Earlier this week, Carole Ann Rice devoted her column in the Daily Express to my favourite subject – Financial Planning for women.
She reported research by the National Employment Savings Trust (NEST) which found that 45% of us believe someone who manages their finances well is seen as a good long-term partner.
As I often tell my female clients, a man is not a Financial Plan!
Women need to take responsibility for their own financial planning.
Here are four of my simple financial tips for women which featured in Carole’s column:
1. Have savings of at least three months worth of ordinary expenditure (so £6,000 if you spend £2,000 a month) in case of a “wobble” – a loss of a job or a major client. You will need a financial safety net.
2. Save before you spend. If you plan to save what’s left in your bank account at the end of the month there may not be anything. Have a standing order that goes out to a savings plan each month.
3. Save on a regular basis even if it’s only a small amount. It’s too easy to ignore the small amount and not bother but small savings all start to add up.
4. If you think you can’t afford to save keep a detailed record of all that you spend for three months. Then look at the list and ask yourself, “How can I reduce that?”
If you would like to find out more about taking control of your personal financial planning, do get in touch.
You can also purchase a copy of my new book, The Wealthy Woman, here.
