your plan should include daily budgeting, paying down debt, looking at short and long-term goals, investments, insurance, and estate planning.
Saving for an emergency is critical regardless of gender or marital status. If you don’t have emergency savings in place, consider monitoring your spending to find ways to save. Think about establishing an automatic transfer from your checking to a savings account each time you get paid. That way your savings can build consistently without any extra thought or effort.
Don’t underestimate yourself when it comes to investing. A study cited by the National Association of Plan Advisors the study found that approximately one in five single women is reluctant to invest out of fear of putting their savings at risk. Investing can be critical to your long-term financial security. Whether it’s saving for your retirement in 40 years, or planning for your child’s college fund, investments can help reach your goals.
You don’t need to know every investing definition, process, and principle before starting to invest, but you do need to know what your investment goals are upfront. Figure out what your goals are for your money, set up a plan, and start working towards those goals. A confident investor always has an investment plan which acts as a compass towards his or her goals. If sometimes you go off course, your financial advisor can help you get back on track.
Whether you’re very confident about your choices or want some validation, it can be helpful to reach out to a financial professional or take advantage of free resources like those available on Financial Consulting Group’s website. We have the resources to help you plan for your future and optimize your saving and investing plan.
Consulting Group, our financial advisors are here to help you navigate life’s
financial choices for a life well planned. Call
us today to learn more at (504) 835-1707.