Earlier this week I attended a Women’s Advisor Conference hosted by Manulife Financial. It was a fabulous event; educational and insightful, but the best part was being surrounded by intelligent, like-minded women.

Many women today must balance several priorities: career, family, friends and more, unfortunately investing sometimes gets lost in the shuffle.

It’s imperative that women have a strong understanding of their finances because 90% will have to manage their money on their own at some point in their lives.   Most women will find themselves divorced, widowed or have to leave work early to care for a sick family member.  Many women are staying single longer and therefore choose to live alone.

Tips on Taking Charge of Your Money

Believe that you can. Women have a self-imposed, lack of confidence in their knowledge of financial planning and investing.  However, women who do engage demonstrate a stronger savings rate and enjoy better long-term investment returns than their male counterparts. 

Educate Yourself.  There are numerous websites, articles and tools that can help you get started.  Once you understand the basics of investing you will feel much more comfortable making financial decisions.  Even by making small adjustments to your investment allocation or savings plan the outcome will be positive; and will make a huge difference over time.

Participate in Workplace Information Secessions.  Many Group Plan providers offer in-person and/or virtual workshops offering guidance on retirement planning and information on various investment products.  Start an automatic savings plan if your work offers one and increase your contributions whenever you get a pay increase.  Many plans will also match your contributions – giving you ‘free’ money.

Find a Financial Friend.  Whether it be your spouse, trusted friend or family member find someone to discuss your financial goals with; much like a ‘gym buddy’ you can help keep each other motivated and accountable.  If you don’t know anyone, go online and seek out other women who invest and/or are looking to be more involved in their finances. 

Work with a Professional.  A Certified Financial Planner can be a valuable resource to turn to with your financial questions and concerns.  They can help you figure out where you are today, clarify your short and long-term financial goals, develop a customized financial plan, help your implement it, and offer ongoing evaluations and make adjustments along the way. 

Have a great week,

Tracey

Source:  Fidelity Investments, Women & Money: How to take charge, Leadership series 2016, Taking control of your financial future article from Fidelity U.S. partners, March 2017. MT60-24-2023

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