12/7/2023 0 Comments Personal finance for women![]() ![]() It’s a good idea to have an emergency fund to cover immediate expenses (i.e., rent, car payments, utilities, mortgage) for three to six months for those unexpected surprises. Too much access all the time can be a problem, too, so part of my strategy is to set up “out of sight, out of mind” automatic savings accounts as a forced way to make sure money is put aside each month. Having a budget and tracking your expenses can help ensure your spending is aligned with the lifestyle that you’re trying to create. A major commonality I see among women is not looking at their statements carefully enough and recognizing where their excess spending is happening. If you don’t know what’s going on with your finances, it doesn’t matter how much money you’re making. But if you’re still living in the past and not open to change, you will hit a roadblock when it comes to budgeting and keep perpetuating the same habits.īudget tips that work: Create a budget, whether that’s a simple Excel sheet or something an adviser develops for you. If they try a budget and it doesn’t work, they may automatically think it’s not possible for them. There’s also a lot of negative self-talk among women based on previous spending mistakes. But budgeting is really just a spending plan to help you prioritize what you want to spend on and what you don’t. There’s this fear that if you have a budget, you’re going to have to give up the things you love. On what’s holding women back: Budgeting itself has this stigma of being negative and restrictive. This advertisement has not loaded yet, but your article continues below. ![]()
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