The pandemic has been a wake-up call for many to reevaluate their finances, according to a recent Life Happens survey. And for women, especially working mothers—the pandemic has delivered an extra punch of career stress. Source: NLG
Juggling work, home-schooling, family life and keeping it all together is hard. With all those pressures, it’s no wonder that one in four working mothers surveyed for the Women in the Workplace study by McKinsey and LeanIn.org say they are considering scaling back their careers or dropping out of the workforce.
So, put yourself first for a moment and use this time as a launching point to reflect on where you are today, and where you want to be.
6 QUESTIONS TO ASK YOURSELF
Are your financial goals, risk tolerance and lifestyle in sync?
Take some time to think about this. Where do you see yourself 10 years from now, 20, 30? Envision your future. What do you want it to look like? Be brave and dream big.
Do you know where you stand today?
Take an inventory of your accounts: savings, retirement, investments. How is your spending? How much debt do you have? What kinds of insurance do you have, or might need?
Are you on track—or in need of an adjustment?
Are you being efficient with your money? How much do you need to save for retirement? Not sure what financial vehicles are right for you? This is where a trusted financial professional can help.
Have you planned for the unexpected?
The unexpected can be a surprise bill, an unexpected medical diagnosis, a job loss, or the sudden loss of a family member. Having an emergency fund to help with unexpected expenses is important. And it’s also important to make sure you have life insurance—yes, life insurance. It’s the financial foundation for any sound financial plan.
What and who are you protecting?
A family? A Business? Your lifestyle? A retirement? A home? Whatever it is—there is no better time to take action to help protect what matters most to you.
Do you have a support network?
Having a support network can help you work toward your goals. That can include a financial advisor, CPA, or attorney depending on your needs. Friends and family members who can share their experiences can also be resources.
If you choose to work with a financial professional, be sure you are working with someone who focuses your meetings on your goals, respects your time, and listens.
While this is a stressful time for many, take the time to get the information you need to work toward your financial goals. Being equipped with information is the first step to approaching your finances with confidence.
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