Tips for Taking Control of Your Finances

Automate You Procurement Process finance | Tips for Taking Control of Your Finances – Leveraging Company Benefits to Become Economically Empowered | In the results of a study conducted by UBS Global Wealth Management in the spring of 2019, it was found that many women avoid taking part in long-term financial planning, attributing this to the belief that their spouse or partner knows more about financial planning than they do. 

While it may sound easier to leave the tough money decisions to a partner, the choice to opt out of one’s financial planning could have serious consequences for financial health. 

Fortunately, there are many ways women can tackle their finances and get on track to become economically empowered. Coupon Chief created a visual that offers tips on how women can use benefits offered by their employer to achieve financial independence and grow themselves financially and professionally. Check it out below! 

By The Numbers: The State of Women’s Financial Futures 

According to the U.S. Department of Labor, women have lower lifetime retirement savings on average than their male counterparts. When considering that women are likely to live longeron average than men, this could have serious implications for the financial stability of a family over time. 

According to several studies, women are more likely to invest conservatively when compared to men’s investment habits. This could affect a woman’s ability to grow their wealth over time and when paired with the fact that women must often take breaks from their careers to care for family, suggests that women may have a harder time maintaining financial stability. 

The Importance of Financial Stability: Impact on Physical Health

Foregoing an active role in one’s long-term financial planning could have a significant effect on women’s physical, mental, and emotional health. In fact, women who do not participate in financial planning are more likely to experience 12% higher stress levels than women who do participate in financial planning. There are correlations between higher debt and higher blood pressure — one study even found that finance-related stress leads to decreased cardiovascular health in middle-aged and older women. 

Other health conditions affected by stress related to finances include: 

  • Headaches 
  • Heart disease 
  • Digestive dysfunction 

Stress related to finance has also been linked to mental health concerns, including generalized anxiety disorder and clinical depression. Additionally, those with higher debt are more likely to be diagnosed with depression. 

7 Ways to Leverage Company Benefits for Economic Empowerment

Use these suggestions to achieve financial independence with your employer’s benefits: 

  • Take advantage of childcare programs and discounts provided by your employer. This company benefit will help you minimize office absences and help you concentrate on work knowing your little ones are safe and being cared for. 
    • Insurance company Aflac offers on-site and backup childcare in offices around the country to support working parents. 
  • Attend professional development classes to boost your career potential. These classes are great for learning new professional skills like leadership and administration. 
    • Boston Consulting Group gives online training courses and conferences to help employees grow professionally. 
  • Seek out companies that promote diversity initiatives in their job descriptions. This simple addition to a job post says a lot about employment opportunities within the company. 
    • Professional services company Accenture shares their internal demographic data, as well as diversity initiatives and goals.  
  • Utilize company mentorship programs as an internal support system. Taking time to speak candidly with a mentor who understands your unique needs is especially important for women in the workforce. 
    • GE pairs employees at every level with top executives to promote transparency and leadership. 
  • Take advantage of tuition reimbursement programs. Furthering your education with another degree or advanced degree will open up more employment opportunities. 
    • Grocery store Publix offers tuition reimbursement to all employees to help them continue pursuing education. 
  • Use disability inclusion programs (if needed) to stay engaged in your career. These programs are helpful for physical or mental impairments and can give you the support you need to perform at the highest level. 
    • Popular beauty brand L’Oreal provides disability awareness workshops to keep all employees included, regardless of ability. 
  • Participate in financial wellness workshops to develop your financial literacy skills. Companies that value their employees are concerned with their ability to manage their finances well. 
    • Home Depot offers financial literacy classes and workshops for all employees. 

The Bottom Line: Take Charge of Your Financial Future

Today, more women than ever are rising to upper management and executive positions in the workforce. Further, women are expected to control over 30% of all global wealth in 2020. Knowing this, it’s vital that women work towards economic empowerment for themselves and their families. 

It doesn’t matter what stage of your adult life you’re in –– there are many ways to take control of your financial future today. Plan out a detailed budget, use coupons and discounts whenever possible, and create a long-term savings strategy to put yourself on track to financial independence.

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