Young women often face employment biases in the workspace which impacts finances. If you have a question about your money, here’s what you should know.
Financial Advice For Young Women
In the last couple of years, it is rising trend that women are facing harsher financial times then most men. Even though they end up saving some money, they usually end the month with low balance because their paychecks aren’t as big as the other sex.
If you are a single mom, a widow or a divorcee you may have different financial needs altogether. It is a fact that women are as aware as men about finances and how to go about them. The literacy rate for reading and understanding finances is low in women. This problem even arises when women have to handle the household bills and buying decisions. Here is some financial advice for young women:
• First and foremost — always follow the 33% rule. Save atleast 33% of your salary for emergency situations and for a safer future is what everyone irrespective of their age must do. Think of it in a way that you are saving up for retirement. The cost of living will only keep getting all the more steep, so make sure you think of things for long run.
• Buy insurance. Yes, you need health insurance to live life tension free. You don’t want to end up splurging money in an emergency situation, so be on the safer side. Same goes for your car. Accidents can happened at any point in time. Getting car insurance is a must.
• Avoid buying a luxury pad or a big sedan with the thrill of it. Think before you buy. The tag of such extraordinary finds are harsh on you and are generally considered to be a poor decision if taken rashly.
• Shopping is like a bad habit you’d love to kick. Try to buy what you need and avoid making unnecessary purchases. Curb the urge to splurge, it is always for the best. Most sales are just for the heck of it. You can live without the biggest labels!
• The best part about being a woman is that we know what we don’t know. Women are less likely get involved in stock markets because we deem it to be risky. If you do want to double your money, go online and understand how the share market works. Men often use the stock market to double and maybe even triple their money. Buying shares of the biggest names will help boost your account balance.
This financial advice for young women everywhere, will go a long way in keeping your days ahead tension free.