Women’s Finances: Find the Time to Nurture Your Finances
Women are busier than ever managing careers, families, volunteering, and much more. Because of this, spending time to manage finances can be often overlooked. Several of Premier Bank’s Private Bankers, Financial Advisors and Trust Officers have created a list of easy ways to take the reins of your finances. Not only are they experts in their fields, but they understand the unique challenges women face, because they are women!
As we have recently seen, the unexpected happens. Being prepared for life’s ups and downs is an important step towards taking control of your finances. Our suggestions don’t take up much of your time and will be a weight off your shoulder in the long-run.
- Pay yourself first. Automatic transfers to a savings account can make this convenient and easy. Set it up once and let your savings build.
- Don’t just save - invest!1 Find a financial advisor to help you find the right investments for your needs.
- Have a solid emergency fund for things like job loss, health issues and the “What Ifs” of life.
- Establish credit in your own name with at least one account in your name only. If applicable, designate a beneficiary.
Plan for Your Future
Statistics show that women still bear far more of the responsibility for child-rearing and caring for ailing parents than their spouses. Further, surveys have found that women are likely to retire1 earlier than men. For these reasons, making your money work harder today and ensuring that you’re not leaving dollars on the table becomes a necessity.
- Take advantage of employers 401(k)1 and retirement1 plan matching fully.
- Find an advisor to help guide you through your financial planning process.
- Attend meetings with the advisor yourself so that you understand what is happening with your finances. Don’t let people go on your behalf.
- Learn about life and disability insurance2. Determine your need for long-term care insurance as you age.
- Invest time in reading your quarterly statements. Taking a few minutes before bed to get a better understanding of your investments could make a big difference when talking retirement strategy with your advisors.
Take Time to Adjust and Re-evaluate
Big life changes like divorce, deaths, or job changes can be stressful. Don’t feel like you need to make major financial decisions right away or all at once. Take time to re-evaluate your situation to ensure that they are the best decision for you. Major purchases, selling or buying a home or moving, are all big decisions that should take some thought.
Needs will change, even without the big life changes mentioned above. Talk to your advisor and work with them to find new ways to adapt to your changing needs. Revisit your plan often.
Financial Self – Care Begins with You.
It’s your valuable time, so choose the activities that best align with your goals. Some steps won’t eat up too much of your day but can make a difference in terms of time and money savings moving forward:
- Establish a debt-reduction strategy and commit yourself to avoiding further consumer debt.
- Download budget management tools, create and stick to your budget.
- Educating yourself will help you feel empowered. Having knowledge and control over your finances will give you confidence.
- Take advantage of resources provided by Premier Bank and your financial advisor.
Every situation is different, but it can be empowering to know you have options to effect positive change. Be proactive and make sure, in the midst of your busy life, to take a moment and breathe. You deserve it.
1Investments are: Not FDIC Insured. Not a Deposit. May Lose Value. Not guaranteed by the bank. Not insured by any federal government agency.
2Not FDIC Insured. Not a Deposit. May Lose Value. Not guaranteed by the bank. Not insured by any federal government agency.