Women have a lot on their plate when it comes to daily living. They juggle the responsibilities for the family and household as well as the strong possibility of having a job. With all of the responsibilities, it is important to realize that they also have financial responsibilities that need to be addressed. For example, a life-changing event, such as a divorce or death of a significant other, might take place in which creates a game-changer for the wife and mother. As a result, a woman must have her own financial plan for now and for the future.
The following are some financial aspects that one needs to consider when creating and maintaining financial security:
- Create and maintain a 6-month emergency fund that will carry the family through in the event of an emergency.
- Pay off credit cards and other debt that’s holding you down each and every month. In addition, don’t spend money on items that you cannot afford as it serves you no purpose to carry unnecessary debt.
- Make sure you carry adequate health, disability, and life insurance. You can quickly run into a problem if you are underinsured and the medical bills start to roll in. As for disability insurance, it should cover your monthly spending so that you are not dipping into your savings account or emergency fund. Life insurance should be enough to provide for you loved ones in the event of your death.
- Create and maintain and awesome retirement portfolio that will take care of you in your golden years. This is important because you cannot depend on others to take care of you and you are an independent woman anyways.
We, at Secure Planning Strategies, hope you enjoyed this week’s blog article and we look forward to having you here next week. In the meantime, if you have questions regarding your financial situation, and would like to discuss your retirement portfolio, please give us a call at: (248) 827-2580 or e-mail us at: info@spsfinancial.com.
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