Three tips for financial planning for women

Written by Eric Ebbert CFP®, MBA

On March 21, 2021

Women’s specific financial needs often go overlooked. Women who are single, divorced or married face different challenges than those facing men. It is important that all women develop skills and find support for navigating the fiduciary landscape to meet tomorrow’s goals.

There is no cookie-cutter financial solution for single, divorced or married women. Your specific financial needs and challenges vary depending on personal aspects, such as your income, debts and goals. We encourage you to work with a CERTIFIED FINANCIAL PLANNER™ if you are ready to build a personal financial plan. However, if you are just getting started and want some tips for what to do, take a look below.

1. Set your goals

Before you start thinking about how to save your money or grow your wealth, you will need to identify your goals. Make a list of all your financially related goals, both short and long term. Keep your goals realistic and attainable. For example, if you look at your budget and see you have $400 of extra cash each month, make a savings goal that is within that limit without causing stress, such as committing $100 of the $400 to a savings account each month.

Setting goals are important because they give you something to work toward and allow you to track progress. This helps prevent procrastination or loss of motivation.

2. Plan for emergencies

A single, unexpected emergency can throw a wrench into your financial planning. It is a good idea to have an emergency fund in an easily accessible savings account. Our team recommends keeping at least three to six months’ worth of income in a savings account for emergencies. 

How you define an emergency is up to you, but it usually includes something like a medical emergency, house repairs, automobile accidents or the loss of a job.

3. Create your financial plan

One you have identified your goals and have a plan for saving for emergencies, you should start to build your financial plan. A financial plan is your strategy for reaching short- and long-term savings goals, including retirement. 

Creating a financial plan can be challenging, especially if you do not have the skills or time to navigate the complex fiduciary landscape. To grow your wealth, you will have to stay on top of your budget, reduce debts and allocate your assets into a variety of investments that can grow your wealth. If you want to get on track for reaching your goals, we recommend talking with a financial professional for a personalized financial plan.

Talk to a ProVise CFP® professional about financial planning for women

At ProVise Management Group, our CERTIFIED FINANCIAL PLANNER™ professionals can get to know you and your current financial circumstances, goals, risk tolerance and personal values to help you develop a plan that works for you. We can also create a written plan for you at a fiduciary standard of care. All our written plans come with an unconditional money-back guarantee. If you are unhappy with your written plan, you can return it to us, and we will refund 100% of the fee paid.

You can also join us for one of our Savvy events hosted by Susan Washburn, CFP®, JD, Senior Financial Planner. These are free events designed to build a community of strong women who want to learn more about managing their money. 

Are you ready to talk to a professional about financial planning for women? Contact ProVise today to schedule a complimentary consultation.

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