March 8th – A Women’s Celebration in a More Financially Secure Way
By Kaytlin Hall
International Women’s day is celebrated on March 8th across the world recognizing the social, economic, cultural and political achievements of women. Over the past few years, International Women’s Day has been more publicized with events like the Women’s March, Fearless Girl, and of course because of social media.
It is also becoming more and more common for the women to be the breadwinner, yet the majority still leave the financial decision to their spouse. So, what are the top tips for women and their money?
• Education – Educate yourself about money management and investing. The more you know, the more empowered you will feel. Ask for professional help!
• Identify Goals - People who have a written plan are more likely to reach their goals. What are your goals? Savings for a home down payment, college education, retirement, kids.
• Set a Budget - Spend less than what you earn. It seems easy enough, right? But make sure your expenses are in line with your income.
• Build an Emergency Fund - You want to have anywhere from 3-6 months of your fixed monthly expenses in the bank in case of an unforeseeable emergency.
• Make Retirement a Priority - Many women tend to take time off work to care for children and their parents. Because of this, their retirement savings tend to be less than men. Start saving early!
• Build Your Credit - Pay off your credit card every month and set up automatic reoccurring payments for your bills. Having a strong credit score allows you to qualify for better loans in the future (such as a car or home loan) and is also a critical part of renting an apartment.
• Be Part of Your Family’s Finances - It’s normal for one spouse to take the lead in the family finances. However, it’s important to be involved in these decisions.
On this upcoming International Women’s Day, let’s celebrate and recognize all the achievements of women. But let’s also look at the future and make personal financial security a priority.
Securities offered through LPL Financial, Member FINRA (http://www.finra.org/)/SIPC (https://www.sipc.org/).
Investment advice offered through Gerber Kawasaki Inc, a registered investment advisor. Gerber Kawasaki and Gerber Kawasaki Wealth and Investment Management are separate entities from LPL Financial.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which course of action may be appropriate for you, consult your financial advisor. No strategy assures success or protects against loss.
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