This is a sponsored post for SheSpeaks/Prudential.
As women, we face certain responsibilities and challenges when it comes to money. Whether it’s in the workplace, in our own home, or within our families, every cent counts. We recently picked up and moved three hours away back to my hometown. It was an adventure: packing, changing jobs, and securing a new home. Housing in Florida can be quite expensive whether you are renting OR buying. Since Florida doesn’t have state tax, it is a popular destination for relocation. Finding an affordable home with plenty of space that allows dogs was certainly a challenge. Luckily, I was prepared for the added expense. I wanted to share with you a peek inside our new home along with a few tips inspired by Prudential to help ensure your financial success. Whether you need a new home, car, or a pay raise, these tips should motivate you to think about your long-term finances.
Did you know that the average woman working full-time earns 79% of the income earned by her male counterpart?1 This is because of many issues – lower likelihood to negotiate salaries, time out of the workforce, differences in pay. It impacts our 401K balances since we may be earning less or spending more time out of work. Women’s social security benefits are 27% lower than that of their male counterparts!2 I was floored to learn this, but I can’t say it is a surprise. I just started a 401K last year, and I am in my 30s. It just simply wasn’t available to me before.
Then there is the investment gap which shows that women do not invest to the same degree that men do.3 Women experience discomfort when it comes to investing: we delay, invest in more in lower return investments, and we are more likely to run out of money in retirement. Since women outlive men by an average of 5-6 years,4 we live longer and possibly alone. How can we ensure our financial success?
I am ensuring my financial success by writing everything down and being organized. Every cent is accounted for and my budget is on point! I can predict for emergencies including medical or home repairs, and I am all set to own my financial future.
How to Update Your Financial Life
Whether it’s for a new home or relocation, college education, or maybe to start your own retirement account, it is important to take control of our finances. Prudential wants to raise awareness and start a conversation so that we are motivated to achieve our financial dreams.
Our new home isn’t our forever home. We didn’t buy it; we are simply staying here for the next year. It’s truly gorgeous though, and it is a place I want to call home. However, this next year is for us to work on our finances so that our NEXT home is the one we buy. To facilitate this, I need to become more aware of my work, my everyday life, and my income potential.
Prudential has created a tool called the “Value of all you do” that lets you very quickly quantify the value of all the household chores you do on a daily basis. You can find out what you would need to pay someone to do those for you. Whether it is gardening, vacuuming, tidying up, or de-cluttering, our time is valuable. Don’t let those precious minutes pass you by without securing your financial future.
I want to hear from you. Do you own your own home or are you saving and waiting for the right moment? What is your time worth?
- Source: U.S. Census Bureau, Historical Income Tables Table P-40: Women’s Earnings as a Percentage of Men’s Earnings by Race and Hispanic Origin, 2016
- Source: Social Security Administration, Fast Facts and Figures About Social Security, 2016
- Source: http://fortune.com/2016/05/11/sallie-krawcheck-ellevest-launch
- Source: Prudential Retirement analysis; National Center for Health Statistics, Health, United States, 2015: With Special Feature on Racial and Ethnic Health Disparities. Hyattsville, MD. 2016
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