Empower Her: Financial Fitness for Women- Takeaways

By Andrea Young on July 25, 2024

Being aware of your financial situation is always important, especially for women. Whether single or married, financial education is crucial. At our July Empower Women event, hosted by Kerry Luria, we discussed the importance of financial understanding.

Identify Your Financial Goals

Whether you’re just starting your financial journey, looking to pay down debt, or approaching retirement, having clear financial goals is essential for success. It’s also important to review and adjust your goals throughout your life, especially after significant events such as marriage, the birth of children, or divorce.

Create a Budget and Stick to It

Budgeting is one of the most important steps to achieve financial success. Start by reviewing your monthly expenses, such as bills, mortgage, and groceries, which may consume about 50% of your paycheck. Typically, you’ll want to allocate 20% for savings and the remaining 30% for discretionary spending like dining, entertainment, and hobbies.

However, these percentages are just guidelines. If your monthly bills exceed 50% of your income, consider reducing your discretionary spending. Conversely, if your essential expenses are less than 50%, you can increase your savings contribution. It’s wise to revisit your budget regularly, as your financial situation and priorities may change over time.

Below is a diagram illustrating these guidelines.

Get Involved in Finances

If you are married or partnered and don’t typically handle the finances, it’s crucial to get involved. Crises such as job loss, health emergencies, or death can arise unexpectedly, making financial understanding vital. Have discussions about your goals and budget to ensure alignment. When your finances are in order, you’ll experience less stress and be able to enjoy the most important things in life.

As always, we are here to help if you have any questions.

General Disclaimer

Lexington Wealth Management is a group comprised of investment professionals registered with Hightower Advisors, LLC, an SEC registered investment adviser. Some investment professionals may also be registered with Hightower Securities, LLC, member FINRA and SIPC. Advisory services are offered through Hightower Advisors, LLC. Securities are offered through Hightower Securities, LLC. All information referenced herein is from sources believed to be reliable. Lexington Wealth Management and Hightower Advisors, LLC have not independently verified the accuracy or completeness of the information contained in this document. Lexington Wealth Management and Hightower Advisors, LLC or any of its affiliates make no representations or warranties, express or implied, as to the accuracy or completeness of the information or for statements or errors or omissions, or results obtained from the use of this information. Lexington Wealth Management and Hightower Advisors, LLC or any of its affiliates assume no liability for any action made or taken in reliance on or relating in any way to the information. This document and the materials contained herein were created for informational purposes only; the opinions expressed are solely those of the author(s), and do not represent those of Hightower Advisors, LLC or any of its affiliates. Lexington Wealth Management and Hightower Advisors, LLC or any of its affiliates do not provide tax or legal advice. This material was not intended or written to be used or presented to any entity as tax or legal advice. Clients are urged to consult their tax and/or legal advisor for related questions.