How to Feel More Financially Secure
What is your financial outlook? Even if you are the breadwinner in your family or you are responsible for managing your family’s budget, you may not give a lot of thought to your financial future or might feel apprehensive when it comes to money. You are not alone.
Clinic Sofia recently tapped financial advisor Nicole Middendorf of Prosperwell Financial for some advice. You may recognize Middendorf as she is a frequent speaker and has appeared on several local media outlets sharing her expertise to help people better understand money. Following are three tips she recommends, if nothing else, to help women ensure their financial stability.
Learn one thing about money every day. “Money can seem complicated, but if you take it in bits and pieces, it is more manageable,” says Middendorf. Sign up for e-newsletters, read the “Wall Street Journal” or find a book at your local library.
Get involved in your family’s finances. If you are in a relationship, don’t assume that your partner is taking care of everything, says Middendorf. Couples should schedule a “money date” to sit down once a month and talk about the bills and their financial outlook. Go to a restaurant where you can have an honest conversation about your finances and discuss each other’s roles. “The key is don’t give up responsibility,” says Middendorf. “You have to be involved.”
Take advantage of retirement programs. The first step is to find out about retirement plans available to you through your employers and participate in any plans offered, so you are not walking away from free money. If there are no plans offered via your employer, Middendorf recommends talking to a financial professional about other options such as a Roth IRA to get on track with saving for retirement. Her company offers free retirement analysis to help clients determine how much they need to save each month.
For more information on personal finance, you can reach Middendorf or find a number of helpful articles at www.prosperwell.com.
This is part of an ongoing series of articles from Clinic Sofia to empower our community with tools, guidance and resources in a range of areas that impact health and happiness. If there are particular topics you are interested in or if you have an area of specialty you would like to share with other women, please let us know.
