For the Ladies!
Ok ladies this article is written just for you. There are things which you need to know to make yourselves a financial Wonder Woman…
Ok ladies this article is written just for you. There are things which you need to know to make yourselves a financial Wonder Woman.
Have Credit – It is a hard fact that you must have credit and that you must manage it wisely. You need to have credit just to get utilities or a cell phone, let alone to buy a car, a home or book a vacation. You need to have 2 types of credit reporting on your behalf. One of them must be a credit card and the other can be a car loan or other fixed payment type product. Keep in mind that when this loan is paid off, you need to get a new secondary credit.
Things you should know:
- If you have a secondary credit card from your partner’s account chances are it is not reporting to your credit bureau. Make sure you have your own credit card or else ensure that the card you have chosen reports for both of you.
- Cell phones and mortgages now report on the credit bureaus so keep those up to date.
- It is your responsibility to make all your payments on time, so set a reminder in your phone if you need to but don’t be late.
- If your life sees you moving frequently then opt for electronic bill notification to ensure that nothing get missed.
- Do not exceed 50% of the available credit limit, as it is can be seen as an indication of poor credit management.
Be on the Mortgage – If you are purchasing a home with anyone else, you need to make sure you are on the mortgage. Even if you are not currently employed outside of the home, you should be on there. It will allow you to phone the lender in case you have a question, or need to catch up on a payment. It will also ensure that if the worst case occurs that your home seamlessly transitions to you, so you are not trying to deal with that on top of everything else.
Know Where Everything Is – Say your partner takes care of all financial matters in your relationship. Or, say that as a single lady, you have not yet organized all that annoying paperwork. Do yourselves a favor and do so now. Experts say that you should be able to put your hands on all documentation within 2 minutes of needing it. Decide on a system and get organized. Here are a few of the things you should have on hand.
- Tax info
- Insurance policies
- Investment, RRSP’s and other savings (including passwords)
- Proof of debt repayment
Have Sufficient Insurance – Another necessity of life is adequate insurance. The younger you are when you put these in place the cheaper it will be and a qualified insurance professional will make sure you are well protected. It’s a good idea to have coverage outside of your employer’s, as few of us stay with the same company indefinitely. Here are the types of insurance you should have:
- Life insurance
- Disability insurance
- Critical care
Save Some Money
I totally get that saving your money does not seem like fun, but trust me, your 65-year-old self would definitely tell you to get going on this NOW! Consider setting up an automatic savings plan. The money comes out each month without you having to make the decision between saving or that fabulous new purse.
There you have it ladies. No more excuses. It’s time to become a financial superstar!