Best Financial Advise For Working Women
In today’s world, it is not right to differentiate a woman’s world from that of a man’s. Both share equal responsibilities in and out of a household. Even then, women are prone to become single parents, managing both the house and their jobs. Often, in this kind of situation, it is hard for them to allot extra time to do some personal budgeting. They are highly emotional beings, and often, this could lead to unwise decisions regarding finance. But it is extremely important for working mothers to have a solid financial plan that will help them during an emergency or when they retire. So ladies, listen up! Use these four tips to get a financially secure future:
Set A Monthly Budget
Based on your daily income, you need to have a fixed monthly budget. It is best to use the 50-30-20 rule, where you can set aside 50% of your income for recurring expenses you have every month like your house rent, taxes, energy bills, loan repayment, grocery bills, to name a few. 30% of your income should be left for variable expenses that include buying gifts, eating out, or going on a trip. The last 20% should be your savings. It is best to have a savings account in another bank which you can’t touch except for severe emergencies. This will help you save up for retirement, too.
Women often care a lot for others, but forget to take care of themselves. Hence, they tend to suffer a lot. Accidents happen without any warning, so taking precaution is necessary. Aside from a health insurance, make sure your home and auto insurance are also updated. If it is all too much, look for cheaper options online. Often, based on your transaction or driving history, your insurances can get cheaper than what you are paying now. But do not compromise on add-ons like critical illness benefit or accidental death benefit. You will not only be providing for yourself but for your loved ones, too.
Don’t Just Save, Invest
It is not enough to save. Don’t get us wrong. The first step towards making your future secure is definitely saving. But once you have saved enough, you should and must invest your money. Keeping them in a bank account won’t grow your wealth. But if you invest them somewhere else, you will be generating more wealth. You can buy stocks, do trading, or invest in mutual funds. For those who are looking for safer options, you can buy real estate and put it on rent. An investment from where you can get a monthly income will take off a lot of load from your shoulders. That way, you can spend more time with your family or do what you love to do without the financial worries. So, with the 20% that you have been putting in your savings account, it is time to take it out and put it to some use. Make your money work for you.
Stop Impulsive Buying
Most women love shopping. For some, it is more than just buying stuff for the house or themselves. It is more like an escape to a world where they can forget their worries and indulge themselves. But sadly, this often results in impulse buying which they tend to regret later. If you know what we are talking about, you might be guilty of the same. However, since you have identified the problem already, half the work is done. Now, it is time to find out what you can do to stop it. If you love shopping online, why not add your stuff to the cart and stop yourself from buying it then and there. If after a day or two you check your cart, you might or might not find those things useful at all. Hence, the trick here is to delay the buying process.
Have Similar-Minded People In Your Circle
Spending time with friends who spend a lot might make you one of them. So if you are trying to save up, keep your circle limited to people who love a thrifty lifestyle and do not mind hanging out at home instead of going to an expensive restaurant every time. You can even exchange money-saving tips when you are together. They will have your back when you have a financial crisis and need help.
It might seem to be a daunting task for new mothers who have so many things in her mind, especially when the baby takes up the majority of their time. But don’t let it take a backseat and make finances your priority or else you might regret it.
More in Financial Advice
Rafa Nadal Shocks the World by Proposing to Girlfriend of 14 Years, Mery Perelló
Wedding bells are ringing loud for Rafa Nadal and his girlfriend, Mery Perelló. The pair, who dated for 14 years had...January 31, 2019
You’ll Never Guess How Young These Billionaires Are!
When we hear the word ‘billionaire’ our mind can immediately go to picturing an older person who doesn’t really care about much...January 31, 2019
How Lisa Niemi Spends Her Days After the Death of Husband Patrick Swayze
Patrick Swayze was an American actor, songwriter, and singer, who gained fame in the 80s for his leading role in romantic films....January 30, 2019
If You’re A College Student, Here Are The Top Five Rules to Saving Money
Being a college student is a life of going from one adventure to another, learning while having fun, and… being completely broke?...January 29, 2019
Three Habits That Will Help You Lead A Healthy Lifestyle
The first month of the year has almost passed which means all the people who had “get more fit” in their...January 29, 2019
How Ralph Lauren Rose from Poverty to Create a $12 Billion Fashion Empire
The American Dream can be expensive and even near-impossible for many citizens of the country which is why most people find hope in...January 27, 2019
Why Online Money Tips Won’t Make You Wealthy
If you are always looking for a way to get rich quick, you probably read a lot of personal finance management...January 27, 2019
Facts You Need to Know About Angela Bassett’s Life
Angela Bassett is no stranger to movies portraying strong African American ladies. Bassett has a career that has spanned over a...January 26, 2019
Alan Rickman’s Final Act of Generosity Before Death Will Bring You to Tears
Even in death, Alan Rickman has shown that he was a generous soul. Before the tragic death of the actor, he...January 25, 2019