In fact, 39% of millennial respondents who are in a relationship say they let their partner focus on the investing. To these women: A) It’s never too early to start planning for your fiscal future, and B) Be an active part of your finances. If your partner handles the bills gain a basic understanding of where your hard earned money is going, and make sure you agree with the plan. Here are a few easy first steps that can help you get on the right track:
1. Write down everything that you owe- mortgage/rent, student loans, car payments, etc. Write down your payment schedules for each, what you’re paying in interest, how much you make, and what you spend weekly on things like gas, groceries, utilities, and other necessities.
2. Make goals to plan for better financial success in the future. What is important to you? It could be saving up for your child’s tuition, travel, or a house. Take note because these are goals you want to start putting money away for.
3. Budget. I know it’s hard. Life is full of temptations, but those little spur-of-the-moment purchases add up. Make a plan and stick to it.
4. Emergency Stash. This goes along with budgeting, but get into the habit of saving 10% of your monthly income to have something to fall back on. A good rule of thumb is to have three months of expenses saved up in case of an emergency.
5. Get the most out of your employee benefits. That’s what they’re there for, right?? For example, if your company matches what you put into your 401(k) plan, make sure you’re putting a significant amount into it.
6. Never be afraid to ask! Planning for financial success can be incredibly stressful, and is not always taught- recent graduates often feel overwhelmed by the thought. Don’t be afraid to ask for help whether it be from parents or from a financial planner, use your resources. I know some young women feel they aren’t in a financial position to get a planner, but it can really help. Do some research to find a consultant that fits your budget and your needs.
Don’t put planning your financial future off. It can be really difficult budgeting, saving up money, and paying off debt, so mapping out a strategy is crucial. Take the time to write down what you want and put it into action, it’s your future at stake.