Image: Christina-wocintechchat-com-unsplashWomen are urged to take control of their finances to. That’s the word from Financial Advisers who have also called on women to diversify and explore a variety of investments. And also to always keep a record of what they are spending their money on to avoid spending recklessly.
Avoid using credit for lifestyle spending and always ensure that you borrow wisely could help improve women’s finances. Having an emergency fund of at least three months of their salary will help ensure that women do not rely on credit in case of an emergency. Experts say that women live on average 7 years longer than men. This means that they need to put more money towards retirement and the earlier you start the better for you to derive the benefits of compound interest.Women are urged to diversify their investments and explore non-traditional ways of investing.
Many families are run by females and some women are reluctant to go to maintenance court. Women are encouraged to have a will and Life cover and nominate beneficiaries.Ochse further adds “not budgeting is a big mistake when it comes to managing your money and using credit to maintain a certain lifestyle”
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