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Financial Realities Women Must Face

December 22, 2010 By Sally

women_holding_money_face_2

In today’s society, men and women are supposed to be equal. We do have to face the fact that the word “supposed” is the key here. While it is the ideal situation, it is not always the case. In terms of finances and financial planning, women need to realize certain things. I just read a very thought-provoking article on this topic written by Marci Alboher, and it is worth sharing with you guys. She writes that women should focus on finances for the following reasons.

1. Women earn less than men. While this is not always the case (I know a lot of women who earn more than their husbands), the numbers support this. It may be due to various reasons – from career choice to wage gap. Bottom line: women need to deal with the fact that they might not have as much money to play around with as their male counterparts.
2. Women engage in paid work for fewer years. Again, the reasons vary, but one of the main things is that women take more time off of work. They get pregnant, they need to take kids to school, on trips, or to the doctor. This, of course, affects how women can save for retirement.
3. Women live longer. This is a well known fact, and women have to realize that this requires more in terms of resources.
4. Women still grapple with the “a man is a financial plan” mindset. This may sound archaic, but it still does happen. Every now and then, you’ll meet a woman dreaming of that prince who will take care of her.
5. Women are not encouraged to negotiate their true worth. Nothing more needs to be said, huh?

Bottom line: women should start planning their financial future NOW.

Savings Or Pay Off Credit Card Debt?

April 10, 2010 By Kelly


Like many young people, I never thought I would find myself facing serious credit card debt. In my early twenties, I told myself that I would never fall into any debt trap. I had heard so many horror stories, and I just knew I would not live out one of those.

Boy, was I wrong! Many many years later, I am struggling with credit card debt, and if I don’t get a grip on things, I just might get buried. Naturally, I have been looking for ways to deal with this debt in the best possible way, as soon as I can.

One thing that I have been considering is using part of my savings and put more towards the credit card debt. A lot of people have been telling me that this is the wrong thing to do, but I do have a gut feeling that it might help. I did find a piece of advice at Money Central:

Earning one or two percentage points of interest on your savings, while paying double-digit interest rates on your credit card debt, gets you nowhere fast. To add to the injury, you pay income tax on the meager savings interest, and you can’t deduct the credit card interest from your income taxes.

Seriously consider paying off high-interest credit cards or auto loans with savings. Pay off the cards with the highest interest rates first. Be sure to keep enough money in an emergency fund or in available cash advances to cover three to six months’ worth of living expenses.

I think that is enough to convince me to get a little bit from my savings account. What is your advice for me?

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