Women wear many hats! They’re corporate whizzes, family nurturers, clever business owners, exceptional home keepers, and so much more. A few good wealth management tips can go a long way. In fact, with the right money skills and budgeting confidence, exceptional wealth management skills can be spurred.
Below are top wealth management tips for women:
Save For Your Retirement
One of the best titbits of wealth management advice is undoubtedly to save for your retirement. Effective budgeting in this department will result in transitioning from the working phase of your life into retirement seamlessly and without having to scramble for funds. Retirement planning requires setting aside 15% of your income per year.
Do Not Live Beyond Your Means
There’s a pandemic flooding the world, and it’s the pandemic of paying for day-to-day expenses on credit. A large part of being financially free is applying effective budgeting and having a spending plan so that you’re not consistently scrambling to pay a debt or always just eeking by each month. Consider eliminating unnecessary costs and buying cheaper brands to cut costs where you can.
Take Saving Money More Seriously
Another personal wealth management nugget is to save, save, and save some more. If saving isn’t part of your monthly expenses, you’re going to find yourself in a bad spot when unexpected expenses come along or you want to enter a new, more expensive phase of life (think of buying a home, having kids, going on holidays). Around 20% of your income should be set aside for savings each month.
Discipline Is Key
Being disciplined is the only path to financial freedom. If you save a portion of money this month but dip into next month and save nothing the following month, you’re setting yourself up to fail. Create personal wealth rules and stick to them, such as:
- Make savings an “expense” in your budget.
- Have barebones months (where you don’t eat out or go out)
- Choose cost-effective brands/products as much as possible
- Don’t be embarrassed to use discounts codes and coupons (this is for your financial future!)
- Keep track of your credit score and implement credit score improving habits
If you’re looking for further tips on wealth management, we welcome you to visit the Nour Private Wealth website! We can assist you with all your investment planning and wealth planning in Canada, along with pension planning too.
Contact us today for more wealth management guidance!