Page 29 - San Diego Woman Magazine

Why Women According to a recent data survey conducted by digital banking platform, Monifi, 85%

of men are actively saving a portion of their income, while only 77% of women are
currently able to put away the same portion of finances. Leigh Singleton, Director of Fi-
Need to nancial Education, shares her top three tips for ensuring women are budgeting, saving,
and preparing their finances to keep up with their male counterparts!

She also reminds us that on average, women make $0.82 for every $1 made by men.
Focus More (this does not even begin to break down the additional loss seen by minority groups)
With the current financial system, this translates into a greater need for women to take
extra care of their finances.
on Their “BUDGET BEFORE “GET TO KNOW YOUR “GET READY TO…

Retirement [HOME] BUYING” SPENDING HABITS” RETIRE”

Oftentimes when we are Becoming aware of your A woman's marital situa-
looking to purchase a new spontaneous shopping hab- tion can greatly affect her
By Leigh Singleton property, we find ourselves its are essential to building need to plan for retirement.
wrapped up in the whirl- a strong savings. We have A woman’s life expectancy
wind of excitement, stress, all gotten caught up in is, on average, longer than
and time constraints of get- Amazon’s FREE overnight a man’s; based on her and
ting in an offer. Although shipping deal and pressed her husband’s age differ-
ensuring you get the right the “Complete Order” but- ence, she may outlive him
home for you (and your ton before truly thinking by several years and will
family) is important, so is through our purchase. Track- need to plan accordingly.
getting to know the finer fi- ing your spending can allow
nancial details of the listing. you to identify where un- Second marriages and
planned or habitual purchas- step-children can also fac-
Always budget the full ex- es may be siphoning money tor into retirement plan-
penses before signing a that could be put towards ning. If you know your hus-
lease or making an offer your savings goals. band owns separate assets,
on a home. It’s important it is important to commu-
to recognize the full cost Thoroughly looking thro- nicate with your partner
of your housing choice, not ugh your monthly bills or and confirm how those
just the rent or mortgage even keeping an excel track- assets are planned to be
payment, by researching er of your purchases can be split amongst you and any
the average utility costs, a great step in spending children.
insurance premiums, and your money where it is most
HOA fees. That cute bun- important. Categorizing pur- In 2021, 63% of men met their
galow may seem reason- chases into necessities vs. savings goals, while only half
ably priced but might have wants is also a great trick to of women confirmed they
astronomical utility bills visually break down where had met theirs… with lower
due to an inefficient heat/ your income is being allocat- income and longer life ex-
air system or poor insula- ed each month. pectancies women have a
tion. The most common greater need to refocus on
rule of thumb is that your Banking apps such as Mon- their current finances and
total housing costs should ifi will automatically assist savings, but with a few easy
be no more than 30% of in helping you break down changes, we can be on our
your gross monthly income your spending and offers way to a flawless retirement!
(which is your total income “saving buckets” so you can
before taxes and deduc- pre-allocate your funds to-
tions). wards vacations, utilities,
car payments, and more!

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