Eat your greens, get plenty of rest, stay active, and drink lots of water. All of these are great recommendations that you’ve probably heard from your doctor about your physical wellness. But what about staying healthy, financially? In honor of March being Women’s History Month, we thought we would dedicate this blog post to some best practices for being financially fit women.
Getting Involved in Family Finances
While it might seem tempting to let a spouse or partner take control over financial decisions, it’s essential for both parties in the relationship to take a seat at the table when discussing expectations and plans for their assets. With divorce rates high and women living longer than their male counterparts, 90% of women at some point in their life will be solely responsible for looking after their wealth. For those with children, getting involved in the discussion about family money allows you to set an example about the value of financial awareness, along with lessons important to your family – such as charitable giving.
Continue to Educate Yourself
Whether you’re single, married, or a widow, it’s crucial to continue to learn about the different aspects of financial planning. A better understanding of these topics will lead to confidence and the ability to better communicate about the current state of your assets, as well as your future goals. Continuing to learn isn’t something that has to be done all in one sitting (and no, we won’t make you take a test!), but try and make a point to read up on something new once a month. Don’t know where to start? Check out our resource tab for content inspiration, located at the top of our Blue Heron homepage, featuring articles, videos, calculators, newsletters, and more.
Examining Your Personal Finance
Many times it isn’t until we actually sit down to subtract our expenses from the money coming in that we get a clearer sense of our financial health. It’s vital to take a look at the bottom line, but it’s also important to take into consideration specific expenses that can be cut out or down. For example, maybe it wasn’t until you penciled in the numbers that you realized you were spending nearly $150 dollars a month on a daily cup of coffee. That’s money that could be better spent elsewhere and money likely to grow exponentially if invested. If you’re curious about the state of your personal finance, our budget worksheet is available online.
Building a Solid Relationship with a Financial Advisor
Finding a trusted financial professional to serve as a resource and guide to your financial future is also key. When looking for the right advisor, it may take interviewing a few different individuals before finding the right fit. The advantage of using a financial advisor is their ability to use their knowledge and experience to create a plan that is personalized just for you. For more information about the benefits of using a financial advisor, check out our resource “What a Financial Advisor Does for You”. As always, you can contact one of our advisors here at Blue Heron Financial Group with any questions.