So when it comes to saving and investing, they need to be more frugal and diligent about what they are doing with their money.
In order to gain financial independence and security, they’ll need to educate themselves about topics that normally haven’t been at the top of their minds.
Women are different!
Not only do they need to plan their finances differently then a man would, but they may prefer to take a different planning approach altogether.
One way to start is to ask other women in your life if they have a plan for financial security, retirement, and savings.
Look for groups in your community that focus on helping or educating women about finances or retirement planning. Go to the library and research financial/retirement planning. You have to start somewhere and education is the best first step.
Once you have learned and understand the basics of how much to save, how much to invest, what insurance you need, you can map out a plan- and stick to it!
Getting Financially Organized
Women are pulled in many directions with their families, with work, volunteering, caring for aging parents, etc. that their financial planning falls into last place at the end of the day. If you don’t make it a priority then you will not achieve the goals you’ve mapped out for yourself. If looking at your overall financial picture on a monthly basis is too much, then do it quarterly. Just make sure you keep it a priority.
Another idea is to start a women’s financial circle, which is much the same idea as a book club. Plan an afternoon where you get together with other women and discuss top news issues related to finance, retirement, insurance, philanthropic gifting, banks, bank fees, investment opportunities, and financial planners. Perhaps the ones some among you are working and have proved helpful may be willing to come and talk to your group.
This is also an opportunity to discuss pitfalls, concerns, problems, lack of knowledge, etc. Women prefer a different kind of communication and having a more intimate environment invites broader conversations about wealth and giving back.
Many women are caregivers, so it is a natural progression for an individual or group to begin to look outside itself to help others. The financial circle can also be a place where, as a group, you combine wealth to make a larger philanthropic impact to an organization that everyone has agree on. Combined funds mean a larger gift!
In the 21st century, with issues such as less income for doing the same job as a male counterpart, multitasking life’s demands, and living in an economy that is not stable- NOW is time to take control. Now is the time to change the history of women relying on someone else for their financial security.
Image courtesy of Flickr user jon.satrom .
Connie Golleher, chief operating officer of The Holleman Companies, an insurance-advisory firm in Chevy Chase, MD, has many years of experience serving companies, professionals service firms and law firms. She can be reached at connie AT hollemanco DOT com, or 301-656-8689 ext. 305.