How relationships impact a women’s financial plan

Children rely on their parents or families to pay for things such as food, shelter, clothing, education, vacations, entertainment, transportation – the list goes on. But at a certain point, that changes.

Because the past often influences the future, it’s important to understand how family dynamics and upbringing influences habits and attitudes toward spending and saving money. It’s also important to recognize that you can build on or change those perceptions to create the financial future you envision for yourself.

Likewise, friendships and romantic relationships may also play a role in how you think about, and use, financial resources. Whether it’s planning a vacation with friends, saving for a new house, or picking up the pieces when a marriage ends, financial perspectives and priorities are often impacted by those you care about.

These external influences can make assuming financial responsibility exhilarating or anxiety inducing depending on individual circumstances. The best way to take control of your decision-making when it comes to finances is to create a financial plan to achieve your goals.

Your Roadmap to success: How a written plan can drive financial growth

When women are actively involved in making financial decisions, they report having a greater sense of success and fulfillment than when they let others make financial decisions for them. While assuming responsibility for your financial future may sound daunting, it’s important to note that women have an overall strong record when it comes to investing. Equitable’s research found that nearly 3 out of 4 women surveyed are currently saving for retirement. Yet just one-third of women surveyed admitted to having a written financial plan that includes retirement.

Written goals and plans have a much higher likelihood of succeeding, so it’s an important step in accomplishing your life vision.

Your Roadmap to success: Replanning drives financial growth

For best results, plan and keep planning. Once you’ve created a plan, you must revisit it regularly to accommodate changes in your priorities and circumstances.

If you’re just starting, begin by listing your daily living expenses, along with near and long-term goals. That should include savings and investing, plus building an emergency fund for unanticipated expenses such as unplanned medical needs, job loss, or expensive car repairs.

To tackle long-term goals, set dates for when you anticipate achieving them and consider options for funding them. This can help you see the big picture as you make short-term spending adjustments to keep your long-term goals on track.

If you have a written financial plan in place, commit to reviewing it at least annually, anytime you have a question, or when something significant changes in your life. A good plan should adapt and flex as market conditions, your financial situation, and your needs and goals shift.

Your Roadmap to success: A trusted financial guide can help

Whether you’re just starting out in your financial journey or you’ve been in the workforce and have invested for decades, finding a qualified financial professional to be your guide can help you get on track and stay on track. Let’s plan how.