Skip to main content

Career Woman: How To Be Financially Independent.

    We all know that one of the ways to be rich is to save more than we spend however due to anxiety and lack of plans and a sense of belonging we tend to be financially bankrupt.
   David Curry, a certified financial planner  in Atlanta says he recommends people start with a comprehensive financial plan which can inventory your cash flow, income, savings, investments and more.Wendy Terrill says "The most basic step to understanding your current financial situation is to sit down and record all your regular monthly income and expenses.
  I will recommend the rule of scale of preference propounded by one of Economics genius. Below are other tips on how to manage finances: 
.Set Personal Priorities and Finance Goals: 
Once you understand your current financial situation, it's time to determine whether it aligns with your values. Next is to have goals (Defining what you'd like to achieve with your money) this will make the process of creating a viable budget much easier.

.Be discipline enough to stick to your Budgets: It is important you designate how  your income will be spent each month but beyond that have the self-discipline to limit impulse purchases especially if it has nothing to do with health or basic needs. The reward for sticking to a budget is having cash available to spend on those items most important to you. 
  
.Save for Retirement: Retirement may not necessarily be with age it can be in diversion, to build a new vision. At some point, you may want to retire, and that will be hard to do without sufficient funds from your place of retirement. Social Security benefits only replace approximately 40% of your income, and many employers no longer offer pensions.
Workplace retirement plans such as having a fixed accounts to keep untouched funds can be a good place to save for retirement, since contributions are automatically deducted from payroll. 
For those who don't have access to a fixed account or other employer-sponsored retirement plan,  According to Terrill, you should try to save 10% to 20% of your income for retirement.
Regardless of which retirement account is used, don't make the mistake of selecting investments based on emotions. 
. Avoid Debts:
Having debt can get in the way of meeting financial goals since most debt accrues interest, becoming debt-free can be a long process if you are only making minimum payments. In some cases, it may help to consolidate high interest credit cards into a lower interest loan or line of credit. The best way to be debt free is to live within your means. However when emergency comes and  you  get a loan, choose one with the shortest term possible. 
.Evaluate your financial Progress:
Managing your money successfully is an ongoing process. People should always know their income, savings, spending and net worth. Use these check-ins to determine what progress has been made toward financial goals and whether any budget items need to be adjusted for the future.
   Hope these tips works.
# women building financial muscles
# Women reforming the economic sector

#dwomansblog.blogspot.com

Comments

Unknown said…
Weldone! This is a beautiful piece. Most times sticking with budget doesn't really work 100%.
February 24, 2021 at 6:12 PM
Post a Comment

Popular posts from this blog

The Empowered woman

I think being a woman,I mean a real woman is one of the hardest things ever!. You won't agree with this only if you are not a woman,but if you are a woman,then congratulations to you.You are a mysterious being but then again this congratulation goes to the 'real woman'. The real woman is that person that makes everything difficult seem easy.She is a hard worker,faithful friend and partner,a good manager,a home maker,a lover,a confidant,a mother,a sister,a daughter,a visioneer...Someone,may say,"Yea, ok...I'm not a mother or I'm single and so does that make me not a real woman?Of course not!. Age,class,status,beauty or achievements do not define a real woman,but character does. I can't but wonder at the stories we hear these days about women.I marvel at the rate of evil perpetuated by women in our society.Prostitution is old wives tale but when women are involved in armed robbery,kidnappings,terrorism,gang rape,adultery,fraud to mention a few,then by a...
Post a Comment
Read more

The Career Woman

I stumbled upon this beautiful article on IFP while researching on other stuff and thought to share it. It's a 4 minutes read. I totally agree with it. Gender equality seems to be the one issue that isn't going away. Many of us like to believe sexism is something that only plagued the workplaces of yesteryear, but unfortunately it still exists. Don't believe us? Well, in 2016 just 57% of the world's  working-age women  were in employment, compared to 70% of their male counterparts. And even the females who were in work were struggling to catch up with the men. Women with  full-time jobs  still earn only about 77% of their male counterparts' earnings. Of course, the issue is complex and many expect that because most countries have made it illegal to pay women less than men, that gender inequality has fixed itself. However, problems surrounding  unconscious bias , parental leave, and outdated stereotypes about gender roles persist in the workplace. But what are th...
Post a Comment
Read more

Domestic Voilence in Nigeria heightens in the face of economic hardship-majority of victims are women!

A recent Public Opinion poll conducted by NOIPolls Limited in partnership with Project Alert on domestic violence has revealed an increasing prevalence of domestic violence across Nigeria in recent times as reported by about 8 in 10 (78 percent) respondents. This prevalence is highest in the South-West geo-political zone (86 percent) and lowest in the South-South zone (70 percent). More findings revealed that 54 percent of Nigerians have suffered a form of domestic violence or know someone that has experienced domestic violence in their homes with majority of the victims being women as stated by 75 percent of respondents. Just this week, a man in Aba Abia state allegedly beat his wife into coma for lying to him that she has not been paid her salary after commissioner for finance Obinna Oriaku mis-informed the Abia public on radio that civil servants salary arrears have been paid.
Post a Comment
Read more