Here’s what she says about saving money for your future:

“We need to give [women] more of an incentive to work, to save, to invest, to create a true future for themselves.” ~ Suze Orman

Are you motivated to create a financially secure future — one that doesn’t revolve around a man? If not, what’s holding you back? If you think fear of success is holding you back — don’t laugh, it’s more common than you think — read The Courage to be Rich: Creating a Life of Material and Spiritual Abundance. And, here are eight tips for basic personal finance for women…

8 Smart Ways Women Can Save Money – Suze Orman

1. Figure out what you’re saving money for. Don’t just save money for your kids’ college education or to pay off your mortgage. Save money for fun stuff! For instance, I save money for my overseas vacations – I want to go on a cruise for my fifth wedding anniversary in October, and a two week vacation to Maui in January. A smart way for women to save money (and — even better — achieve financial independence) is to find compelling reasons to save money! Why do you want to be financially free? What are your goals?

2. Write your money saving goals on your forehead. If you want to stay motivated to save money, you need to go beyond deciding that it’s time to save more money. You need to keep your goals front and center! The beauty of writing your money saving goals on your forehead is that they’ll wash off when you shower. Every time you rewrite your goals, you’ll be newly motivated to achieve them.

3. Make two days a week “No Spend” days. “Unspend,” advise the financial gurus at DailyWorth. “No Spend Days are powerful budget-balancing tools. By simply not spending money one day a week, you give yourself more wiggle room in other areas.” I think one day a week is too easy – I challenge you to make two days a week your “No Spend” days! No fancy lattes, no DVD rentals, no 7-11 slurpees (my personal weakness), and no restaurant meals. This is one of the smartest ways women can save money.

4. Keep a running tally of how much money you save. Every time you choose to take your lunch to work instead of buying it, or choose a regular coffee instead of a fancy frappuccino (this is one of my personal favorite ways to save money because I get a coffee out, but I don’t pay $5), write down how much money you saved. At the end of every week, tally up your savings. I guarantee that you’ll be shocked at how easy it’ll be to save money!

5. Figure out how to make money savings tips stick. You hear money saving tips all the time: cut grocery store coupons, stop eating out at restaurants, shop for second hand clothes, don’t use premium gasoline for your. But, do you actually apply those money saving tips to your life? One of the best ways to save money fast is to learn how to make good money saving tips stick.

6. Figure out why you spend money. You can read about the best ways to save money until the cows, sheep, and pigs come home! But if you don’t understand and perhaps even change your underlying financial beliefs, you’ll never get your personal finances in order. Are you in financial debt for emotional reasons — are you an emotional spender? A compulsive shopper? Do you have faulty money beliefs? You can’t achieve financial independence — or save money — unless you deal with your money issues.

7. Stop buying DVDs and CDs. How many times do you really need to watch your favorite movies or listen to your favorite songs? I own and love the movies Chicago, Mr and Mrs Smith, and Thelma and Louise…but there are only so many times I can watch them! “I know someone with a massive DVD collection,” writes Pat Foran in The Smart Canadian’s Guide to Building Wealth. “He takes the bus because he can’t afford a car, but he does have every episode of The Twilight Zone.”

8. Become a library lizard. My husband and I don’t just borrow books from our library, we take out magazines, CDs, DVDs, and audiobooks. I rent Pilates, Yoga and other workout DVDs – which is a great way to save money on fitness. When was the last time you visited your local library? It’s a great place to save money!

“In all realms of life it takes courage to stretch your limits, express your power, and fulfill your potential. It’s no different in the financial realm.” ~ Suze Orman.

To attract wealth and get real about your personal finances, read 6 Steps to Financial Independence for Women.

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“Too much money is as demoralizing as too little, and there’s no such thing as exactly enough.”  ~ Mignon McLaughlin.

I’m hoping there is such a thing as “exactly enough money” — because that’s what this blog post is all about! For instance, if I make my mortgage payment every month, then I have enough money. (The devil on my shoulder whispers, But what if that’s not enough? What if you’re never financially satisfied? And I say Shush shush SHUSH!!).

If you want to create financial abundance, read The Money Coach’s Guide to Your First Million: 7 Smart Habits to Building the Wealth of Your Dreams. And, here are five ways to apply mindfulness to your life, so you get enough money. Be a financially independent woman, be empowered and secure!

5 Mindful Ways to Get Enough Money – Mignon McLaughlin

Financial independence and security isn’t just about getting enough money — but having enough money does put our minds at ease! These money tips for women aren’t just about achieving financial goals, they’re about creating a better relationship with money through mindfulness.

1. Pick two or three money “mentors.” Who do you admire and respect because of their money management skills? Pick at least two money mentors (women who have succeeded financially, even if that “just” means saving $10,000 for a car or down payment on a house). Spend time with them. Pick a money mentor you can rub shoulders with in person, and a money mentor you can learn from online, on TV, or on the radio (Suze Orman, for example).

2. Ride the financial ups and downs with “mindfulness.” Getting enough money — enjoying financial independence – is about riding the financial roller coaster of debt, income, and household bills without losing sight of the big picture. Instead of letting a financial upset (eg, an unexpected car repair bill) throw you off course, stay focused on how wonderful it will feel to be financially secure. This is being mindful!

3. Learn about your money personality. Do you think you don’t know how to handle the bill payments, financial investments, or wealth accumulation?  Negative money beliefs will stop you from getting enough money. To be more mindful about your money, figure out your money personality – which often comes from your childhood. For example, women may spend more money than necessary because of childhood experiences. If you’re addicted to shopping, remember Mignon McLaughlin’s words: ”Money is much more exciting than anything it buys.” Avoid the trap of shopping, consumerism, and emotional spending.

4. Put your money personality to work for you. It’s easier to break bad money habits when you know what comes naturally for you. For instance, some women love to invest in the stock market, while others need to stop emotional spending. Some women need to focus on their household budget, while others are more comfortable pinching pennies (like me!). To apply mindfulness to your money situation, focus on what comes naturally. Delegate other money management tasks to your partner, reliable family member, or financial advisor.

5. Be mindful literally: visualize getting enough money. What does “getting enough money” mean to you? Do you want to pay your mortgage, or start saving for a summer cottage at the lake? Maybe you want to start your own business, or save enough money to be financially independent. Use the law of attraction: visualize what your ideal financial life looks like and stay focused. Using mindfulness to get enough money is especially effective when when you discuss your money goals with your partner, family members, and friends. Talking about your goals can make them more real and tangible. And, talking can keep you accountable!

But, don’t let money rule your life! “When you let money speak for you, it drowns out anything else you meant to say,” said Mignon McLaughlin. Make sure you control your money — don’t let it control you.

If you have any thoughts or questions on these mindful ways to get enough money, please comment below…

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financial independence for women

Personal finance may not be every woman’s favorite topic – but it’s one of the most important things she’ll ever take care of in her life! Here are six steps to financial independence for women, with inspiration from the strong, successful author Ayn Rand.

“You can avoid reality, but you cannot avoid the consequences of avoiding reality.” ~ Ayn Rand.

If you’re not taking control of your money, sooner or later you’ll face the consequences of your inaction (or your irresponsibility – ouch!)…and it won’t be pretty. These steps towards financial freedom for women are from Lois Frankel’s Nice Girls Don’t Get Rich: 75 Avoidable Mistakes Women Make with Money– click for more information. And, read on for six ways to strengthen your sense of personal finance….

6 Steps to Financial Independence for Women – Ayn Rand

1. Schedule your “retire rich” or “find financial freedom” time. Take an hour a month to think about how you can be a financially independent woman. Do you need to learn about basic personal finances, figure out where to invest $100 a month, or learn how to put money towards your retirement or children’s education? Block off an hour a month (or an hour a week, if you’re really motivated!) to pursue your financial goals.

2. Identify the flaws in your personal finance plan. If you’re not financially independent, then figure out where the wheels fell off the bus. Are you charging up your credit card bills and avoiding your student loan or mortgage loan debt? Are you financially supporting a spouse or family member when they should be doing it themselves? If you’re not financially independent, it’s for specific reasons – and the sooner you uncover those reasons, the further along the road to financial independence you’ll be.

3. Attend one personal finance course or investment seminar a month. “You can find these classes at community colleges, extension programs, credit unions, and even online,” writes Frankel in Nice Girls. “Many investment firms offer short evening programs designed for the financial novice.” If you’re going to a seminar at an investment firm, resist their sales pitches…learn as much as you can about investing your money, building your retirement income, and living within your budget. As Ayn Rand said “The ladder of success is best climbed by stepping on the rungs of opportunity” – and those opportunities may be right in your back yard!

4. Learn where your money “should” be going. Financial experts say your income or earnings should be divided up in specific ways. For instance, 10% of your income should be going to savings or investments, 25-40% to mortgage or rent, 8-15% to home-related expenses, 10-20% to food, 15-25% to transportation, 8-15% for medical expenses, 3-5% for clothing, 5-10% to personal or miscellaneous, and less than 5% to personal debt such as student or personal loans. If you’re spending more than these suggested amounts, then it may be time to consider shifting your expenses.

5. Take care of your credit rating by balancing your checkbook every month. “If you’re one of those women who make deposits but don’t reconcile their checkbook, then you’re more likely to treat money as dispensable – not something that has to be cared for and looked after,” says Lois Frankel. She encourages women who want to be financially independent to reconcile their accounts every month (or more often!). Your financial activities directly affect your credit score, which affects your ability to get mortgage or business loans. And if you want to be a female entrepreneur or start your own business one day, you’ll need a strong credit rating.

6. Remember that you can control your money – it doesn’t have to control you. Ayn Rand said, “Money is only a tool. It will take you wherever you wish, but it will not replace you as the driver.” Maybe you were taught to let men manage money when you were growing up, or that money isn’t feminine or ladylike. Banish those thoughts! Remember that money is just a tool to help you enjoy life – it’s doesn’t have to be something to avoid. Use your “financial freedom time” to learn as many money lessons as possible.

Here’s one of my favorite quotations for successful women: “The question isn’t who is going to let me; it’s who is going to stop me.” ~ Ayn Rand.

The only person who can stop you from achieving financial independence is you. Get out of your own way – and See Jane Soar!

If you have any thoughts or questions on these steps to strengthening your sense of personal finance, please comment below…

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“Women need to develop a healthy, honest relationship with our money,” says financial guru Suze Orman. “And we have to see this relationship as a reflection of our relationship with ourselves.”

In other words, our financial lives (mortgage payments, credit card debt, emergency savings fund, monthly budget, etc) are part of who we are as women. The serious debt or extreme wealth in our finances directly affects our emotional, physical, and spiritual lives. For more info on women and money, click The 9 Steps to Financial Freedom: Practical and Spiritual Steps So You Can Stop Worrying. And, read on for several sings of a financially independent woman (inspired by Suze Orman!)…

5 Signs of a Financially Independent Woman – Suze Orman

1. Financially independent women are aware of their “money personalities.” Did your parents invest in real estate, a secure low-interest savings account, mutual funds – or did they struggle with debt? Your saving and spending habits, investment style, attitude about money, and financial perspective is shaped in part by the way your parents treated money in your childhood. Your money personality directly affects your relationship with money – and the more self-aware you are, the more financial independence you’ll enjoy.

2. Financially independent women take financial risks. A financial risk doesn’t necessarily mean investing $10,000 in a friend’s new business or charging a $2,500 dollar dress to a maxed-out credit card. Taking healthy financial risks includes investing in your career by going back to school full or part-time, taking a mortgage on a small piece of real estate, or exploring ways to earn money from your hobby.

3. Financially independent women have their own checking, savings, or credit card accounts. So many readers make comments on my “Quips and Tips for Achieving Your Goals” blog about how they want to leave their common-law or married husbands, but can’t because they have no money to support themselves. Having a separate checking or savings account is the most basic sign of a financially independent woman…and yet many women don’t have their own source of money.

4. Financially independent women have both individual and couple money goals. Our goal as a married couple is to pay off the mortgage within a few months; my goal as a businesswoman is to earn $2,500 per month from my blogs. My husband has his own financial goals, mostly related to investing money in stocks and bonds. For a woman to have true financial independence, she needs to have goals that are separate from her partner’s. If you and your partner see money differently, you might find Dealing With Different Money Personalities as a Couple helpful!

5. Financially independent women understand basic personal finance. This is where books about money for women are so important! I can’t describe retirement investing, compound and simple interest rates, living trusts, home insurance, income tax strategies, etc here – but a basic understanding of money is crucial for women. The more you know about basic personal finance, the more independent you’ll be.

One of my favorite books about money for women is Lois Frankel’s Nice Girls Don’t Get Rich: 75 Avoidable Mistakes Women Make with Money (I like it better than Suze Orman’s Women and Money).

Orman has the final word about money, though:

“Remember to stay involved with your money, to nurture a healthy relationship with it, for what happens to your money affects the quality of your life and the lives of all those you love.”

Are you financially independent? If not, have no fear…read Steps to Financial Independence for Women!

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Here’s what Scott and Bethany Palmer say about making financial investments:

“What now? It’s a question we are hearing from more and more couples as the recession takes its toll. Those who’ve lost jobs wonder what they’ll do next. Those who’ve taken a major financial hit are trying to rebuild. Those who’ve weathered the changes so far are worrying if they’re going to be the next casualties.”

The Palmers are “The Money Couple” who wrote First Comes Love, Then Comes Money: A Couple’s Guide to Financial Communication – click for information. And, read on for their money tips for women and couples…

Is This a Risky Financial Investment?

In the midst of economic changes, many women are seeing financial opportunities and learning money lessons. Maybe a lost job means it’s a good time to go back to school. Maybe the foreclosure offers a chance to move to a new home and make a fresh start. Maybe the availability of stimulus loans makes it a good time to start a business you’ve always dreamed of.

This might be the right time to take a financial risk or make an investment with your time. But first you (and your partner) need to think about these money tips…

What is your current level of financial debt? A mortgage or car payment is one thing, but if your credit card debt exceeds more than 10% of your annual income, you should hold off on making risky financial investments. Instead, spend the next six months reducing your debt. Then, re-assess your plans.

Weigh the pros and cons of this financial investment. Have a realistic conversation about how this new opportunity will change your daily lives-financially, socially, and emotionally. How will it affect your schedules? Will you need more childcare? Will you have to pull back on other financial commitments? How will this change your spending habits? Do you need to tap into other investments to fund this risk? What other financial sacrifices will you have to make? Only you can determine if these changes are worth it.

If you’re half of a couple, make sure you’re both on board. If one of you wants to start a business and the other thinks you can’t afford it – or you have different money personalities – get creative about ways to meet both your needs. Can you build your savings over the next six months so the financial investment is less risky? Can you bring in a partner to ease the financial stress? Can you break the idea into smaller, more manageable chunks? “Risk Takers” in particular need to make sure they have their partner’s blessing before moving ahead with a new financial venture. Without your partner’s blessing, you’re going to bring anger, frustration, and deep resentment into your relationship. And no financial investment or risk is worth that.

Take your time before investing money. A good financial investment will still be good two months from now. Before you make a major financial commitment to a new venture, take a deep breath…and wait. Keep dreaming, keep talking, keep saving, but don’t make a move until you’ve let your plans simmer a while. Whether you’re talking about one partner going back to school, living on one income, starting a new business, or changing jobs, work together to make this financial investment one that benefits the whole family.

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“We never had it as rough as the kids have it today,” says Orman. “Look at the price of a gallon of gas or a piece of real estate or a college education.”

If our kids ever needed their parents’ money advice, it’s now! For more info on kids and money, click Money Sense for Kids. And, read on for money tips from Women & Co…

10 Tips for Teaching Kids About Money – Women and Co.

Lisa Caputo, Founder, Chairman and CEO of Women & Co., and Linda Descano, CFA®, President and COO of Women & Co., offer the following money tips to help women teach their children about financial responsibility, sharing, and the connection between money and values…

1. Be a positive money role model. Children absorb values by observing adult behavior. Set a “money example”, and model a healthy attitude toward work, earning money, spending money, and donating money. Keep the role of money in perspective in the family and don’t use it as a means of comparing yourself to others.

2. Understand your kids’ environment.  Try to unearth the experiences your kids are having with money among their peers. Values, attitudes and beliefs are continuously evolving so it’s important to help your child interpret what he or she may be hearing, seeing, and feeling.

3. Establish good behavior – give an allowance. As soon as your kids are ready, set up an age-appropriate allowance for children and a schedule for dispensing it between savings, spending, and giving.  For teens and college students, consider giving them an allowance to last several months and let them allocate it over time.

4. Talk about money with your kids.  Talk openly about money in the family; don’t treat money as a taboo topic.  A candid, honest and ongoing dialogue about money in the household can help kids develop healthy attitudes and learn valuable lessons.

5. Make talking about money fun! Talking about money doesn’t have to feel formal or dull. Window shopping and trips to the library can teach important lessons about needs vs. wants and borrowing. Many classic board games like Monopoly, Life and Payday are springboards for basic lessons in finance.

6. Practice money tips as a family.  Create a “family fund.” Saving toward a common goal, such as a vacation or donation to a charity, offers children the opportunity to get involved with conducting research, creating the budget, and more. Grandparents and relatives can be invited to join the fund too – and it all contributes to teaching kids money skills. For more tips about teaching kids about money through role modeling, read Being a Financial Role Model.

7. Give back to the community. Help your kids determine how they would like to contribute their time by showing them their options. Perhaps someone in your family is musically talented and can arrange a performance for people at a local hospital. Or, use the skills of the entire family by serving at a soup kitchen or helping to build a home for a family in need.

8. Be fair. While you may not be able to be completely consistent between kids because of differences in ages, do make every effort to avoid comparing siblings or creating competition about money, savings, or spending in the household.

9. Accept money mistakes and celebrate success. Protecting children completely can lead to financial problems when they are adults, so allow them to make mistakes. But, do set limits and make rules – and remember to celebrate their successes!

10. Be patient. The results of your efforts to teach your kids about money may not be apparent until much later on in your children’s lives. Trust that you’re doing the best you can and take the setbacks in stride. 

Do you remember the lessons your parents taught you about money when you were a kid? I welcome your thoughts below!

For more info about teaching children about money, visit Women & Co..

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Here’s financial and life inspiration from Suze Orman:

“In all realms of life it takes courage to stretch your limits, express your power, and fulfill your potential. It’s no different in the financial realm.”

You need courage to be an entrepreneur – and you need to believe in yourself! For more info on starting your own business, click Small Business Start-Up Kit. And read on for several ways to transition into self-employment as a business woman…

How to Get Money to Start Your Business – Suze Orman

Be open to creative business and financial possibilities! In How Hobbies Become Money Making Careers, I describe ten hobbyists who turned their joys (and opportunities) into their businesses. They became female entrepreneurs almost by accident, because they were open-minded – and they love it. Not all of them share how they found the money to start their businesses, but if you want me to contact them, just let me know in the comments section below. I’d be happy to write an article called “Money Tips From Female Entrepreneurs.”

Work part-time, be self-employed part-time. When I first started freelance writing, I worked part-time in an office. I soon realized that the more time and energy I put into writing, the more it paid off – so I decided to take the leap into full-time self-employment as a home-based writer. This is a great way to earn money to start your own business – working part-time – because it’s practically risk-free.

Invest your savings in your business. If you have a couple thousand (or a few thousand!) dollars saved up, then investing your own money in your business makes sense. If you’re a saver, it doesn’t take long to build (or rebuild) capital. If you’re a spender, read Money Tips for Women in Their 20s, 30s, and 40s. If you own your home, you could consider remortgaging it…or selling it altogether.

Apply for a small business loan. Before you apply for a loan, make sure you have a business profile, business plan, personal and business financial statements, and proof of collateral. If you’re applying for a loan to start your own business, you’ll also need to know your credit rating. Plus, you should have some of your own equity invested in your business (eg, money, property, equipment, etc.). To learn about banking relationships, read Tips for Small Business Banking.

Ask your friends or family to invest in your business. You can alleviate the awkwardness of asking friends or family by following certain standards for lending money to friends or family members. If you’re asking friends or family members for capital for your startup, then you need to be as professional, businesslike, and organized as you would if you were applying for a small business loan. And, make sure everything is in writing.

Use your credit card or personal line of credit. To me, this is a risky way to get money to start your business, but…entrepreneurs are known to take risks! Think this through very carefully before you start using your credit card to finance your small business. Most credit cards charge high interest rates, and you have to pay your bill whether your business is successful or not.

Play the stock market? This is another risky way to get money to start your business! If you’re considering investing money to make money, make sure you’re prepared to lose it all. Some investors make good money playing the market – though the economy can make or break your investment. Short-term high-risk investments aren’t necessarily the best way to finance your venture into female entrepreneurship…but it is something to think about.

No matter which combination of methods you use to become self-employed, take this financial advice from Suze Orman:

“It’s better to do nothing with your money than something you don’t understand.”

Don’t invest your money into anything you find confusing, unsettling, or risky. Make sure you research all your options thoroughly — whether you’re getting a bank loan or using your own savings to start your business. You might also consider investing in a business financial advisor.

For more info on successful self-employed business women, read The Key to Success for Female Entrepreneurs – Coco Chanel. And if you have any questions or thoughts on getting money to start your own business, please comment below…

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“No one ever said that starting a business was easy,” writes Stewart in The Martha Stewart Rules (10 Essentials For Achieving Success As You Start, Build, Or Manage A Business). “The reality is that companies, even the largest and most well known, falter not once, but many times.”

If you’re a female entrepreneur, you need to know how to bounce back from failure – and not let setbacks become obstacles. Here are Martha Stewart’s tips for business startups; if you want to learn more from Stewart herself, click The Martha Stewart Rules.

For Female Entrepreneurs – Martha Stewart’s 10 Rules for Starting a Business

If this article isn’t quite what you’re looking for, try When You’re Starting Your Own Business – What Successful Businesswomen Know.

1. Build your business success around something you love – something inherently and endlessly interesting to you. So, write the book you want to read, bake the cakes you want to eat, and sell the clothes you want to wear.

2. Focus your attention and creativity on basic things, which people need and want. Then, look for ways to enlarge, improve, and enhance your Big Idea. For instance, my Quips & Tips for Achieving Your Goals seems to be evolving into a site about love relationships in particular, not goals in general. So, I may enlarge my basic idea (a blog about goals) into an enlarged, more specific website about relationships. That’s what readers seem to need and want!

3. Create a business plan that allows you to stay true to your Big Idea, yet helps you focus on the details. Remain flexible enough to zoom in or out on the vital aspects of your enterprise as your business grows. Martha Stewart’s third rule for starting a business involves a telescope (to look ahead), a wide-angle lens (your business’ environment), and a microscope (the details of your business).

4. Share your knowledge about your product or service with customers to create deep connections. Don’t just sell your product or service: help your customers or clients by teaching them, getting to know them, and asking for ideas or feedback.

5. Use smart, cost-effective promotional marketing techniques that will arrest the eye, tug at the heart, and convey what is unique and special about your business or service. Martha Stewart uses the example of Madge (a manicurist) selling Palmolive dish soap. She adds a personal touch to a mundane household product. When starting a business, female entrepreneurs need to find their own touch.

6. Put quality at the top of your list of priorities, and keep it there. Quality is something you should strive for in every decision, every day. This means striving to be your best self – even in the details – when you’re starting and running your business.

7. Seek out and hire employees who are brimming with talent, energy, integrity, optimism, and generosity. Search for advisers and partners who complement your skills and understand your ideals.

8. When faced with a business challenge, evaluate or assess the situation, gather the good things in sight, abandon the bad, clear your mind, and move on. Focus on the positive, stay in control, and never panic. For more info, read Turning Failure to Success for Female Entrepreneurs.

9. Remember that in business, there’s a difference between a risk and a chance. A well-calculated risk may very well end up as an investment in your business. A careless chance can cause it to crumble. When an opportunity presents itself, never assume it will be your last.

10. Listen intently, learn new things every day, be willing to innovate, and become an authority your customers will trust. As a female entrepreneur, you will find great joy and satisfaction in making your customers’ lives easier, more meaningful, and more beautiful.

“When work is based in passion, it does not feel like work – it feels fulfilling and empowering, far more about creating, building, devising, initiating, leading, and serving than simply moving through one task and on to another,” writes Martha Stewart.

If you want more info on any of these tips for female entrepreneurs, please let me know below! I’d be happy to write another article, explaining any of Martha Stewart’s business rules in more depth…

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“Age is more than just a number when it comes to financial planning,” says Lisa Caputo and Linda Descano – the dynamic duo behind Women & Co. “Starting early can help give you a leg up on a comfortable retirement. This is particularly important for women because we live longer than men, are more likely to require long-term care services, and take more time out of the work force to care for children and family members.  These financial realities make it even more important for us to start saving early, to save more as we earn more, and to plan carefully for those ‘time-out’ periods.”

These money lessons for women in their 50s and 60s are effective for women close to retirement – better late than never! For more financial info about retirement planning, click Women & Money: A Practical Guide to Estate Planning.

Money Lessons for Women in Their 50s and 60s

“Having a financial plan is an important step, but you need to review it regularly to make adjustments as life transitions occur,” say the financial experts at Women & Co. If you’re married or living with someone, you might find Dealing With Different Money Personalities as a Couple helpful.

Money Lessons for Women in Their 50s

Re-balance Your Portfolio. Review your investment portfolio regularly. Make adjustments to accommodate different cash-flow needs and changes in income and living expenses, as well as your changing vision of life after retirement.

Catch Up on Retirement Savings. At age 50, you become eligible to make “catch-up” or extra, contributions to your IRA and 401(k) plan, or similar retirement plan. This year, the 401(k) plan catch-up amount is $5,500 over the basic limit of $16,500, for a total contribution allowed to $22,000.  For an IRA, you can make an extra $1,000 contribution for a maximum of $6,000 for the year.

Review Your Coverage. Regularly review your life and disability insurance coverage, which generally should replace enough of your income so that your family’s current and future needs are met. This includes everyday living expenses, short and long-term debts, education for your children, and retirement for your spouse/partner.

Money Lessons for Women in Their 60s

Look Into Social Security Benefits.  At age 62, you’re eligible to start receiving Social Security. However, your benefits could be reduced by as much as 30% if you opt to get Social Security before your Normal Retirement Age (also known as Full Retirement Age, which ranges from age 65 to 67 depending on year of birth).

Get Back to Budgeting Basics.  Learning to live on a fixed income requires different money management tactics than when you earned a salary with potential for increasing over time.  A timeless money tip for women is to practice good basic budgeting by tracking your money and spending habits.

Update Your Estate Plans.  Review your beneficiary designations on qualified plans, IRAs and life insurance policies. Talk to your financial, legal and tax advisors to make sure your estate plans are up-to-date.

If you’re experiencing a financial disaster, read Turning Failure to Successf for Female Entrepreneurs — it could help you rebound!

If you have any thoughts or questions on these money tips for women, please comment below…

Women & Co. is a financial resource program from Citi, dedicated to helping women achieve their financial goals.

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2. Is This a Risky Financial Investment? Money Tips for Women
3. Dealing With Different Money Personalities as a Couple – Suze Orman

“Age is more than just a number when it comes to financial planning,” say Lisa Caputo and Linda Descano – the dynamic duo behind Women & Co. “Starting early can help give you a leg up on a comfortable retirement. This is particularly important for women because we live longer than men, are more likely to require long-term care services, and take more time out of the work force to care for children and family members.  These financial realities make it even more important for us to start saving early, to save more as we earn more, and to plan carefully for those ‘time-out’ periods.”

The sooner you take charge of your money, the happier you’ll be. For information and inspiration from Suze Orman, click Women and Money: Owning the Power to Control Your Destiny. And, read on for nine tips for basic personal finance for women…

3 Tips for Taking Control of Money for Women in Their 20s

Set Financial Goals.  The first step to putting together a financial plan is to identify what you want, when you want it, and what it will take to achieve it.  Be sure to write down your goals so you have something to refer back to as you plan.

Live On a Budget.  A budget doesn’t have to be onerous and it’s a key component of a solid financial plan. Start by writing down your monthly income, track and total how much you are spending monthly, and determine your debt-repayment obligations (i.e., credit card, student loans).  After calculating your monthly expenditures, subtract that from your total monthly income.  Allocate the amount you have left over toward savings.  If you’re falling short on savings, think creatively about ways to cut spending. 

Make Saving Money Automatic.  Once you’ve determined your target savings amount, consider setting up an automatic transfer from your primary bank account to a dedicated savings account each month.  Also, do not miss an opportunity to enroll in your employer’s retirement plan, such as a 401(k) plan, and take advantage of matching contributions, if available.  Whether you have access to an employer-sponsored plan or not, consider an IRA.

If you’re raising children, you’ll find Being a Financial Role Model helpful!

3 Tips for Personal Finance for Women in Their 30s

Set Up An Emergency Fund.  Save and set aside enough cash to cover at least a minimum of three, and ideally six, months of living expenses in case of disability, unemployment or an unforeseen event.

Seek Out Financial Professionals.  Identify a team of professionals (i.e., financial advisor, accountant, attorney) that you feel comfortable working with.  Ask friends and family for referrals and interview potential advisors.  Once selected, regularly review your financial plan with your team and be sure to check in during any life transitions such as having a child, or getting married or divorced, as these events may impact your plan. 

Define Your Investment Strategy.  Work with your financial advisor to develop a target asset allocation for your portfolio.  Tell your advisor when you would like to retire and discuss your tolerance for risk so that s/he can help you allocate your portfolio accordingly.

If you’re married or living with a partner, you might find Dealing With Different Money Personalities as a Couple helpful.

3 Money Tips for Women in Their 40s

Cover Yourself With Insurance.  Personal insurance includes health, life, disability or long-term and property insurance typically includes auto and homeowner’s.  Learn about your insurance options and determine the type and amount of coverage that makes sense for you and your family.

Protect Your Legacy. Even if you if don’t have children or consider your assets significant enough, still think about executing a will, living will, power of attorney and health care proxy to outline your wishes in the event that you are unable to make decisions for yourself. 

Maximize Retirement Contributions.  With your earnings at its peak, now is the time to boost your savings.  Contribute the maximum amount to your retirement plan. If you have children and haven’t done so already, start a savings fund for their college education.  If you’ve already started a college fund, now is the time to maximize your contributions to it.

If you have any thoughts or questions on these tips for basic personal finance for women, please comment below…

Women & Co. is a financial resource program from Citi, dedicated to helping women achieve their financial goals.

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Related posts:

1. Is This a Risky Financial Investment? Money Tips for Women
2. 10 Tips for Teaching Kids About Money – Women and Co
3. Money Lessons for Women in Their 50s and 60s