While being part of a family financial structure can provide a solid foundation, there’s no reason that you can’t control your own funds within it. Take charge of your money by putting these financial arrows in your quiver.
You’ve earned it so why not have sole control of your money? In the spirit of Spring, it’s time for a new beginning – to own your power and make your money work for you. You may be the archetype of an empowered woman, but you’d be forgiven for needing guidance when it comes to managing your own financial future, especially when it’s something you’ve outsourced or shared with someone in the past. It’s about establishing where you are, where you’re going and how to get there.
Where are you now?
To know where you’re headed, you need to know exactly where you currently stand. It starts with communication – and information. Gather and review your financial documents. What assets, plans, policies and investments do you have in place? Are these in your name alone or shared with your spouse, for example?
Before you start the often-tricky conversations this process requires, remember that even if you’re taking ownership of your money, you’re still a team. Speak to your spouse or family about how you’d like to structure the policies and assets you share and which ones you’d like to put in your name alone. Then put plans in place to make it happen.
The same goes for joint bank accounts. If you agree to keep things separate going forward, decide how much belongs to each of you, who will cover which expenses or debts – perhaps equally or in a way that’s proportionate to your incomes – and which account is suited to your specific needs.
Where are you heading?
What’s the end goal here? One doesn’t accumulate wealth without some serious planning savvy. It’s time to work it. If you’re making moves to go financially solo, you likely have an idea of what you’d like to accomplish with your money. What dreams involve your family, and which are yours alone?
Whether it’s travelling more often, buying property for the beachside café you’ve always dreamed of opening or having the security in knowing you’re leaving your kids a substantial nest egg, ensure your funds are well placed and that you’re on top of estate planning requirements.
Financial tools
Regardless of your unique journey, it best to apply some age-old financial arrows to your quiver. These include:
- Make a budget and stick to it
- Make a plan to pay off debt
- Build your investment profile
- Put a retirement plan in place
- Save and create an emergency fund
Although you’re going solo, you’re not alone. Often making big financial changes requires having an expert in your corner. We’ve got your back.
