Women And Money: 7 Steps To Better Control Your Finances
“Women with money and women in power are two uncomfortable ideas in our society.” Candace Bushnell
But it is not enough…not nearly enough progress has been made for women in many areas of money management, wages, investments, retirement yet women are more educated at higher levels and live longer than their male counterparts.
There are actions women can take to achieve increased wealth accumulation. Among the steps women should take:
Set financial goals and commit to achieving them.
Start a budget, spend less in areas you can target and get easy results. Whether you are married or single, you should have your own money, goals, targets and achievements.
Education is always important and a great equalizer in our society.
Women should target higher paying undergraduate majors such as in finance, technology, nursing, and medicine.
Financial literacy workshops are important especially if they are devoted to women.
They are increasingly available in our communities, in our colleges, and in our workplace. Learning how to reduce debt and spending, learning how to save, and using your savings for both investing and retirement accounts.
Women tend to be better investors than men.
Women also saved an annual average of 9.0% of their paychecks for workplace retirement accounts, above 8.6% for men. Women also save more in accounts outside of workplace savings, adding an average of 12.4% to their account balance versus 11.6% for men.
Given their longevity and lower lifetime earnings, women will need to be vigorous about retirement planning, including setting up a spousal IRA account, similar to a traditional or Roth IRA, but for women who do not work outside the home but has a spouse who does. That spouse can contribute to the nonworking spousal IRA
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