Especially lately, women across the globe have been claiming their space and breaking the glass ceiling that was once made to hold them down. Now that many girls and women are leading businesses and initiating start-ups, they are getting more and more involved in financial investments as well
A study conducted by asset management giant Mercer LLC reported that women’s retirement account balance is 30% less than that of men. They also happen to work two years more than men on average.
So, to help keep your finances in check, we’re spelling out some must-know tips for girl bosses!
1. Budget It Out
Many people underestimate the power of budgeting but, it is a classic way to sort money and keep a track of your spending. Many people believe that budgeting will make you give up everything you enjoy but the reality is far from it. A budget is going to help you by stopping you from spending extra amounts of money hence, saving the rest.
The best way to start budgeting is by using a simple excel sheet and start adding your expenses such as bills, payments, grocery, debt repayment, mortgage, etc
2. Starting Investing
This may sound like a tip that many people know but most women in North America are not interested in investing in comparison to women in Asia. This issue is because of the stigma and complexity affiliated with investment, which is why it is important for women to learn and understand the dynamics of investing in their country.
3. Remembering Retirement
It is no secret that women tend to live longer than men, which is why they need to be preparing to have a strong retirement back up. So, while men go for high-risk, high-reward investments, women should focus on creating a stable and steady portfolio.
Unfortunately, women are still underpaid, which puts them at a greater disadvantage, so you have to consider this when you save up. It is suggested that 5 to 10 years before retirement, women should opt for low-risk investments and start enrolling themselves in accounts and retirement plans
In a survey, the Bank of Montreal discovered that women are 18% most likely to be less aware of the retirement fund that they’ll need. It is time for women to take financial control and pick up these tips on dealing with their personal finances.