Celebrating International Women's Day

Sunday, March 8 is International Women’s Day! Across the globe, we celebrate the great achievements women have made throughout the years as well as encourage the great strides being made toward total equality. In honor of International Women’s Day, we want to focus on how women can live a more financially balanced life.

Take an Active Role in Your Finances

It may have been normal for your father or grandfather to handle their household’s finances, but with more women taking active roles in their family’s financial planning, everyone has a better understanding of their financial picture. If you haven’t participated in the financial duties of your relationship, set aside some time to go over your monthly statements, household bills, regular expenses, etc. This is an opportunity for both you and your partner to have a complete understanding of your financial status.

Save More for Retirement

When it comes to planning for retirement, women often have less time to save for their golden years. This disadvantage occurs for two reasons: women typically outlive men and women often take more time away from work to care for children. Across the globe, women are living longer than men for a multitude of reasons. This means that women should be putting more toward their retirement to create a more financially secure future.

Historically, women have often been the parent to take more time off from work to raise children. This means that women are often exhausting all paid leave or having to leave their jobs entirely. During periods of employment, put as much toward your retirement as possible. If you are able to, max out your 401(k) or take full advantage of any retirement planning options your job offers.

Create Your Own Financial Security

Most couples join accounts after a certain period of dating or once they’re married. When you’re living together, it’s just easier to pool your money since you’re both sharing the bill for items like rent, utilities, food, etc. While you’re working on achieving your financial goals together, make sure you’re both setting aside money for emergencies rather than covering unexpected costs with a credit card. It’s recommended that you have an emergency savings account you can tap into if you lose your job, need a major home repair or find yourself in a jam.

Talk About Money

This one seems easy but is incredibly difficult for some people. You need to discuss your finances with your partner and have full transparency when it comes to money. If you’re joining your accounts, or have already, you should know how much money your partner makes, if they’re bringing any debt into the relationship and if they have any bad money habits that you could work to improve. With full transparency, you won’t be blindsided by debt collectors or spending sprees that deplete your income.

Over the years, society has made massive strides toward creating equality in all aspects of life. As more people join the workforce each year, it makes sense to ensure everyone is educating themselves to create a financially secure future. Stop in at a branch or check out our products online to learn more about why you’re worth more here.