Whether it’s having children, career advancement, divorcing, or becoming a widow, there are certain pivotal times in women’s lives that can occur. It is important to have the necessary resources to be financially prepared for all of life’s surprises.
Nicolette Fee in partnership with BALANCE
March is Women’s History Month, so we thought- who better to focus on for this month’s financial literacy topics than women? Generally speaking, women are always facing new challenges in their lives; whether it’s having children, pursuing career advancement, divorcing, or becoming a widow, there are certain pivotal times in women’s lives that can occur. It is important to have the necessary resources to be financially prepared for all of life’s surprises.
Throughout March, we are sharing several resources around these topics on our social media pages, as well as breaking down each right here in this blog!
Instagram: https://www.instagram.com/unionhomemortgagefoundation/
LinkedIn: https://www.linkedin.com/company/union-home-mortgage-foundation
Facebook: https://www.facebook.com/UnionHomeMortgageFoundation
Twitter: https://twitter.com/UHMFoundation
Having Children
Whether it’s your first or fifth, having a baby requires a little financial planning. After all, you’re adding an extra member to your family. To make sure you’re ready to support your bundle of joy, it’s important to check on things like your company's parental leave policy, how much you have or might need to save in advance, and where you might be able to save money or find discounts on items you will need.
Check out these effective tips for organizing your finances while starting a family: https://uhmfoundation.balancepro.org/resources/newsletters/effective-money-tips-for-parents-to-be-january
Career Advancement & Exploration
Whether it’s making cupcakes, being a personal organizer or declutter queen, or “picking” antiques, these jobs all became moneymakers after starting as fun activities. While you may not get your own TV show, there’s no reason why you can’t create a financially successful venture or side hustle out of what you love to do.
Do you have any passions that could take your career to the next level or just supplement your income? Check out these tips on how to get paid for your passions: https://uhmfoundation.balancepro.org/resources/newsletters/quick-tips
Managing Divorce
The emotional toll of divorce is tough enough without worrying about the impact it can have on your finances. It’s important, however, to be aware of how splitting up will affect your finances – both short-term and long-term. It is important to remember to close joint bank accounts, deciding who will keep what assets, creating new budgets, and keeping a close eye on your credit reports.
Here are some specific steps to take early on to protect both your money and your credit rating: https://uhmfoundation.balancepro.org/resources/articles/managing-your-money-during-a-divorce
Surviving a Spouse
Perhaps one of the hardest things someone can go through is losing a spouse or loved one. In addition to the grieving process, you may face some new financial duties and obligations. It may seem especially daunting if you have never managed the family finances before. Take control of this process by seeking assistance, organizing your important documents, and reviewing your bills.
Check out our financial tips for tackling this difficult time: https://uhmfoundation.balancepro.org/resources/newsletters/four-financial-tips-for-a-surviving-spous...
Whatever the challenge, being financially prepared for life’s trials and tribulations will be helpful in the long run. In other words- improving your general financial health never goes out of style!
Interested in this topic? Consider watching this FREE webinar by our financial literacy partners, BALANCE on Women & Money for a more in-depth look at these areas: https://player.vimeo.com/video/503133003
