Financial knowledge and literacy are key to planning a successful financial future.
Financial knowledge is important particularly for women as they take control their financial future and begin making financial decisions.
Financial literacy can give women the knowledge needed to grow confidence to make financial decisions and empower them to build their financial futures.
Steps that women can take to help on their journey toward financial empowerment and freedom are gaining financial knowledge, creating a budget, setting financial goals, and to remain aware of finances in the future. Starting a relationship with a financial advisor will prove useful in achieving success in all these steps.
Through discussions with a financial advisor, you can learn the basics of personal finances. The advisor can provide additional resources as well. Gaining an understanding of your family’s current financial situation and learning about the different aspects of your finances is a great place to start. Examining assets, liabilities, and cash inflows and outflows will benefit you by cementing the financial basics and provide an overview of your financial picture to assist with budgeting.
Once you have a good understanding of your spending habits and income sources a budget can help you stay on track to meet your financial goals.
Women face challenges when it comes to financial security which often leads to feeling overwhelmed and a delay in saving for retirement or making financial decisions. On average women spend more time as the caregiver for children or aging family members which causes them to focus less on a career. Taking control of finances can support in planning for a successful financial future.
Contact me at kdowney@unionsavings.com to schedule a complimentary consultation.
