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In your 30’s as a woman, you probably have a great job, a family and so many other things going on for you.
One thing you should, however, take into serious consideration at this phase of your life is financial goals as this can make or mar your future.
These goals can set you on a path of financial freedom and also live the life of your dreams even when you retire.
Are you a woman seeking to secure your finances for the present and future, Here are the seven goals you should consider right away.
1.Have a Financial Plan
A financial plan can help you in all of these areas of your life and can work with you to establish specific financial goals for you and your family.
You can start with a one-year spending plan. This puts you in full control of your money because it lets you decide how and when to spend your money based on your plan for your life over the next year. Even if unexpected expenses come up, you’re able to adjust your spending plan and see right away what impact those changes will have on the rest of your year.
2. Create A Budget
This is the first step to setting a financial goal. You can start by creating a monthly budget based on your current income.
During this time, identify and set a budget that goes a long way in accumulating money required for your various essential milestones and activities in a month. Set your monthly budget on rent, savings, utilities, groceries and miscellaneous, as it brings a lot of clarity.
More importantly, you also need to have a financial plan for the rest of the year and strictly abide by it, so as to reach your financial goal(s) for the year and beyond.
An easy way to track your spending is to use a free budgeting program like Mint (mint.com). It will combine the information from all your accounts into one place and let you label each expense by category. You can also create a budget the old-fashioned way by going through your bank statements and bills from the last few months and categorizing each expense with a spreadsheet or on paper.
3. Set-Up An Emergency Fund
An emergency fund is that money you set aside specifically to pay for unexpected expenses especially for times of medical or a financial emergency.
You should aim to have a 6-12 month emergency fund as quickly as possible in your adult life–especially if your income is unstable. This will help you whether small financial upheavals at least for the short term.
However, choosing an investment with a lock-in period will mean that you can’t access it in the moment of crisis. So, avoid that.
4.Live below your means
If you do the above three, then living below your means will be a walk in the park.
As a woman, you want to stay relevant and on top of your game by acquiring expensive wears and accessories that most of the time become a liability. In as much as looking good and taking care of oneself is very important, it should, however, be done wisely.
The truth is, if you as a woman have a specific goal and a financial plan, you would avert going into debt and spending more than your budget. The less you spend on irrelevancies, the less you go into debt and the more your savings.
5. Invest wisely
Making investments is crucial, but you’re already aware of that. The challenge lies in being diligent and consistent with it. In addition, it is also very critical to choose the correct investment vehicle.
Factors such as your investment goals, the time you can allow your investments to grow, and your risk appetite should go into determining the investment tool that’s well-suited for you.
Comprehending the importance of starting early when it comes to saving and investing is the first step to putting your hard-earned money to work.
Beginning as an investor in your 30s means you’ll allow your money to grow over a longer period of time, thereby multiplying your money through the power of compounding.
6. Have a Life insurance Policy
A Life Insurance policy acts as a financial safety net for your family. In addition to ensuring financial security and providing peace of mind, it comes with tax-saving benefits.
You can never be sure of what the future holds in store or you. Therefore, remember to take insurance responsibly and consider the need to secure the future of your family members.
Being a woman of the 21st century, it’s essential that you take charge of your finances and secure yourself with Health Insurance. In addition, as a thumb rule, stash an amount that is enough to sustain you for a good six months. You can even park your money in a Fixed Deposit to help you earn a decent and stable return.
It is vital to draft a will and to make provisions for what happens if you become incapacitated in some way.
7. Have Multiple Streams Of Income
Adopting the multiple streams of income philosophy is, more or less, like deciding that you will not put all your eggs in one basket. In practice, adopting the multiple income streams way of life means that you will not get stuck on your day job so much so that you don’t give attention to anything else.
This also means you can always fall back on Plan B if Plan A doesn’t work.