Financial Action Items for 🏃♀️Falling into Fall for Women and Women Business Owners 💪🏽
Here’s to Falling into Fall with Financial Action Items for Women and Women Business Owners
I hope you’re having an amazing summer – and enjoying these last few weeks in August. The fall is a great time to take stock of your finances and make some changes to set yourself up for success in the coming year. I know that personally, I like to plan ahead for the fall season 🍁, and I have some action items to share with women and women business owners.
Review your expenses. 🧾
Many people see the word “budget” and panic or freeze or both! So let’s stick with “expenses.” It is important to review your expenses periodically to see if there is anything you can cut out. There are many areas where you can make small changes that can add up to big savings over time. For example, you can start meal prepping at home instead of eating out, cancel unused subscriptions, or shop around for cheaper car insurance. I know that I have fallen into the app-subscription trap, and need to review them periodically to see if there are any I can cancel.
Do you already use an expense-management tool? My clients often have a tool they like or they use the one that is embedded in my financial planning software. If you’re not using one, and would like to learn more, please reach out.
2. Pay down debt. 💳
If you have any consumer debt, focus on paying it down as quickly as possible – especially now with the current high consumer debt interest rates. The goal is to free up more of your money each month so you can save or invest. There are many different debt repayment strategies you can use, so find one that works for you and stick to it.
3. Make a retirement plan, or rather an option/flexibility 🧘🏾♀️ plan.
It's never too early to start saving for retirement, or, if that word is too esoteric for this stage of your life, think of saving for future options and/or flexibility for your life. I love helping my clients get started on their children’s retirement savings as well. We have great strategies for that – especially if they are already earning income via a summer or school-year job.
4. Then invest for other future goals. 🎯
Once you have your debt under control and you're saving for retirement, you can start investing for other goals, such as buying a home or starting a business. There are so many different types of investments available that working with a professional who can help you understand your options is really helpful.
5. Get your finances organized. 👏
Having a system for tracking your income, expenses, and investments will help you stay on top of your finances and make better financial decisions. Years ago I developed a physical binder that I called the “Grab and Go.”
Well now we work with electronic versions of that. My financial planning software allows me to offer my clients their own unique, secure, financial portal, where we see their entire financial life come together. I’m a believer that the earlier my clients have a true picture of their finances, the better long-term decisions we can make together.
We tend to accumulate accounts and insurance policies throughout our lifetimes, and it is rare that clients come to me with a true picture of what they own, and how all the puzzle pieces fit together. I love helping clients figure out their unique puzzle, and how we can optimize the pieces to best work for them.
6. Protect yourself financially, aka risk management via proper insurance coverages ☔️.
I tell my clients that as soon as you are an adult with loved ones that depend on you, it is important to consider life insurance, disability (income) insurance, and eventually long-term care insurance. Additionally, make sure you have adequate health insurance, homeowners insurance, car insurance, umbrella liability policies, and other liability policies (especially if you are a business owner) as necessary. If you haven’t reviewed your coverages recently, or wonder which ones apply to you, please schedule an insurance review.
7. And please don't be afraid to ask for help! 🙋🏻
I often use the analogy, “would you ask your neighbor to fill a cavity for you you?” – odds are, if your neighbor is not a dentist, you would prefer to consult with a real dentist, who spends their days working on teeth. The same thing applies here.
If you have money questions or concerns, work with someone who spends their days mired in all things finance, economics, markets, and taxes. While you can find plenty of information yourself, without background and perspective, it can be difficult to figure out how moving one puzzle piece of your financial life will impact the other pieces. So, work with someone who spends their days untangling those financial puzzles.
Now for Women Business Owners – here are some Additional Fall Financial Tips for you.
In addition to the general financial steps listed above, there are a few things that women and women business owners can do specifically to improve their financial health.
These include:
Set financial goals. 🏅
Do you know what do you want to achieve financially? Do you know how much you need to make in your business? It is typical that our business must support our personal financial goals. Once you know what you need and want, it is easier to create a plan to get there.
2. Take advantage of tax breaks and credits.
There are many tax breaks and credits available to women-owned businesses. Make sure you're taking advantage of all the deductions and credits you're eligible for. For example, there are great tax credits available to help cover start-up costs for offering a retirement plan for your business.
3. Network with other women in business. 👩🏾🤝👩🏼
There are many resources and support groups available to women in business. Networking with other women can help you learn from their experiences and get advice on financial matters. It also helps you market your services to those who may be your ideal target market.
4. Don't be afraid to negotiate.
When it comes to your providers, business deals, or anything else financial, don't be afraid to negotiate. Women are often hesitant to negotiate, but it's an important skill to learn – the earlier the better! And if you need support during those negotiations, get that person who will guide and mentor you. It is hard to go it alone, and there are plenty of women who will be in your corner supporting and cheering you on. Am I right, women?
5. Don't compare yourself to others.
Everyone's financial situation is different, so don't compare yourself to other women or women business owners. Focus on your own financial goals and progress.
However, I would like to add that in my practice, do you know what I find fascinating? My clients typically all share the same 3 concerns:
Am I making the best decisions for myself and my family?
Am I maximizing my investment options?
Am I saving enough to maintain my lifestyle as I age?
6. Take care of yourself. 💆🏼♀️
It's important to take care of your physical and emotional health, especially when you're juggling a busy business, career and family life. Make sure to get enough sleep, eat healthy foods, and exercise regularly – this helps us both physically AND mentally.
AND – do NOT postpone medical or dental check-ups. Women tend to put themselves last – but ultimately, our loved ones need us in fighting form, and our medical professionals help up stay healthy.
7. And lastly, don't give up. 💃🏻
There will be challenges and really hard days along the way. Being a business owner is HARD. Be sure to have a network of supporters to reach out to, especially when you need some words of encouragement. We are a unique breed, and no matter what business we are in, when we meet other women business owners, we can relate, and support one another.
In summary, as we prepare to fall into fall, the above financial action items for women and women business owners were prepared with love and encouragement.
Enjoy the last few weeks of summer and stay healthy and happy!