Many women tend to shy away from personal finance and often let their spouse handle all of the financial decisions. It is time for women to step up to the plate and be more involved in the household finances. Women need to ask questions if they don’t understand something. If single, it is time to start your budget and be aware of where your money is going. I am guilty of this myself. I start a budget and go for a week or two and then something happens and I become sidetracked. Being single, I have no one to hold me accountable but myself.
Financial independence has become very important for Canadian women. The sooner that women develop a financial plan and put it into play, the closer they will be to becoming financially independent. I meet with my financial advisor at least twice a year to make sure that I am on track to meet my financial goals. When I meet with her, we discuss my current situation and what I want to focus on. This discussion keeps me grounded and focused on my goals. If you currently do not have a financial advisor, try to find an advisor that you will feel comfortable with.
It is also important for women to determine what they plan to do after retiring from the workforce in order to make a more precise estimate of their financial needs. For me, I know that I want to travel and spend time with my family and friends. Women also have to remember that statistically speaking they live longer then men. Therefore, they must plan retirement accordingly.