THERE are several reasons why women should gravitate towards a place of financial well-being.
For one, women tend to live longer than men so they need more money for their retirement. They also take breaks to have children, and they earn less than men.
Storm Hurlbatt, a financial advisor based in Durban, shared these three tips to help women get a better understanding of their finances.
Budgeting
“It sounds cliché, but if you don’t budget, you will have no direction in terms of your finances. Banking apps have various pockets which you can open. You can open pockets for each category relating to your expenses and put money in there. For example, groceries, travel, entertainment and rent and utilities and then use money out of the appropriate pocket to pay for things. This way you can see where you are overspending and make adjustments.”
Protecting your earning ability
“You are your earning ability, so insure yourself. What happens when you are diagnosed with a dread disease and your income is taken away? That’s my biggest pointer for women. Most of us don’t have emergency savings, but if you have a life insurance policy, you have a safety net so if you are unable to earn an income one day due to dread disease, you are able to still have some money.”
Invest in a financial planner
“We see things that you won’t see. A lot of people think that having a financial planner is expensive, but it’s not – the consultation is actually free. So chat to one, and find out what options are out there for you.”
She ended by stating that financial awareness and literacy around financial planning are important.
“Women, especially, need to take their finances more seriously and think long-term,” she said.
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