8 Mar 23

The 8th of March marks International Women's Day. Women are becoming more aware of their financial situation and are beginning to take control of their finances to give security to themselves and their families.

Women have always been strong, and powerful, but now in the XXI CENTURY, us women need to become financially independent and understand how to manage our own income and expenses. In this blog, we would like to give you a couple of top tips on how to take charge of your financial future.

1. Set your financial goals.

Do you want to buy a house or a car, or save for your children ́s University education? They all require that we set some goals and stick to them. Some tricks to obtain it:

​• Prioritise your goals and set timelines of when you want them to be accomplished.

Estimate how much your goals will cost and how much you can save on a weekly or monthly basis to help you reach those goals.

Create separate savings accounts for each goal.

2. Get involved in family finances and take out Life Insurance.

Taking out life insurance will give your family financial stability in the case of your death, you can decide who the beneficiaries are, be your children, spouse, or parents. Life insurance is a cushion that your family can fall back on to face the costs and any debts that are left after you are no longer here.

3. Set up an emergency fund.

Life is unexpected and it is important to be prepared for what can happen. Start by mapping your cash flow and expenses to determine the money you can save each week for an emergency fund. As an example, if you put away 10 € a week by the end of the year you will have 500 €, if you do this every year it adds up.

4. Start saving for retirement.

Generally speaking, we will retire at 65-67 years of age, but we will live until our 80s or even 90s, this is an average of 20 years more of life without earning an income.

These details put into perspective the importance of saving for retirement from a young age and managing your income. The earlier you start saving the better off you will be in the future.

efpg, can help you take charge of your finances, from your Life insurance to your Pension. Contact us now for a chat.