My employer sometimes offers financial webinars. The following advice is given by Jenny Baco from the Burnam Company. Any misinformation is the fault of the note taker.
- Hermoney.com 57% of women have the responsibility of home finances.
- 6 or 107 financial companies have women as the CEO.
- Women need to get comfortable with money and want to make sure we fix the gaps in our financial holes. Also, women usually live longer and need to address financing.
- Understanding your paycheck:
- Many don’t know what is going out of their paycheck.
- Taxes for social security and Medicaid.
- Health care benefits > compare plans to see which works best. How will that influence your check?
- If you are married decide between you which would be the best plan (for either employer) to take.
- 401 K see if it’s pretax or after tax.
- Understanding your finances will influence your goals and expenses.
- If you have some extra money at the end of the check, consider putting extra in a ROTH.
- Calculating net worth:
- Sticking and creating a budget?
- Setting a budget can be the hardest part to be financially stable. The best way to create a budget is by pen and paper. Write everything down, see where your money is going, and categorize it.
- Maybe we notice that more money is going to wants rather than needs. Look at about a 3 mo. and break everything you spent into expenses.
- You might modify your habits, such as lessoning eating out every other week. bring a sack lunch can help save money.
- Make sure you are sticking to your budget. For a budget, if you have a little wiggle room then you can bend a little to budget that flexibility.
- You need to save for your retirement.
- Saving for an emergency
- 60% of Americans don’t have $1K for an emergency.
- Emergency savings can help return a roof, pet expenses, and replace a broken utility.
- Try to save $50 a month until you have 6 – 12 months to fulfill bills. Pay less per month if necessary. It adds up when it is not used.
- You could automate that the paycheck goes to someone where prior to getting the money.
- Take advantage of the benefits.
- Look at other investment options.
- Speak with a licensed representative. (someone who is loyal to your needs not to promote some product. MG)
- Financial education is power.
