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Managing finances can be challenging for anyone, but many women face unique obstacles when it comes to building wealth. From the gender pay gap to the cost of childcare and other caregiving responsibilities, women often have less money to work with – and more financial demands to juggle. And if you’re newly single, these hurdles can feel downright insurmountable.
Thankfully, with the right mindset and good financial planning, you can take control of your finances and achieve long-term financial success! Here are some tips to help you get started, courtesy of Think & Profit Consulting.
Consult a Professional
Consulting a certified financial planner can offer numerous benefits to women looking to get and stay on track financially. Your financial planner can provide expert advice on investing, retirement planning, taxes, and goal-setting.
Also, an accountant from Think & Profit Consulting can provide expert guidance on tax planning and preparation, helping you to maximize tax deductions and minimize tax liabilities. They can also help ensure that your tax documents are accurately prepared and filed on time, reducing the risk of penalties or audits.
Start Saving for a Home
Chances are, buying a home is one of your financial goals. Purchasing a home is a big financial move, but it can also be a worthwhile investment in your long-term financial security. The earlier you start planning for your home purchase, the better. You’ll need plenty of time to save for a down payment, optimize your credit score, pay down existing debt, and hunt for a home that meets your criteria.
You can use an online mortgage calculator to determine how much you can afford to spend on a home without becoming house poor. Once you’re ready to start house hunting, find a great real estate agent and get pre-approved for a mortgage to ensure everything goes as smoothly as possible.
Find a Higher-Paying Job
If you’re not happy with your current income level, consider finding a higher-paying job. Put together an updated resume with all of your relevant skills and experience, then get out there and start job hunting! Along with strategically highlighting your skills and experiences, effectively use keywords and action verbs, and present your resume in a visually appealing and easy-to-read format.
Cut Business Costs
Running your own business is a great way to take control of your earning potential and build real wealth. If you’re a business owner, take steps to cut costs so you can keep more money in your pocket! One of the most effective ways to save money is to advertise through social media instead of traditional marketing mediums like radio and TV. Marketing via social media is much more affordable and, in many cases, is more effective as well. Other cost-saving strategies include using free or low-cost online tools for accounting and bookkeeping, negotiating better rates with suppliers, and taking advantage of tax deductions and credits.
Plan for Long-Term Financial Goals Now
Making a plan for your long-term financial goals is critical to your financial resilience. For example, if you’re a single woman with young children, planning how you’re going to pay for your children’s education will make it easier to build a nest egg despite financial setbacks that may come your way. Just remember to contribute to your retirement savings as well. EarlyBird stresses the importance of balancing these two long-term savings goals, contributing to both at the same time. If you need to pick one or the other, secure your retirement first and foremost!
Staying on track financially can be a lifelong challenge, especially if you’re a single woman with kids to care for. Take a proactive approach to your financial health by seeking professional advice, searching for better-paying work, reducing your business expenses, and creating a plan to save for financial goals like your first home, children’s education, and retirement. With a solid financial plan in place, you can create a secure financial future for yourself and your loved ones!
If you need help with your taxes, call Think & Profit Consulting at 724-861-8900.
Written by Emma Grace Brown.