Financial Strategies for Women

Financial Strategies for Women - Insurance - Eric Felt Insurance - Financial Strategies for Women

Married or single, every woman has financial responsibilities. Your tomorrows depend on what you do today. Some women carefully plan their two-week vacation or discuss major purchases at length with friends but avoid sharing their long-term plans, or talking about ways to prepare for unpredictable events. It’s important to take a look at the life you’ve created and consider your financial goals and objectives.

Emergency savings: How much should you have? Ideally, you should have enough money in an emergency fund to cover essential expenses for several months. Save this fund for true emergencies – a job loss, illness, or major unexpected expense.

Spending: Stop carrying credit card balances and stop overspending. If you can’t afford to pay off your credit card each month, don’t use it.
Life Insurance: Life insurance doesn’t just replace a lost salary to meet long-term financial needs. It can provide the money that allows your loved ones precious time to grieve.  A spouse, partner, or dear friend may need additional, unpaid time away from their job to get through their own grief, as well as help children or family members work through their pain.

Disability Income Insurance:  Stress, diabetes, heart disease, back problems, cancer, and auto accidents are just a few examples of disabilities that can affect your income from work.  Can your financials withstand losing your income temporarily (or permanently) due to a health issue?

Retirement: Planning for your future requires more than just contributing to your 401(k) account. There are several additional strategies that could complement your efforts toward greater financial security in your future.

If divorce or a death has impacted previous goals and objectives, be sure to look for any gaps that need to be closed now. Once you have explored your options, you can take action to secure your family’s future — and get back to the business of enjoying life. When more education equals greater peace of mind, why not learn more today?

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