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
How To Go For A Complete Financial Detox
Cleansing is a rather popular trend as far as the health sector is concerned. Cleansing is all about dedicating some substantial time...November 9, 2019
Four Simple Guidelines To Help When Making Financial Decisions
Has the brand new SUV in the market been giving you sleepless nights recently? Are you dreaming to own one soon? You...November 7, 2019
Can Meditation Help You Get Rid Of Your Worst Spending Habits?
Do you have the tendency to mindlessly buy just anything you want? Has it become a part of your mentality? Do...November 5, 2019
Top Four Richest Film Producers In Hollywood
Producers are people who often stay behind the screens but are the heart and soul of every film that is ever...November 4, 2019
How These Four Small Lifestyle Changes Will Affect Your Health Big-time
Let’s face it — making lifestyle changes suck, much more so when we have become accustomed and comfortable with our current...November 3, 2019
Should You Get Your New Business Idea From A Startup Studio?
The concept of a startup is nothing new in today’s world. Several young and talented individuals come up with unique business ideas and aim...October 31, 2019
Seek The Help Of A Financial Advisor to Balance Investments Priorities!
Asset allocation is the stepping stone for investments. Between the two kinds of investors, those with a large capital are more...October 30, 2019
Fun Jobs You Can Do from Home To Earn Money and Fame
Do people feel clueless whenever they think about leaving their day jobs? Would you like to start working as an independent? People do not always...October 29, 2019
Do You Need Another Bank Account?
Having money in the bank puts a smile on our lips and a spring in our steps. But is having two...October 27, 2019