As promised in last week’s post, this blog will explore a number of issues for women as consumers, employees, and business owners in December. Today’s Women in Business Wednesday blog post examines the question of money and financial planning. With the holidays around the corner, December can be a pricey month for many of us. At the same time, it is easy to get so “wrapped up” (literally!) that there is little time to plan ahead for the coming year.
What comes next when the gift-buying is all done (How much to spend? – Real Simple has some timely advice) and the new year approaches? What are some of the points women should consider for financial planning, at all income levels?
“One of the biggest challenges for women [with regard to finances…] is meeting competing needs,” writes local financial planner Olivia Mussett in her must-read presentation 7 Things Every Woman Should Do to Get Her Finances in Order.
Amanda Goyer, Foundation & Public Relations Administrator at CAP COM Federal Credit Union, agrees: “As women, one of our greatest strengths is giving to others before ourselves,” she notes.
Asked about specific resolutions women can make to improve their finances in 2016, Goyer advises:
- Pay yourself first so that you can in fact better take care of others. Find a financial advisor you trust to help you outline your financial goals and understand the impact of key financial decisions such as saving for your children’s education, your retirement or even your parent’s long-term care.
- Start your year on the right foot by setting up payroll deduction so that a portion of every paycheck you get in 2016 is distributed into a “DNT” or “Do Not Touch” account. This small step will help you build a savings stash for unexpected expenses and emergencies. Consider carefully what has you dipping into your DNT account – there are only a few instances when buying a new pair of shoes counts as an emergency!
Here’s to you and a financially healthy new year!