Exclusive Money-Saving Tips For Women

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Let us face it! Men and women have different ways of spending their money. Women face different societal issues too. Since personal finance is not taught in most schools, you will learn most of your financial knowledge while handling your own money. Following these essential tips is beneficial at any age.

#1: KEEPING A ROBUST FINANCIAL PLAN

The trend of rising separation and divorce rates poses risks for many women. In many cases, these women are dependent on their husbands. They could be left with less assets when a marriage tears apart. This is why you must keep a robust financial plan, which will cover your entire family. Recognize that you are in full control of your financial decisions. Use your foresight to keep your own savings and investments.

#2: LIFE INSURANCE FOR LONGER LIFESPANS

Numerous studies highlighted that women tend to lead longer lives than men. Singaporean women, on average, were seen to live five to six years longer than their partners. This means that you are encouraged to support your family during your twilight years.

If your family savings are spent on the children’s education needs and the husband’s medical bills, there will not be much left after he dies. You need to start planning now. You will be better-equipped if you have financial literacy and a good life insurance policy.

#3: MAKE MONEY WORK HARD FOR YOU

We have to admit that gender pay gap happens all over the world. There is a significant pay gap across fields, with women earning less than men. Furthermore, many women are employed in temporary work such as taking on the caregiver role. A Blackrock survey manifested that while 40% of men felt confident that they will have the income they need in retirement, this was true for only 30% of women.

Women must let their money work hard for them by setting a specific budget every month and sticking to it. They must diversify their portfolio as well to take advantage of the accumulated wealth and to have a comfortable retirement.

#4: BE PREPARED FOR THE UNEXPECTED

Certain illnesses such as pregnancy complications can only be experienced by women. Women are more prone to musculoskeletal problems and some critical illnesses such as breast or cervical cancers. You need to be prepared for the unexpected!