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Money Truths: Women Wish They Knew Earlier

Published: March 24, 2023

Money Truths: Women Wish They Knew Earlier

Webinar Wednesday: March 29 | 6:00 PM ET

Learn about the principles that can impact your finances in a significant way: finance, budgeting, debt management, savings strategies, and more.

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Set Goals

Contribute regularly to a savings account. Generally, experts advise saving at least 20% of your gross income each month. Consider putting cash into a high-yield savings account that compounds your interest daily.

Prioritize paying down high-interest debt. Face those outstanding credit card balances and commit to paying off a certain number every month. This will save you money on interest and help maximize your ability to put cash away to meet your other financial obligations.

Think ahead. Planning for your child’s college education may be a long-term goal, while a down payment on a mortgage may be a short-term milestone. Regardless, putting a timeline on each helps you get ahead and start putting cash away today.

Be Involved

Make a habit of reviewing your accounts. Check your checking and savings daily online (or through your my.ussfcu app) so you know what money is going in and out. Doing so ensures your money is secure, payments are clearing and bills are being paid. This will also help you familiarize yourself with your spending habits, what you owe, and your balances.

Make Financial Literacy a Priority

Whether you prefer books, podcasts, videos, or talking to friends and family, just start absorbing as much information as you can. Focus on learning basic money terminology first and build from there. Use online tools like Napkin Finance, attend our webinars, or look for free classes from non-profit financial literacy organizations like Savvy Ladies.

Protect Your Assets

Life insurance. This provides funds for your beneficiaries if you were to pass away within the term of your coverage. These funds can replace your income, allowing your spouse and children to maintain a similar quality of life. Even if you aren't working, the payout from life insurance can help cover services you would have otherwise handled, including child care, cleaning and managing finances.

Long-term care insurance. This option pays a specific amount of money each day for long-term care. The type of care covered depends on the contract. If you anticipate needing long-term care, this insurance can be especially helpful given that women outlive men on average.

Disability insurance. This type replaces a portion of your income if you become disabled and can no longer work. There are a few ways to access disability insurance, such as through your employer, private insurance companies and Social Security benefits.

Consider the role you play in your household, whether it's earning an income or providing critical services that keep the household running. Fellows can help you determine how and what type of coverage is best for your family.

Don't Stop Learning

Webinar Wednesday: March 29 | 6:00 PM ET

As your finances, your situation, and your goals shift, be willing to make adjustments. Try, make mistakes, and adjust. Above all, stay willing to maximize your options and modify your goals as you build your knowledge.

Webinar Registration >>

This article is intended for educational and informational purposes only and is not tax, legal, or investment advice. Citations and contributing sources include 1: 2021 Study from Lending Tree,  2: 2022 Study from Financial Health Network, 3: Monument Wealth Management, and 4: Rocket Money.

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