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8 Financial Planning Strategies For Women

Posted by Shanna Tingom, AAMS® on Nov 8, 2017 9:45:00 AM

Financial Goal Planning - Gilbert AZ

Despite being better savers than men and an increasingly powerful force in the workforce, American women often profess a lack of confidence when it comes to financial planning strategies and making financial decisions. Many hesitate to really dive into their finances or are quick to turn over financial decisions to the men in their lives, trusting that the right decisions are being made. Others are reluctant to reach out to professionals who can help them make the right decisions.

Due to the longer lifespans enjoyed by women and possibility of death or divorce of their spouses, most women find themselves in sole command of their finances at one point or another. Don’t wait for this day to develop a financial plan. Talk to Shanna Tingom of Heritage Financial and let her give you the advice you need to make the right decisions for your financial future.

Here are our eight financial planning strategies for women:

1. Don’t Just Save. It's important to invest.

Women are often better savers than men and appreciate the security a healthy bank account can provide. However, the value of the money in your bank account probably isn’t even keeping pace with inflation, making your bank a terrible place for long-term savings or retirement money. Work with a financial planner to come up with a solid long-term investment plan and let your savings work and grow for you for decades to come.

2. Ask for More Money

We’ve all heard that women make less than 80 cents for each dollar made by a man—and it’s time to do better. Thanks to longer average life expectancies many women are forced to live significantly longer on savings that they built up with less pay than men in the same position. If you have the opportunity, either after being offered a job, during promotions, or even during annual reviews, take courage and ask your employer for the money you deserve.

3. Start Managing Your Money Early

Don’t expect anyone else, including a spouse, develop the financial planning strategies for your household. Be involved in the decisions by talking to your spouse about money, understanding the investments, and having access to all investment, bank, and insurance accounts. Even if you're not a money or numbers person, it's important for you to be involved in the meetings. Ask questions. It's never too late to learn! 

4. Use your Workplace Programs

Many employers offer training and workshops on retirement accounts and various other financial aid available to employees. Make a point to attend these and to fully explore financial offers extended by your employer.

5. Make Distinct Financial Goals

You won’t stumble into a secure retirement by accident. Make specific goals and work towards them. Want to retire at 55 years old? Tell your financial advisor. Want to pay off your home in 15 years? Tell your financial advisor. The more they know, the better they can help you plan.

6. Be Prepared For Work Interruptions

Women exit the workforce more often than men, thanks in part to the unequal role they play in having and raising children. This leads to income gaps and delayed workplace advancement. You can compensate by dividing the workload with your spouse, getting income replacement insurance, and focusing on specific career goals.

7. Limit The Support You Provide to Children

Supporting grown children through college or their early career is a generous gesture, but one that can have serous ramifications for your savings and retirement schedule.

8. Get Help Early

Financial experts exist for a reason, and the impact a simple appointment and some calculations can have on your eventual financial stability can be truly staggering.

Financial planning strategies for women (and men) begins with a conversation. 

Call Heritage Financial of Gilbert, Arizona at 480-397- 1184 to learn more.