The pandemic burst led many women financially unstable and worried. Reports state that only 41% of women rate their financial status to be excellent compared to men which counts to 58%.
A woman’s personal money struggles can seem to be more daunting considering the fact that women are more likely to take time off work and give shoulder to family and care giving responsibilities.
If, being a woman, your financial needs are not taken care of now, you can end up on the bottom-line of your to do list and may never end up completing those.
Here are a few steps to be taken in note irrespective of your age, employment or relationship status which will help you prioritize your own finances for the betterment of your future.
- Negotiate your salary and benefits –
it is a well-known fact that women do not earn as much as their male counterparts even being on the same post or same level.
There are a plenty of factors that contribute to the phenomenon but you should never let any one of them affect you.
Research for the salaries of your role and know your work’s worth. you can do this by making a list of your accomplishments and contributions and quantifying them.
Set your aspirational salary and plan your thresholds and never consider going below it.
Negotiating can be a difficult job if you have never done it before but practicing beforehand can surely help.
- Know your credit score –
You credit score represents your ability at managing money and repaying debt. If your score is low, you will pay higher interest rates and may have difficulty in obtaining credits and loans and if they are high the vise-versa happens.
Even if you have never considered yourself good with money, establishing a credit history will help you and will not necessarily make big changes in your life.
If you would like to open a credit card line, you can take the following steps to emphasize your credit score.
- Apply for a secured credit card in your name. You will need to put a cash deposited down which will essentially act as your credit card limit.
- Put one monthly subscription on that card which you know you would be able to cover.
- Try to pay off the balance in full every month.
- If you are a part of a couple, transfer at least one monthly bill to your name to further establish a history of on-time payments.
- Make the retirement plans –
Women currently in the work force reports saving less compared to men for their retirement this may be because of the pay gap.
Additionally, if you are on a high -deductible health care plan with a health savings account then you should consider upping the pretax contribution. Also, the money you invest in an HAS can be used to cover medical expenses.
From the above points, now you know what money moves you should make for the betterment and stability of your future so go for them and make yourself secure.