Married or single, every woman has financial responsibilities. Your tomorrows depend on what you do today. Some women carefully plan their two-week vacation or discuss major purchases at length with friends, but put off sharing what life’s unpredictability could mean to their long-term plans. It’s important to take a look at the life you’ve created and consider your financial goals and objectives.
Emergency Savings: How much should you have? Ideally, you should have enough money in an emergency fund to cover essential expenses for several months. Save this fund for true emergencies – a job loss, illness or major unexpected expense.
Spending: Stop credit card balances and stop overspending. If you can’t afford to pay off your credit card each month, don’t use it.
Life Insurance: Life insurance doesn’t just replace a lost salary to meet long-term financial needs. It may provide the money that allows your loved ones precious time to grieve. A spouse, partner, or dear friend may need additional, unpaid time away from their job to get through their own grief, as well as help children or family members work through their pain.
Disability Income Insurance: Stress, diabetes, heart disease, back problems, cancer and auto accidents are just a few examples of causes of disability. Can your financials withstand losing your income temporarily (or permanently) due to a health issue?
Retirement: Planning for your future requires more than just contributing to your 401(k) account. There are a number of additional strategies that may complement your efforts to potentially achieve greater financial security in your future.
If divorce or a death has impacted previous goals and objectives, be sure to look for any gaps that need to be closed now. Once you have explored your options, you can take action to secure your family’s future — and get back to the business of enjoying life. If you would like more information, simply reply to this email. When more education equals greater peace of mind, why not learn more today?