Only about two out of three women feel financially secure. Follow these steps to feel better about your finances
It’s natural to worry about finances sometimes. We all do that. But that’s another matter endlessly Suffer from financial insecurity. And if you fall into the latter category, it’s really important to try to break that vicious cycle.
Only 64% of women today feel financially secure, according to a survey conducted by Allianz Life of respondents with annual household incomes of $30,000 or more. So basic math shows that more than a third (36%) of women today have unstable When it comes to financial matters, that’s not a good thing. If your financial situation is precarious, there are some steps you can take to get to a better place.
1. Build an emergency fund
A survey conducted by SecureSave last year found that about 63% of Americans don’t have enough money in their savings account to cover $500 in emergency expenses. So if you have little money in the bank for a surprise bill, you’re not alone.
But perhaps the biggest reason you’re financially insecure is because you know that taking on credit card debt will come with unexpected costs. So do your best to build up your emergency fund over the next few months.
Over time, you should aim to save enough to cover three months of essential living expenses (or more if you can and feel comfortable with it). Save it for now. what You will have a decent cushion by the end of each month. If you can save $63 a month starting now, you’ll have a safety net of $500 by the end of 2024, which is much better than having a safety net of $0.
If you’re not a top-paid person, you may need to turn to the gig economy to make some extra cash. However, this method will save you more than $63 per month.
2. Choose your path to retirement savings
You may feel like you’ll never get to a position where you can retire. Many people feel that way. And it could come from the fact that the average American has just $88,400 set aside for retirement, according to Northwestern Mutual. Many people think they’ll need $1.46 million to retire comfortably.
But if you haven’t started saving for retirement yet, don’t stress. Start instead right now.
Take a look at your budget and see how much money you can set aside for retirement savings. If that’s all you can afford, it could be $20 a month now. It’s much better than not saving anything.
Here you can set up automatic contributions to your Individual Retirement Account (IRA) or sign up to participate in your employer’s 401(k) if that option is available. Setting up automatic transfers will increase your chances of continuing to have funds available from this point on.
3. Fight for a fair wage
According to a Pew Research Center analysis, by 2022, female workers earned on average 82% of what comparably employed men earned. If you’re feeling financially insecure, some of that may stem from the fact that you’re not getting paid enough to do more than cover your basic bills. And that’s something you definitely need to talk about.
First, research wage data in your area to find out what people with the same skills and job title as you are making (sites like Glassdoor are a resource here). Next, schedule a meeting with your supervisor where you can present your data and statistically show that you are being underpaid.
Along with that, prepare some key points to help you make a worthy argument. At least Average salary for people in your position. If your keen eye saved your company money by preventing many mistakes last year, highlight how much your efforts saved you. If you’re a customer service representative with a great feedback record, point out that your review is the best. valley.
When fighting for fair pay, it’s absolutely appropriate to talk about your accomplishments. And the more you earn, the easier it becomes to save for emergencies and the future.
It’s hard to walk around feeling sorry about your finances. If so, don’t keep doing that. Instead, take these steps to improve your outlook and gain more peace of mind.
NOTE: Our top-tier cashback cards now offer a 0% introductory APR through 2025.
This credit card isn’t just good. This is a very good card that professionals use personally. Features a long 0% intro APR period, cash back rates of up to 5%, and no annual fee! Click here to read the full review for free and apply in just 2 minutes.
