August 14 is National Financial Awareness Day.
Managing money can be challenging, especially considering the financial disparities that exist. Women, in particular, face obstacles due to the gender pay gap, with women making 84 cents on the dollar compared to men in 2024. Black and Latinx women experience even larger wage gaps. This highlights the importance of financial awareness and independence for women.
HealthyWomen partnered with Savvy Ladies to share tips for financial health. Here are five key takeaways:
1. Be open and honest about money.
Discussing finances is crucial, both individually and in relationships. Open communication about money can help set financial goals and work towards them. Couples can use budget worksheets to understand spending habits and align goals.
2. Do an assessment of your finances.
Take time to evaluate your income, expenses, and spending habits. Use apps to track your finances and create a budget based on your goals.
3. Start investing for retirement.
Consider investing in a retirement plan, like a 401k, especially if your employer offers contributions matching. It’s a step towards a financially secure future.
4. Save for an emergency fund.
Building an emergency fund is essential for unexpected situations. Save a portion of each paycheck until you have enough to cover at least three months of expenses.
5. Make financial wellness a priority.
Schedule regular check-ins to review your finances with an advisor or on your own. Making financial management a routine task can help reduce stress and improve financial well-being.
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