Five Tips For Women Taking Control Of Their Financial Future For 2024

Photo by Leeloo The First:

As 2023 is coming to a close, it is time to reflect on the year. Look at what you have completed and what you haven’t. Ask yourself whether it has been a good or a bad year. Then make adjustments to your life and plan what you want to achieve in the new year. 

Many people set financial goals for the year. It could be to save a percentage of a wage each month to pay for a new car or invest a certain amount of money each year. It includes us women too. In the last 30+ years, women have become far more financially independent, including managing finances which is a good thing. 

We have worked very hard as women to get where we are today however, the journey doesn’t end here. Although your education years may now be behind you, you still have to educate yourself on personal finances and plan for retirement. To do this, you need to start sooner rather than later so if you haven’t started yet, you should in 2024. 

Today, we will look at how you can start planning for retirement by setting financial goals in 2024. These goals should be achievable and build the foundations for a financially stable woman for their retirement age. Things like paying your mortgage off and enrolling on a debt management plan to deal with current debts.


Why Setting Goals Is Important

Setting goals is very important because it gives you something to aim for. During December, you need to set goals which you wish to achieve. We don’t mean the goals that include running a half marathon for charity. We mean financial goals which will shape your future for financial freedom. 

One of the goals could be to put a percentage of your annual salary away for a house deposit. Another one of your goals could be buying a new car. However, you want to make sure you are contributing to your retirement fund. 

Retirement is a scary word, especially when you hear it at such a young age however, it is something you need to think of. Consider putting 5% of your salary into your retirement fund each month. It is only a small amount but in 30 years, this money will be a lot. 

We know that everybody says you need to set goals for the new year but some are too unrealistic. Set yourself small goals that are very achievable and that way, you will be prepared for your retirement at a young age.


Investment Is Key To Financial Freedom

Something which we are not educated on is investing. Investing is very important for us to be financially free by the time we reach the retirement age. However, it is known that women invest a lot less than men but in 2024, that shouldn’t be the case. 

Many women, including myself, believe that investing is risky and could result in them losing money. However, that is not entirely true. There are so many ways to invest your money with little risk. All you need to do is learn about the different investment methods. 

Stocks, real estate, bonds, and mutual funds are all different investment strategies. There are so many different ways where you can invest your money. It is much better than putting your money into a savings pot because you beat inflation.

Learning about the different investment options is key but it doesn’t take a lot of time. Spend December learning about the different investment options to see which you prefer and which suits your financial goals. 


Diversity Is Key

Investing is great but diversity is also very important. Diversifying your investment portfolio is a great way to ensure your investment continues to grow. If you just put your investment into one pot, there is a risk you could lose your investment. To gain financial stability for your long-term future, diversity is essential. 


Invest In Real Estate

We all know that investing in real estate is expensive but there are many trusts where you can invest your money. It allows investors to benefit from real estate inflation without paying large deposits for property and management fees. 

Investing in property is a long-term investment which is exactly what you want for your retirement fund. You want to invest in property you know will increase over the next 10,20 or 30 years. Then sell this property when it is time to retire. However, due to management fees and large deposits you would have to put down, investing in real estate trusts may be the better solution for you. 


Speak To Other Women About Investments

Speaking to other women about money is a step forward as well. Women are happy to talk about money but not necessarily investing. Investing in your future is important but many don’t know how to do this the correct way. As mentioned before, putting money into a savings account won’t beat inflation but investing will. 

Speak to other women to find out what they are currently investing in. Maybe they have a better strategy than yours for your long-term future. Be open about your investments and don’t keep your cards close to your chest. If you give useful tips, other women will share advice with you. 

Consider joining an online forum to speak to other women about investing. You will be able to keep up with modern strategies. 

Whether it is your friends or people you don’t know on an online chat forum, talking to others about their investments is a great way to learn more about the stock market. They may mention a stock you have never heard of before. Research that stock yourself and find out why people are investing in it. 


Final Opinions

As women, we like to plan for our future. However, retirement is something which is often forgotten by many people, not just women. Nevertheless, the sooner you start planning for your future, the better your future will be. Set yourself small financial goals that are achievable and pave the way for your future financial goals. 

Although saving may seem like the safer option, investing is better. It beats inflation and also increases in value. Having a diverse portfolio with numerous types of investments is something your future self will thank you for. 

2024 is the year when you start your journey towards financial freedom. If you need to, look towards professionals such as financial debt advisors or wealth managers to help you get on track with your finances.