Essential Financial Strategies for Women

Written by: Anita Saulite
April 3, 2021
Essential Financial Strategies for Women

Many women feel personal finances are complicated and nerve-racking. If you feel this way, you are not alone. According to Financial Planning for Canadians over 42% of Canadians think that money is their greatest source of stress. There is a lot to consider when managing your money in an ever-changing economy. Female athletes may feel increased pressure given the defined duration of competing in sport and many women take time out of their careers for family-related reasons. Financial pressures can take us off our game but it doesn’t have to be that way.

Research indicates women are living longer. And for most women, your income will vary across your lifetime. This can create financial uncertainty. The decisions you make today with your personal finances could have long lasting implications to your financial well-being and financial security in the future. But with a few new financial habits, you can up your game and feel more in control of your money. Here’s how.  

The first step is to increase your financial endurance by shifting your mindset away from short term to long term thinking about your money.

Increase your financial savvy and seek out expert advice

Many women today have increased their financial acumen and manage money on heir own via self-investing apps, yet still don’t feel confident about making decisions with their money. You don’t need to tackle your personal finances on your own. There are an abundance of financial professionals available to help you. Good financial advice will give you clarity about your financial situation, increase your financial well-being and help you to manage your money better. Interview two to three Financial Advisors and select one who shows empathy and understands your needs. 

Create a financial plan 

A financial plan is a ten to twelve page document outlining your goals and a roadmap to success. Most major financial institutions offer financial planning services and there are also ‘Fee for Service’ Financial Planners. A quick online search will bring up a lot of tools and resources to get you started. 

Manage your lifestyle

There are stories everywhere about professional athletes who end up broke because they spent all of their money on expensive cars, vacation homes, jewelry etc. No matter when your career peaks, it’s natural to want to enjoy your success. For some, your earnings may be compressed into a few good years. However, spending everything you’ve earned could have a significant impact on your financial future. Think: avoid excess, type: entry-hyperlink id: 3GrHXuMSEE2NNJGqSM9Enx and track your spending. You can find many online apps to help you set up and stick to a budget.

Set up a rainy day account 

Financial setbacks can happen at any time without warning. Women are more prone to injury in sport according to a report released by Harvard University. Your road to recovery may take some time and during that time you may not be earning income. Having a financial cushion will not only lessen your worry but will help you to get back on track financially. 

Picture what’s next for you It may seem counterintuitive to think about anything else but competing today or planning your next career move. You need to stay tough and mentally strong to bring your A game. Besides, you may still have many years ahead of you in your sport. That’s awesome. However, one day you will stop competing and you will want to seamlessly transition to a new career, start a business or pivot to an entirely new industry. Know that there are many ways to make money in sport and have a fulfilling career down the road. 

When it comes to your personal finances, you’ve got this. By embracing a few new financial habits, you will increase your financial security. Create a winning game plan and achieve your personal best.

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