Financial Well-being Tips for Women

Women often have financial challenges that are unique to women for a variety of reasons, including caregiving of children or parents, taking time out of the workforce, or simply earning less than men.  In a recent study, Mercer’s 2022 Inside Employees’ Minds©, women reported greater levels of financial concern than men.* If you’re a woman experiencing financial stress, what can you do?  At MSA, we are all about improving financial well-being, and we recommend starting with this list.

Create a Plan – Establish Goals

An important first step to reaching your goals is to write down what you’re trying to accomplish.  Have you dreamed of taking a special vacation or being able to pay for your child’s college education?  Achieving amazing dreams starts with some basic financial habits that you can begin today.  By focusing on goals and addressing concerns, you can build the habits needed.  Getting organized and having a visual reminder of what you are trying to do can make a huge difference.

Get an Accountability Partner & Work with an Expert

Saying your goals out loud can be scary but also empowering.  Maybe you have a friend or family member who is also working on financial goals who you can team up with and hold each other accountable.

Working with an MSA Money Coach may be the best thing you can do for yourself.  At MSA, you have access to a team of Money Coaches who are financial experts and want to help you achieve your dreams and relieve stress.

Budget for Your Goals

Creating a budget allows you to make plans and prioritize your goals.  Identifying spending patterns and opportunities to improve might be just what you need to kick-start the funding of your goals.  There are many ways to budget.  If you have tried before but couldn’t stick to it, consider working with a Money Coach who can help you find the best method for you.  Remember that budgeting helps you build healthy financial habits.

Avoid Debt & Maintain or Improve Your Credit

Paying off debt or paying down debt to a more comfortable level might be one of your goals.  If you have debt or are looking at taking on a new loan, like financing a car, having good credit can be key to getting a low rate.  Even if you don’t need it right now, taking care of your credit can provide you with future opportunities, and keeping a close eye on your credit report can also help you catch identity theft early.

Protect Your Income, Assets, & Loved Ones

If anyone relies on you, it is important to have basic levels of disability insurance to protect your income.  It is also prudent to have adequate coverage for your belongings, vehicle, and home and to have life insurance to provide financial help if you are no longer able to provide support to your loved ones.  It may also make sense to have umbrella liability coverage and other types of insurance coverage like long-term care.  A Money Coach can help you identify the types of coverage that might make sense for you and help you with insurance shopping tips.

Understand Your Employee Benefits & Maximize the Offering Available to You

The benefits provided by an employer are often very generous and can come with tax savings, so it is important to review your benefits carefully and make wise choices.  Beyond benefits like health, dental, and vision care insurance, many employers offer additional essentials like life insurance and tax-saving options like a Health Savings Account (HSA) or a Flexible Spending Account (FSA).  If your employer offers a retirement account with a matching contribution, it may make sense to adjust your budget in order to take advantage of the employer’s match.  Some employers even offer discounts on things like gym memberships, pet insurance, or commuter benefits.  Know what is available to you and evaluate the options carefully each year.

Get Started

A woman’s journey with money is unique. Maybe you’ve done a good job of growing your income and want to explore how you might maximize your cash flow. Maybe you’re facing life events that impact your finances, like becoming a mother. Talk to a compassionate and nonjudgmental Money Coach today about how you can continue towards great financial well-being. Call 888-724-2326 today.

* US 2022 Inside Employees’ Minds Report: rethinking what we need from work, Mercer LLC, 2022, https://www.mercer.us/content/dam/mercer/attachments/private/us-2022-inside-employees-minds-report.pdf. Accessed Nov. 23, 2022.