WOMEN manage money in a different way to men.
They often have less time to consider the subject, as they have a career or family to consider first.
Women are involved in the mainstream of life, outside of the old walls of home.
You are remaining single longer so you can achieve realistic career goals.
Mature women are returning to the workforce, not only for financial gain, but also for self fulfillment. Superwoman is not just a comic character!
Your earning capacity is a vital part of the economy...just look at the tax you are paying. You need sound financial planning to protect yourself and your loved ones in times of stress.
Whatever age you are now, the worst thing you can do is to wait before taking action!
You need to make sure you can afford the things in life tomorrow and in retirement.
So, there's no time like NOW to make sure that, at least financially, you'll be okay.
You've got money left over at the end of the month - great!
If you don't, guess what? That's all the more reason to invest. You'll need to do some adjusting to your spending, saving or income before you begin an investment plan.
You need to invest around 4-month's worth of living expenses in a money market fund at your bank. It needs to be liquid so you can get money in a hurry.
Women actually face greater risks than men. Heart attack and strokes, previously the domain of males has now become a significant threat for women. And the added threat of breast cancer makes it vital you have life and dread disease insurance.
If you are young and single you may not need life cover, but remember life cover is cheaper and more easy to get at your age.
It only gets more expensive - the longer you delay! Suffer an life-threatening event and you may never be able to get cover, let alone be a financial cripple.
If you have any liability like a bond or car, please consider life cover.
Maybe you share a townhouse with your boyfriend. What if he dies or is disabled and cannot help with your bond? Have you considered a partnership type agreement with him to secure the home for both of you?
If you have dependants, you must have cover! You want to ensure that, at least, your children are protected until they are self-supporting.
The costs of replacing your skills around the home will run into hundreds of rands per month.
Could your husband afford a full-time au pair?
You may be dependant on your husband's income. If so, has he sufficient cover to protect you and your children? Widowhood is a distinct possibility.
Distressing as it is, you must consider it. Some women face financial chaos when widowed. If you rely on your husband's bank account and it is frozen on his death - then what?
As bearers of the next generation, you carry an awesome responsibility.
And although it may be tough paying the premiums, insurance is one of those things that is better to have and not need, than need and not have!
SAVE around 10% to 15% of your salary for long-term savings like your pension.
If you want to help your children pay for a deposit on their home or provide a wonderful wedding for your daughter - you need to save.
And the sooner you begin - the greater your benefit and the sooner you will be financially independent.
The effect of compound interest is a much-misunderstood concept.
EDUCATION for your children is a priority. Start early - at birth. And if you have not done so, it is never too late to begin.
Every cent will help.
If you would like an indication of what you should be considering as a monthly education plan saving, please complete the EDUCATION FEES QUOTE.
PENSION PLANNING - Having no money today is bad enough, but just think how bad it would be if you had no money when you were 80 years old and have to depend on your children. Terrible thought.
You loose out because you break your career to raise a family. Your retirement savings suffer and in most cases women don't have a plan at all!
You generally LIVE LONGER than men. Just visit a retirement home to confirm this.
So, your pension must last longer. Therefore, you need to start pension savings as soon as possible and save more than men if you take a career break.
If you rely on your husband's pension you are treading on dangerous ground! The rate of divorce is high. One in three marriages end in divorce. It may be pessimistic to plan around a future divorce,
but to ignore it is foolish. On average, single retired women have a third more income than divorced retired women.
If you have taken a career break to raise a family and are back at work, your priority now is to maximise your pension savings.
If you would like an indication of what you should be saving for retirement, please complete the FREE RETIREMENT PLAN QUOTE ENQUIRY.Knowledge is power and also peace of mind! If you don't know who handles your family finances you are likely to fall prey to your own helplessness and the vultures out there.
If you are getting married, it is vital you investigate the type of marriage you want. I cannot stress this enough!It's not all doom and gloom! If you have read this far chances are you feel depressed!
All I'm trying to do is make you aware of the responsibility you have to yourself and your family.
Women handle more than half of a family's day-to-day finances, yet they handle virtually no family investment decisions. Not surprisingly, after learning key investment principles, women have earned higher returns than men have.
Hopefully this will plant a seed for you to take your security a little further.
If it does then please, please call me - don't let it wait!
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What if a disability STOPS your income?
Last update: April 13, 2021
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