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Women and Finances: What we Need to Know?

For so long, men were responsible for money and financial decisions in a relationship. Thankfully, those days are long gone. What does that me to women everywhere? It means that women are beginning to take an active role in their family’s financial situation. As women earn more and more money, we are obliterating the age-old image of women being barefoot and pregnant. No longer are we expected to be stuck in the kitchen, or staying at home with the kids. Women have choices. Some prefer to be stay-at-home moms, and others want to experience corporate life or own their own business. With all of these exciting advancements, the importance of financial literacy has never been more critical. With over 50 percent of marriages ending in divorce, women are finding themselves later in life, now entirely responsible for their finances. Do not be caught unprepared!  As women dealing with addiction, financial knowledge is even more critical. Here is a checklist of the areas that need to be thoroughly analyzed to ensure all women are financially literate.

Short-Term Money

Your short-term money is the money you keep in your wallet and the money you deposit into your checking account. These are the funds you use to pay for your daily living expenses.

Long-Term Money

Long-term money is your emergency fund. Experts say everyone should have a minimum of three months of expenses in a savings account. This prevents potentially devastating losses if there is an emergency that requires more money than your daily ordinary expenditures.

Retirement

No one wants to work forever! Experts say we should be putting at least ten percent of our gross income into a retirement account. There are many types of retirement accounts and potential investments to grow your nest egg for your golden years.

Taxes

They may not be fun to pay, but understanding applicable tax law, tax breaks, and tax exemptions not only saves you money now but can also save you money in the future. Consider chatting a professional tax expert regarding your situation.

Legacy Planning

No one lives forever. Make sure that the hard work and effort you made while living your life lasts longer than you by creating a legacy plan. Ensure your life insurance is adequate to take care of your family in the event of an unexpected tragedy. Often costing very little every month, life insurance is a must-have for parents or caregivers.

As a woman in recovery, much of your focus is on accountability and creating independence in your life. Understanding your finances is a critical part of becoming independent.

Women between the ages of 18-65 are welcome to join our community and sisterhood at Villa Tranquil Recovery. Come spend time in our beautiful home located in Jupiter Farms, Florida after your primary care treatment program. For information, call:  (561) 294-0427