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Actions Financial Woes That Keep Women Up at Night
Key Takeaways
- Educate yourself about money management and investing.
- Prepare for unexpected events that can impact your source of income.
- Consider investing in accident or disability insurance.
When a woman wakes up in the morning, she faces certain challenges and may harbor concerns that men may not encounter as they navigate the world. Here are a few of common anxieties that have the potential to ratchet up some sleep deprivation.
The wage gap
It’s a widely known fact that women are paid less than men. In 2018, female full-time, year-round workers made only 82 cents for every dollar earned by men, a gender wage gap of 18 percent1.
So it’s a continuing concern for women: being paid less simply because of their gender.
You might sleep better if you seek out employers recognized for championing the advancement of women in the workforce. Check out Forbes' 2019 list of Great Companies for Women.2
Relying on someone else for your financial security
Depending on another person to provide for you can prove daunting. It raises questions like, what happens if they lose their job? What happens if the relationship ends? Can I maintain my desired lifestyle on my own?
Educate yourself about money management and investing to help realize your own financial goals.
Failure to assume an equal, active role in day-to-day financial decisions can result in some unexpected surprises about helping to secure your financial wellness and preparedness for the future.
Failure to set realistic financial goals.
Sure, some find it fun to go on an occasional spending spree. But key to financial success is setting short- and long-term goals to help achieve financial wellness. Plan now to meet everyday expenses, secure your retirement goals, and prepare for unexpected events that can impact your source of income. Consider meeting with a financial advisor to offer guidance as to what products/options may be right for you and your goals.
No emergency fund
Should the loss of a job or unexpected expenses come up, what happens if you have no reserves to get you through this rough patch? Everyone should have a minimum emergency fund. Money expert Dave Ramsey recommends:
- If you’re part of a two-income household or you’ve had a steady job for several years, then a three-month emergency fund is probably a good idea.
- If you’re a one-income family, self-employed, or earn straight commission, then a six-month emergency fund is a better plan of action because a job loss could mean you couldn’t pay the bills.
You might also consider investing in accident or disability insurance to help protect your income should an unexpected injury or illness prevents you from working. Even if you’re only out of work for a short time, bills can add up, and this type of forward thinking can help ensure there’s an income when you’re likely to need it the most.
Will I have enough money for retirement?
While this concern is not gender-specific, many people are concerned they will not have sufficient funds to see them through their retirement years. So consider setting up your retirement plan now so you can be prepared when you stop working. Create a plan that will help ensure you have the assets you need to continue your desired lifestyle.
What you can do next
Male or female, you probably can’t ever completely wipe out all the nagging anxieties about money that keep you awake at night. But consider the following:
- Sock away three to six months’ worth of income.
- Enroll in accident and disability insurance so you’ll have a source of income should you become injured or sick and unable to work.
- Be an active participant in your short- and long-term financial planning.
- Prepare for retirement TODAY. Research and secure a plan that will help provide you with sufficient resources when you stop working.
If you take a proactive approach and plan now for some of the potential financial pitfalls that could pull you off track, chances are you’ll sleep easier knowing you’ve done everything possible to help ensure your financial wellness and independence.
Footnotes
- 1Institute for Women’s Policy Research, https://iwpr.org/issue/employment-education-economic-change/pay-equity-discrimination/ Opens in new window.
- 2Forbes, https://www.forbes.com/best-employers-women/#791f5a27de9c Opens in new window
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