Women have heavily influenced the purchasing decisions of families for decades. However, they have not always been involved in financial conversations or decisions about how their purchasing power was being invested and grown. Today, that has changed.
I’m proud to work at Kensington Wealth Partners where I can help ensure women are empowered, informed, and remain confident in managing their finances. Here are a few recommendations for those women who are continuously looking to improve their financial health.
Make communications about financial matters regular and rewarding
Whether you are married, in a relationship or single, it is important to be open to financial conversations. The more comfortable you are having these discussions with your loved ones, the more focused your financial goals may become. These conversations should include financial goal setting, discussing upcoming financial expenses, and investment risk tolerance. You can build these regularly scheduled conversations (at least quarterly) into other fun activities, such as vacationing, a special dinner, or another favorite shared activity. The goal is to make it a positive experience, and one you will continue to put on the calendar.
Family finances
If you have children, share your financial goals and include your children in the conversations at an early age. This will help build good financial habits and normalize financial discussions. You can even make this a fun activity by including them in the financial decision-making for your family. For example, give your kids a budget and have them put together the grocery list for the week, plan a family night out, place an order on DoorDash, or even put together an itinerary for a family trip.
New relationships
Starting out a new relationship? Financial discussions should be a priority early-on because money can play a big role in the success of a relationship. You don’t want any surprises when it comes to differing on spending and saving habits. The more you are aligned and comfortable communicating with your significant other about goals and non-negotiables, the better equipped you will be to deal with any future financial challenges.
Aim to be financially independent
The benefit that comes with financial independence is the freedom to do what you want in life. It is not uncommon for one spouse to rely on their higher-earning spouse to deal with financial matters. However, no matter the situation, it is important to be engaged in your finances and have some “skin in the game.” That means having accounts in your name, monitoring and building a credit score, and being aware of your financial situation at all times.
The path to becoming financially independent starts with getting clear about your financial goals. Once you establish goals and know what you want to achieve, then you can get to work.
Stay educated on financial wellness and opportunities
There are a wealth of online resources, workshops and webinars specifically aimed to help women be financially fit. If you’re looking for good resources, please contact our office for a list. Working with a financial advisory group like Kensington Wealth Partners can also help connect you to unique investment opportunities.
I hope these tips can help bring you improved financial wellness. Our Kensington Wealth Partners team is here to answer any questions you may have. If it’s time for you to start making more smart money moves, let’s connect!
Paula Tarpey is a strong leader in the financial community. She currently serves as director of wealth management and partner at Kensington Wealth Partners. Paula is a published author and is often requested to speak to national and local audiences on financial planning topics. Most importantly, Paula is passionate about serving her clients and community and is proactive in helping her clients take action to achieve their goals.
Securities offered through Osaic Wealth, Inc. member FINRA/SIPC. Osaic Wealth is separately owned and other entities and/or marketing names, products or services referenced here are independent of Osaic Wealth.