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- Posted at Dec 07, 2015
- in Women
1. Spend Less than You EarnOf all the things every woman should ...Continue Reading >
1. Spend Less than You Earn
Of all the things every woman should know about money, this advice tops
the list. Spending less than you earn is a secret to wealth. If youâ€™re able to
live below your means and stash the majority of your income, you can build your
bank account at a faster pace. And if you choose the right investments, you can
take your savings to a whole new level.
2. Get Adequate Health Insurance
It isnâ€™t enough to have health insurance â€“ you need insurance that will
meet your needs. Too often, single women get just enough coverage to get by.
Unfortunately, this coverage may not cover things like maternity or dental.
Lack of adequate coverage can result in huge medical debt, practically
crippling your personal finances.
3. Choose a Financially Responsible Mate
If you worked hard to get your finances on track and build a strong
credit score, donâ€™t let the behavior of a financially irresponsible partner
slow down your goals. Some may disagree, but I firmly believe in the importance
of knowing your partnerâ€™s full credit history before walking down the aisle.
Iâ€™m talking debt amounts, credit scores and anything else that impacts the
ability to get financing. The choices this person makes may affect you.
4. Splurge Wisely
There is nothing wrong with buying a pair shoes or a new purse that
youâ€™ve been eyeing. However, itâ€™s important to shop smart and only buy what you
can truly afford. In other words, donâ€™t spend rent or mortgage money trying to
keep up with the latest fashions. If you want quality, but donâ€™t have the
budget for expensive labels, shop at discount department stores and clearances.
5. Shop with a List
If you shop without a list, there is a chance that youâ€™ll buy things you
donâ€™t need and spend more than you have. Whether youâ€™re heading to the grocery
store or a retail store, jot down what youâ€™re planning to buy and stick to this
6. Know Your Worth
Itâ€™s no secret that some employers pay male employees more than female
employees. You canâ€™t make a company offer you a bigger salary, but if you know
your worth before going in for an interview, this provides some negotiating
power. Do a research average salary for your position and experience level,
both nationally and locally.
7. Donâ€™t Be Afraid to Buy a House
If youâ€™re single, have the credit score, and earn enough to afford your
own house - why not take the leap? Who says you have to wait until marriage to
dive into home ownership? Getting a house is a huge accomplishment. But to
reach this goal, you need to save at least 5% for a down payment and improve
your credit score. You can get a mortgage with a 620 score. However, for the
best mortgage rate - aim for a score of 740 or higher. This is your money and
itâ€™s up to you to make smart financial moves. Besides, a good financial record
can take you places
for Women: How to Manage Your Financial Life
We understand the tough decisions women make
every day. To help you make those decisions, we've put together informative
articles that include additional solutions and tools that can help you make the
best decisions for you and your family.
Whether youâ€™re building your own business or
trying to shore up your family finances, personal finance experts have some
targeted advice for women. In addition to managing your own money and beefing
up retirement savings, experts suggest looking for creative funding sources and
learning the basics of marketing. Here are 11 tips for women:
Manage your own money.
Women often make the mistake of ceding control
of their money to the men in their lives. Then, if they end up single later in
life, as most do, as a result of either divorce or death, theyâ€™re not in a good
position to take control of their finances. Thatâ€™s why, women need to continue
to manage your own money, at every stage of life.
Focus on earning.
Women, herself included, often earn less money
than they could be. Start shifting your thinking so you start saying â€œyesâ€ to
more lucrative opportunities. Even if something makes you nervous, like a new
speaking gig, she suggests giving it a try.
Focus on your retirement at every age.
Women should dedicate 10 percent of their
income to retirement savings, starting in their 20s. Saving 10 percent of a RM 50,000
salary beginning at age 25, for example, would result in RM 2.2 million at
retirement. (That calculation assumes that investments grow at 10 percent a
year, gains are re-invested and annual salary increases offset inflation.)
Pay off debt.
On debt - especially student loan debt, continues
to weigh women down. After years of being considered 'good debt,' and something
that could be easily digested in almost any portion size, millions are now
struggling with student loan induced-financial indigestion. Reviewing options
such a loan deferment, loan forbearance and income-based repayment plans.
The Women's Institute for a Secure Retirement
recommends that women develop more than one sources of money: individual
savings and a pension or retirement savings plan like EPF/KWSP. Partly because
women frequently take time out of the workforce to care for children or
parents, their saving or retirement savings tend to be less than men's, making
it more important to store up additional dough.
Look for creative money sources.
If you have an idea for a new business or
venture, stretch your startup ringgit by turning to crowd funding sources, a
startup guide for women. By self-funding or pursuing seed money through some
sites, itâ€™s easier to save on initial startup costs, she adds.
Do your own marketing.
Many women entrepreneurs struggle with the
marketing aspect of their business. Successful launchers think of marketing as
sharing rather than selling â€“ and focus on finding cost-effective ways for
getting the word out about their businesses. That means skipping advertising in
favor of social media and community events.
yourself and your family on track in your role of primary breadwinner