Top Financial Challenges For Women 

 

 

 

 

 

 

far from trying to stereotype women, we just want to share few of the top financial challenges women face in today’s society, disadvantages that women need to be aware of when dealing with money matters. Again we’re not trying to stereotype women, each woman is unique and possesses the ability to soar and be a world class influential woman.

let’s dive in!

1. Wage Gap– on average, women earn less than men. Why that gap exists is a matter of often-heated debate, but the fact of its existence isn’t disputed.

 

 

  • What to do– While the wage gap is a subject for society as a whole to address, in the short term, individual women need to focus on money management and budgeting. A very particular trait in women is the ability to focus and multi task. Learning and developing new skills, one of the best ways of facing the wage gap challenge for women is by consistently tracking spending in writing. Skills are learned so this is one skill all women should learn tracking all spending, and using the collected data to create a new written budget. See our budgeting article

 2. Price Gapproducts designed exclusively for women are more expensive than those meant for men, women’s clothing is more likely to need dry cleaning, and women have to purchase things like cosmetics that men don’t use. All of these expenses add up to a hefty price gap between the genders. Studies have also shown that women’s health care is more expensive than men’s, even when exhibiting the same symptoms, not surprise!




  • What to do– Again, budgeting is key. Comparison shopping is also a must. There are all kinds of great apps or even store websites that can be use for comparison with the idea of saving money. The number one form of overspending isn’t buying on impulse, it’s paying too much for things. So look at your necessary spending and see if there’s anything you’re paying too much for that can be bought cheaper from another source, or in bulk. See our 10 ways of to make extra money article

3. Long-Term Care some of these categories seem especially unfair, in that they represent admirable qualities that nevertheless result in financial challenges for women. A Princeton study found that women are twice as likely as their male siblings to end up caring for an elderly parent. And a study from the Journal of Applied Gerontology found that women are more likely to be displaced from the workforce when providing long-term care.

  • What to do– The best solution is to plan well ahead of time, it is always a good idea to add a long term care insurance  tab to your budget planning when you start thinking that it might be necessary in the coming years. The fact that is in your mind, and you are concern about it tells that you might want to start planning for it before is too late.  Put a small percentage aside on your budget and get ready so that you’re able to get long-term care insurance to meet this need when the time comes. Every family situation is different, but if you think this kind of situation is likely, that insurance is more likely to be worth it. And your whole family needs to come together and decide if they are going to buck the trend and share care giving responsibilities equally among siblings just make sure is on writing as a contract, not that you don’t trust your family but, people tend to agree to this type of things and many times fail to deliver leaving the responsibility to a single individual to deal with. See our the secret to savings article

4.Charity – another category that turns a positive into a challenge; women are more likely to give to charity than men, and on average they donate more.




  • What to do– Donating to worthy charities and those that are concistent with your values is great, so we’d only caution you to make charitable giving part of your written spending plan so you don’t go overboard.  You can’t give what you don’t have, do not over promise and do not let anyone bully you or manipulate you into giving. Set a percentage of your income in your budget for giving and stick to it. Do not write checks by Faith to bounce back and get charge for overdraft knowing that there’s no money in your account. Doing that won’t help you or the causes you support. Think of when you’re on an airplane; they tell you in an emergency to put the breathing mask on yourself first, before helping anyone else. The same principle applies here. You’re no good to charities or the needy if you can’t make ends meet yourself. Follow your budget and give as you can, your priority is working your money plan so that you, your family and the people you love and wantvto help can benefit, so make giving a top priority in your budget and give accordingly. See our why giving article

4. Education– yet another positive trend that ends up costing women more money. These days, women are more likely to attend college than men. That’s good—it’s part of how society is addressing the wage gap—but with tuition costs skyrocketing in recent decades, today’s graduates are left with hefty student loan debt.

  • What to do– Student loans are a huge headache for graduates and a huge business for financial institutions everywhere in America, Student loans sees no gender it affects men and women alike. see our How to pay for college without using student loans article




 

What other financial challenges you think women are facing today?

If you’ve got difficulties with your finances in general we’re here to help. Contact us today @ www.redtogreeneconomy.com or @ getinfo@redtogreeneconomy.com

EMERGENCY FUND

 

I remember as if it was yesterday, the day we finally conpleted our starter emergency fund. It was a day full of joy and celebration well you know the saying; money isn’t everything. But not having it when you most need it can be really stressful.

Yes, now I can say that my emergency fund is a blessing, but it wasn’t until a few years ago when one day we said enough is enough, we both my amazing husband and I work too hard to have nothing to show for it. And we were no strangers to the stress and discouragement that comes with not having enough money to put gas in the car or even replace a tire, maybe you never been there. When there’s too much month at the end of the money? Well that’s exactly where we come from and it is our hope that one of these days you can also say that your emergency fund is a blessing, make that your statement

We’ve all had those big expenses we didn’t see coming. That was our case That’s life. But that future (inevitable) emergency doesn’t have to stress you out.

Well one day we had this doctor’s appointment and I had to go through surgery, we went to the hospital to pre-reg. Fortunally we had get rid of Murphy and he no longer lived nor travel with us no more.

We, useed our emergency fund! 

Your emergency fund is money provides a cushion between you and all the stuff that hits the fan. We had it! We were able to pre-reg and walked out of the place with a feeling everyone should experience.




One day we decided to kick Murphy out, he knock on our door from time to time and we gladly wave our emergency fund in his face, so he goes to check on our neighbors.

Well here are four common questions about emergency funds and how to set yours up:

    1.  How much should I save? We recommend a starter emergency fund of $1,000. That’s an amount you can save quickly and still cover most issues. Eventually, you’ll want to build it up to three to six months’ worth of expenses. But that’s later. For now, focus on getting it started—and fast. Do this before you pay down debt or save for anything else. 
    2. How do I find the money for it? You never know Budgets are desinged to help you get traction and ultimately win with your moneyuntil you make one. You’ll probably find cash you didn’t know you had! Plus, you can cut back in a few areas (like restaurants and entertainment) and find even more. You can also boost your savings by selling stuff online or picking up a bit of side work.




    1. Where should I keep it? Put a category marked “emergency fund” in your budget with a certain amount you want to save each month. This account will gradually build up and be ready to cover your immediate needs—like your heater making that-can’t-be-good noises when it’s freezing outside! Keep this cash in your regular bank account, or transfer it over in a new account when it hits $1,000. It’s up to you!




  1. What happens when I’m done saving?Once you have enough saved for emergencies, focus on your other debt or savings goals. But when you use your emergency fund, be sure to refill it as soon as possible. That way, it’ll be waiting for you when you need it next (and you will!) Refer to The secret to saving money you can also contact us for more tips on saving, paying off debt  and staying out of debt. 

WHY GIVING

 
There’s usually for must people a mental war around giving; this topic brings up the question I hear all the time: “If I’m in debt, how can I possibly give?”

the truth is that giving should not be a burden to the giver, giving is a blessing and the most important of all fundamentals. Of course, your family and your obligations are priority but, let’s check your investments where’s your noney really going? When you have an itching for giving you should give how much you give and who you give is up to you. Some of us give out of obedience and gratitude for all the blessing we’ve been given and also because the Bible says God loves a cheerful giver.

 If you’re doing your best to pay all your bills and provide for your family, put giving at the top of your budget.

you can also see Budgets Are Designed to Help You Get Traction and Ultimately Win With Your Money




When you put giving at the top of your list somehow all your needs will be taken care of God doesn’t stays with anything.

There are two types of giving in the Bible as evangelical Christians we see. There are tithes and offerings. The tithe is off the top of your income before you do anything. That’s why tithing is on the first line of our budgets.

After that, other offerings are almost impossible to find in Scripture until your family is first taken care of. What we suggest is, unless you feel very strongly that God is telling you to do otherwise, the normative storyline that we find in Scripture is that offerings are from surplus. While your family is in debt and you are cleaning up your mess, there’s no surplus.

Just because something pulls at your heartstrings or somebody puts you in an arm twist or you hear a toxic sermon or something does not mean you need to give offerings above a tithe.
 In all cases make sure you pray about your givibg and give gladly, no one should control nor manipulate you into giving, maybe you feel lead to give out of your surplus if it is something you think you should do just ask yourself, am I giving beyond my means? Because giving beyond your means living beyond your means, unless you’re willing to cut back on your cable bill.




How much could you give if you cut back your cable bill? Do you really need all those channels? Or what if you cut back on eating out to one night a week? How much could you save by going to a new grocery store?

You can also see The Secret to Saving Money

You’ll be amazed at how just a few sacrifices can make a major difference and allow you to give in ways you’ve never given before.
when you give is not only the receiver who is in the receiving side, you’re also on the receiving side but in a different way. You receive the joy and satisfaction of being a blessing to someone in need and at the end giving does more for you the giver than the receiver.

The Secret To Saving Money

We all know we need to save, but most people don’t save like they know they should. Why? Because they have competing goals. The goal to save isn’t a high enough priority to delay the purchase of that pizza, DVD player, new computer, that next vacation or china cabinet. So we purchase, buy, and consume all our dollars away
or, worse yet, go into debt to buy these things.



Saving money is not a matter of math. It’s a matter of urgency.

You won’t save money when you get that next raise.

You won’t save money when that car is paid off.

You wont save money when the kidsare grown.

Youll only save money when itbecomes an emotional priority.

We all know we need to savebut most people dont save like they know they shouldWhyBecause they have competing goalsThe goal to save isna high enough priority to delay the purchase of that pizzaDVD playernew computerthat next vacation or china cabinetSo we purchasebuyand consume all our dollars away

orworse yetgo into debt to buy these things.

That debt becomes monthly payments that control our paychecks and make us say

things like, “We just dont make enough to save any money!” Wrong,wrongwrongWe do make enough to save moneywe just arent willing to quit spoiling ourselves with our

little projects or pleasuresIt doesnt matter what you makeyou can save money.It just has to become a big enough priority to you.
Make Saving a Priority

If a doctor told you that your child was dying and could only be saved with a $15,000 operation that your insurance would not cover and could only be performed nine months from today, could you save $15,000 between now and then? Of course you could! You would sell things, you would stop any spending that wasn’t required to survive, and you would take two extra jobs. For that short nine months, you would become a saving machine. You would give up virtually anything to accomplish that $15,000 goal.

The secret to saving money is to make it a priority. But that happens only when you start to feel some healthy anger—or fear—and then focus that emotion on your personal decisions. Harnessing that emotion will make you move yourself to the top of your creditor list. Then ask yourself which bill is the most important. After tithing, who should you pay first this month? The answer is you! Until you pay God first, then yourself, then everyone and everything else, you will never save money.
Advertisers and marketers are touching our emotions every day and taking every dollar we have by making us see our wants as needs. It’s time for that to stop! Emotions make great slaves, but they’re lousy masters.  It doesn’t matter how educated or sophisticated you are—if you aren’t saving money, you’re letting your emotions control your actions. You need to take charge!

So whether you need to save for college tuition, a plane ticket to the family reunion, new school clothes for little John or Mary, retirement, or anything else, start now! It’s never too late!