It’s common for women to grow accustomed to putting the needs of others before their own. However, taking the backseat when it comes to your overall health – from both a physical and financial standpoint – can result in detrimental effects. In fact, with women often being the primary caregivers in the family and increasingly becoming the sole or primary earner for the family, financial security can be put at risk if a life-altering event were to occur. Taking preventative measures by checking in with your physical and financial wellness can mitigate this risk.
With National Go Red Day in mind, it’s a good time to put your health and finances at the forefront. Below, we’ve put together a checklist of items to add to your calendar to build a healthy financial plan.
- Examine your estate plan
As life changes, make sure that your estate plans are up to date. Express any changes to the responsible party – the executor of the estate, estate attorney and financial planner.
- Review your investments
Review your investments with a financial professional at least once a year due to the different changes that may occur during this time span.
- Update your life insurance
Be sure that your life insurance would be adequate if something were to happen to you. Life insurance should be adjusted to your evolving needs and goals.
- Evaluate your emergency funds
As a rule of thumb, aim to have 3-6 months of your cost of living in savings. If an emergency were to occur, you don’t want to rely on a credit card as an emergency fund.
- Take a look at your budget
If your savings account balance is a little high, invest it. On the other hand, review your budget and see if you’re stretched too thin. Have an honest conversation with yourself if it’s time to pare things back.
- Put yourself first
Take a moment to review overall goals in life – physical, mental, professional and financial aspects. Ask yourself if you are meeting them and what you can start doing now to meet them.