A recent poll of more than 1,000 Americans over 18 years show that about half of women say they don’t yet have a savings plan for 2019. Taking stock of your finances is never fun, nor easy – but it’s incredibly important, especially for women, who often take on unpaid and time-consuming roles as caregivers.
To help get started, here are four tips to help you achieve your savings goals this year and beyond:
- Phone a friend. Friends, family and even close coworkers help us make plans and decisions each day. Whether you’re seeking out someone in a different life stage than you, or a wise peer who knows how to manage their finances well, tapping your network for advice on how others save money and plan for the future is a great place to start.
- Work it. More employers are focused on helping employees boost their financial health by offering financial wellness solutions that incorporate both digital tools and one-on-one coaching, or paid leave to help with caregiving responsibilities. What many people also don’t realize is that lesser known employee benefits, like critical illness insurance, accident insurance and hospital indemnity plans, pay a lump sum directly to you that you can use as you see fit – should the unexpected occur – whether that means covering unexpected medical bills or your family’s household expenses during a stressful time. Take some time to learn more about what’s available to you through your employee benefits.
- Don’t shy away. MetLife’s latest research shows that only 26% of women think investing is important to being financially fit, compared to 41% of men. There are many digital financial services geared specifically to women. It might be overwhelming to know which is right for you, but, this shouldn’t prevent you from learning how various tools – from apps that help with saving for big and small purchases to investment tools– can help you achieve your short- and long-term financial goals. Spending just a little time researching each service can make a significant impact on your ability to save for things like that dream vacation or retiring when you really want.
- It’s the little things. Big savings goals can be achieved through small changes to your short-term spending. Little purchases add up and reducing them can be effective in not only achieving goals, but also changing habits that can generate savings over the course of a lifetime. Commit to a budget this year, and make plans that help you save, like inviting friends over to make a meal together instead of eating out at a restaurant.
Starting off the New Year with a commitment to saving more can help you achieve your short- and long-term financial goals, as well as reduce stress that comes with facing an unexpected expense you can’t cover with your savings.
Tags:
December 19, 2017