When you talk about women, different adjectives come to mind – loving, caring, and nurturing are the traits that can be associated with women. Women are naturally givers. They often make sacrifices and put the needs of their loved ones first. They make selfless choices and they have no regrets in giving their all to their parents, husbands or children.Women’s basic instinct is to take care of their families and make sure their needs are met.
When it comes to finances, as a woman, you do not hold back in providing for your families. You sacrifice your own needs and prioritize the needs of your own family. As a mother, you may delay buying her own vitamins, or getting dental work to buy school supplies for their children.
As a woman, you have put your career on hold. No matter how successful your priority is to raise your children or care for your sickly parents. Oftentimes, you help pay for your kid’s school fees by sacrificing your own retirement savings.
While women are also independent and successful, women are trained to care for others. This is a cycle that has been going on for generations. While this is beneficial for your families, this can be detrimental to your own financial well-being. As a woman you also have your own needs. Let’s take a look at the different financial priorities and how you can start focusing on your own financial well being:
- Building your retirement savings
As a mother, you worry about leaving a financial legacy to their children. But most of the time, they neglect to save up for their own retirement funds. While leaving money for your children can be the best gift, you should have your own savings too so you will have money to spend on your living expenses and healthcare costs. Self-reliance is the best gift you can give to your children. Once they have their own lives, you cannot oblige them to provide for you just because you neglected to save on your own.
- Invest in the stock market
Part of preparing for your future is to make most out of your money. This means investing. You may find it risky but the truth is there are long-term benefits that can help you be financially independent in the future. Consider investing in the stock market and watch your money grow.
- Emergency fund savings
An emergency fund is a money that is meant for unexpected expenses such as home repair or replacement, major car fixes or unexpected healthcare expenses. Having an emergency fund helps you avoid borrowing money from banking institutions.This creates a financial buffer that can keep you liquidated without having to rely on cash loans from reputable money lenders or credit cards.
- Settle credit card debts
You have to admit, as a woman, you love to shop. You satisfy yourself through material pleasures and you use your credit card for those purchases. Until such time that you can no longer manage your monthly expenses. Unfortunately, a big portion of your income goes to settling your credit card debt. But that’s ok, it is a hard lesson learned. You have to make a sacrifice for you to pay off your debts. When you have the discipline to settle your credit card debts, you will see that your finances are falling into place.
- Save for your children
Women as mothers take the responsibility of securing their children’s future. Your goal as a parent is to provide financial security for your children until such time that they are able to earn their own money. But because you love them too much, you want to have money saved up for them. That’s a noble goal. You can do that by investing in mutual funds that can help you fund your child’s education, their future wedding and other miscellaneous expenses.
Your financial decisions will greatly affect the future of your family. You made so much sacrifice for your family that you forget to build your own finances. Don’t give your son money to settle his debt.
Don’t fund your daughter’s shopping expenses. Let them earn it on their own.
You are not helping them by spoon feeding them everything they need, especially money. You must be clear on your financial goals because as you grow old, you will have to rely on yourself.
Having a sense of financial security should be your top priority. This will help you be relieved from all sources of stress so you can be more available for your children and their own family.