February 19, 2021
(Natalia Smith)
‘Set goals’, ‘Make resolutions’, ‘Create better habits’ – whatever term you want to use, it’s common for us to begin a new year with grand plans about reorganising our personal and financial lives. We all want to achieve our desires. But we don’t always follow through! As busy women, we juggle careers, family responsibility, making space for self-care and keeping up with social obligations, (even if they now involve a couch-date with Zoom and a glass of wine!) All this means it can be difficult to focus on prioritising your future.
Top Tips to help Women Prioritise and Plan for the Future
Create a list of your personal and financial goals
Take some time to think and reflect on your hopes and dreams. Think about what you want to achieve, and the possible timeframes involved. Then write them down. Keep them at your desk, stuck to the fridge or on the mirror in your bathroom. This will help you stay focussed and recognise where you need to do the work.
Trust yourself
Women are amazing. Women over 50 are incredible. By this age, most of us have had so many life experiences that we finally know who we really are and we’re not afraid to go for what we want to achieve!
Communicate your goals
You don’t have to do it alone and, by middle-age, most women have great contacts and strong community roots. Talk to family, friends and colleagues. Network. Engage skilled experts to help you tackle the areas where you’re less proficient.
Clear space in your mind
New behaviours and habits will develop if you create the space for them to flourish. Let go of old patterns and any residual guilt or shame. Do the work and experience the benefits.
Don’t compare yourself
Seeing your next door neighbour’s shiny new car or hearing about her recent Bali retreat can create anxiety. Feeling you’re not doing enough is a major concern in our social media dominated world. Remember to be true to you.
Take action. Achieve results.
Consistent review and future planning are key steps towards financial freedom:
Go through your finances
Sort out all your receipts
Plan your budget, including savings goals
Complete your tax returns
Create a retirement plan
Know exactly where you stand
Stay healthy into retirement
Australians are living longer and healthier lives. We have the social environment and healthcare system in place to support us during a healthy retirement. So make the most of it!
Know what you want your retirement to look like
Plan accordingly for a long and active retirement. Do you want to stay in your own home? Are you likely to need care? Is a retirement village appealing ? Do you want to travel? Now is a great time to consider how you will fund and survive these years.
Look into in-home government funded care packages and be prepared for the unexpected events of the future
Be aware of the importance of taking care of your physical and mental wellbeing as you age
Combat financial anxiety
Money will have played many roles by this stage in your life. You’ll have preconceptions, ideas and in-built beliefs that affect the way you view yourself and your finances. Take some time to think about this and work through any financial attitudes that may be limiting you.
Where does it come from? Write down your thoughts about your financial situation and money in general.
Tackle one problem at a time. Financial issues can be overwhelming. Break each problem into smaller steps and work through them. (Get help when you need it.)
Engage a Financial Adviser you trust. It’s important to have a good relationship with the professional helping you plan your way forward.
Money Coaching is also a great option to identify and work through long-standing money-related beliefs.
Get Valuable Professional Financial Advice
A reliable, thorough financial adviser will take the time to learn all about you! They will take the time to ask about your family, work, and the things you enjoy; they won’t focus only on the money. Working with a financial adviser will help you:
Identify your dreams and understand your financial situation
Create a strategy
Prepare for life’s unexpected events
Achieve your goals
Become financially independent
Live and retire on your terms
Review and adapt the strategy when your circumstances change
Setting goals and creating habits which serve you better is not always an easy journey. But if you put in the time and effort, and surround yourself with the right people, you will certainly reap the personal and financial benefits. Your future matters – make it the best you can. Good luck!
For female-specific advice regarding financial planning for your future, please contact:
TruWealth on 03 8648 6534 or
email contact@truwealthadvice.com.au