Benefits of Financial Planning for Women
For women looking to get ahead with their finances, it’s about knowing where to start and knowing what financial mistakes to avoid.
With the enormous amount of financial resources and information that is out there, often it can be difficult to know which strategies are the right ones to take for your personal situation.
Financial literacy is important for all, but especially for women, because so many women are already at a financial disadvantage with the gender pay gap and alarmingly less superannuation balances than men.
By having the ability to understand and effectively use financial skills for cash flow management, budgeting, and investment decisions, you can gain overall financial independence and thrive financially in your future.
If you are a woman wanting to take control of your finances today, you may want to consider seeking financial planning for women.
Here are two benefits to financial planning and putting you on the path to financial success:
1. Be Prepared for Financial Emergencies
How prepared are you when it comes to a financial emergency? Financial planning is crucial in helping ease stress in the case of emergencies that require a significant portion of money to resolve.
Consider creating an emergency fund that you can direct a small portion of your income to go towards, and protect yourself from the unexpected.
Through budgeting and personal cash management, you can prepare your finances ahead of time for life’s unexpected situations. Adopting these financial strategies can be a great starting point for women who want to feel financially secure.
2. Ensure You’re on Track to Meeting Your Retirement Goals
By planning ahead, you can ensure you are using the right financial strategies to ensure your retirement savings are on track to meeting your retirement financial goals.
Have you considered checking how your super fund is invested; if it is performing up to scratch and aligned with your values?
You can check how your superannuation is performing by logging into your MyGov account or checking directly through your super fund. You can also talk to a financial adviser to discuss strategic ways to grow your super balance. Once you have an understanding of how much you have and how it’s being invested, you can consider making extra contributions to your super or consider changing your investment strategy that aligns best with your time frame.
According to the Financy Women’s Index,
The average woman retires with 66% of the account balance of the average man, largely due to taking time out of full-time work to care for children or ageing parents.
It may be beneficial to seek advice from an expert retirement planner, who can tailor the right financial strategies to your personal circumstance, setting you up on the right path to meeting your retirement goals.
At Novo Wealth, there are a range of strategies that we employ to close the retirement savings gap for women.
“The most common goal among my female clients is a desire for greater wealth and financial independence, which I strive to help them achieve through smart financial strategies” – Paul Garner (Director and Financial Adviser)
Financial Planning with an Expert Financial Adviser
If you have a clear understanding of your financial goals, but don’t know what strategies you should use in your financial plan to help achieve those goals, it may be beneficial to seek expert advice from a trusted financial adviser.
An expert can help you make informed financial decisions and tailor strategies to your personal goals and specific life needs.
An experienced financial adviser, like Paul Garner from Novo Wealth, can educate you, build your confidence and set you on the right path to achieving financial freedom. They will be able to provide you with up-to-date information on relevant significant industry and legislative changes so you are always kept well-informed of your financial situation.
Whilst over time your personal and financial situation may change, it’s important to regularly review and adjust your financial plan to ensure it provides you with financial stability and comfort.
Seeking Financial Planning for Women from an Experienced Financial Adviser?
Novo Wealth provides ethical financial advice to women wanting to change their life. As we offer financial planning for women in Adelaide, we hope to foster a sustainable investing future for women in Australia who want to help change the world!
Learn more about financial planning for women by booking a meeting TODAY!