Platinum Lawyers wishes all the women out there a ‘Very Happy Women’s Day.’ Every year, we see more and more women making big strides, taking the corporate world by storm with their tenaciousness and hard work. While this is laudable, we also need to look at the flip side of things. While more women are in the workforce than ever before, an appalling fact is that many of them are not comfortable when it comes to managing their finances.
Why Being in Control of Your Own Finances Is So Important?
According to a report from UBS, 56% of married women have handed over all financial responsibilities to their husbands. And a shocking 85% of those women state that they believe their husbands are more competent when it comes to financial matters.
This is very concerning for two reasons, the first being that divorce rates have gone up. So, in the unfortunate event that marriage ends in divorce, the divorced woman is faced with not just the emotional anguish of her marriage ending but must also face the harsh reality of an uncertain financial situation. The second reason this trend is so worrisome is that, on average, women tend to live longer than men. This means that almost 90% of women will have to live on their own at some point during their lives. Taking control of your finances is necessary to ensure that you’re able to truly live independently, come what may.
How to Be More Financially Savvy?
Ready to go from ignorant to knowledgeable when it comes to your finances? Here’s a list of the top 3 aspects of your finance that you need to take stock of to start your journey to financial freedom.
Know Your Annual Household Income
It’s imperative that you know your annual household income. An easy way to find out is to review the tax returns from the past few years so you get a clear idea of exactly how much you and your husband are bringing in.
Know All Your Debts & Assets
Don’t wait for something drastic to happen before scrambling around trying to figure out your debts and assets. Instead, make it a yearly ritual to sit down with your spouse and take stock of all your assets as well as debts. Not only will this keep you on the right track when it comes to investments and expenditure, but it will also act as a motivation to help you achieve your financial goals when it comes to savings.
Meet with A Lawyer & Draw Up A Will
Many married couples shy away from making a will. But having a clear will in place is highly advisable. Apart from knowing what assets you will inherit, you also need to be aware of how much income you will get from sources such as life insurance, in the unfortunate event that your spouse passes away. For instance, will you be able to afford the mortgage plus your living expenses? We understand that you probably don’t want to think about such eventualities, but life is unpredictable and being prepared financially will ensure you’re able to survive hard times a little bit better.
Platinum Lawyers hopes that you will make the change this Women’s Day and take the reigns when it comes to your finances. We want to see women be truly independent – in all aspects of their lives. Once again, Happy Women’s Day!
In need of a lawyer? Give Platinum Lawyers a call at (02) 8084 2764.