What causes stress in your life? If you said my finances, and my health, then you’re not alone. Studies conducted by Fidelity have found that more than 85% of women are stressed about their finances and 60% are stressed about both their money and their health. How can we help reduce financial stress in our lives? There are 3 main ways to help reduce financial stress.
Build an Emergency Fund of at Least 6 Months of Expenses
77% of women are relieving their financial stress by having an emergency fund built up for those unexpected life expenses. You know, the times when the roof needs to be fixed, your car breaks down, or when the washer / dryer breaks on laundry day.
Need help figuring out how to start saving? Look at your day to day expenses. What can you cut out? Going out to eat for lunch, those daily coffee breaks, that clothing item that you want, but don’t need? Even saving a few dollars each week or month can help kickstart your emergency fund and bring you one less thing to stress about.
Save Between 12-15% of Your Income a Year to Prepare for Retirement
Women are statistically proven to outlive men by 5 years; therefore, women need more retirement savings to last throughout the years.
How to accomplish this savings goal? Begin by contributing enough to receive your employer’s matching contributions. Consider gradually raising your contribution amount to 12% or higher. Raise your plan contributions once a year by an amount that’s easy to handle, on a date that’s easy to remember – say, 2% on your birthday. Thanks to the power of compounding (the earnings on your earnings), even small, regular increases in your plan contributions can make a big difference over time.
Have a Financial Plan
Whether it’s buying your first home, planning and saving for a vacation, or planning for retirement, having a financial plan in place can help make those goals a reality!
For more information, Contact your MCF Financial Advisor, today!
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