Facts and Tips for Women to Save Smart for the Future

Facts and Tips for Women to Save Smart for the Future
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Lindsay Meredith
By: Lindsay Meredith
Posted: January 9, 2014
Experts share their tips and advice daily on BadCredit.org, helping subprime consumers navigate the world of personal finance.

If you buy into the way mainstream media portrays women and money, you would assume we are all a bunch of shoe-shopping, cocktail-sipping party girls who do not care about saving or investing for the future.

It is amazing the ladies on TV have time to work at all.

Luckily, the reality is much different from what the entertainment industry portrays.

In general, women are more in control of their finances than they were just a generation ago.

However, many women are carrying around serious concerns about their ability to provide a secure retirement for themselves.

If this sounds familiar, take a look at the facts and tips below to get serious – and less stressed – about saving for your future.

Fact #1

Forty-nine percent of women report they fear becoming broke and homeless.

Tip #1

Start saving today. Your money will have more time to work for you.

This is because the interest your savings earns will compound over time, leaving you with a huge stack of cash to enjoy in your golden years.

So get started with saving for retirement today. Even if you are just saving $100 per month, your dedication will pay off in the long run.

“Accumulating money to thrive in

retirement is about starting early.”

Fact #2

Worries about running out of money during retirement keep 57 percent of women up at night.

Tip #2

Save more money with every raise.

If you are constantly worried about running out of money in retirement, the best solution is to save more as you earn more.

When you get a raise, increase the amount you are putting away for retirement savings so you are saving at least 10 percent of your new income.

If you do this starting in your 20s, it will become a habit and you are almost certain to have enough money to last you when you are ready stop working.

Fact #3

Fifty-seven percent of women report having more earning power than ever before.

Tip #3

Set savings goals and work hard to achieve them. If you are earning more than you ever have, good for you!

Just do not fritter your increased income away on short-term wants. Set ambitious savings goals every year and be aggressive about meeting them.

This way you will be able to really enjoy the cash that is leftover and you will not need to worry that you are not saving enough.

Women need to start planning for their financial futures and make it a priority. Use the tips above to get started today.

Source: www.allianzusa.com Photo: www.women-on-the-net.com