At Women’s Choice Award our mission is empowering women to make smart choices by letting their voices be heard. We believe financial freedom is a necessary component of independence and it’s a quality many powerful women have today. Financial freedom helps you to make your own decisions and achieve your goals.
According to a National Center for Women and Retirement Research (NCWRR) study “Women are falling behind, specifically when it comes to money management and investing. Only 43% of women reported having an emergency fund in place and just over half felt comfortable with the amount of non-mortgage debt they were carrying (compared to 71% of men).”
Here are five tips to help you manage your money in 2014:
1. Take risks with your money. We’re not suggesting you throw it away, but by investing it into the stock market you’re more than likely going to see it grow. Talk to a financial advisor first about where you should be investing your money. Depending on your situation some advisors might suggest a slightly riskier plan than others, but the ultimate choice is up to you. If you don’t have a financial advisor yet, you may want to consider our listing of Women’s Choice Award financial advisors and firms. They’ve gone through rigorous criteria to qualify and take pride in their work with women and their families to support financial freedom and security.
2. Be aware of your spending habits and don’t ignore your finances, even if it seems scary. Find out what your spending habits are each month, what outstanding debt you have, and how much money you have coming in. This will help paint a better picture of where you may be able to cut back.
3. Saving money is often on many people’s new years resolution list. In order to make your resolution a reality you have to put a plan in place. Use sites like www.suzeorman.comto help learn how to save for retirement, college funds and manage current debts.
4. Setting financial goals are important to your success. However it’s necessary that you set goals that are challenging yet attainable. Pay off your debts first; it can be hard but think of it as paying yourself. Then set up a savings plan, pay as much as you can into the account each pay period. Before you know it you’ll have stocked away a nice nest egg.
5. Lastly, it’s okay to be selfish and invest in yourself. We don’t mean buying that purse you want, instead, pay off that credit card debt when you get paid next Friday. Think about it this way, once it’s paid off you won’t have to pay interest or fees on the balance. Now that is a good feeling!
Are you planning for your financial future right now?