Top 10 List of Things Women Should Do to Take Charge of Their Financial Future

As a woman, the likelihood that you'll be responsible for your own finances at some point in your life is very high. Why? Women often live longer and have careers that tend to be shorter and more interrupted than men. 

At Delta Community Credit Union, Georgia’s largest credit union, they have had a lot of inquiries from women about how to take charge of their financial futures. Whether you’re single or married, a career woman or a full-time mom, make sure financial security is on your “to-do” list.

1. Get involved in your household finances. Knowing more about your financial obligations will prepare you to manage them in the future.
2. Develop a family budget. Make sure your spending decisions are consistent with your goals. Once you develop your budget, stick to it. Often, emotional purchases (such as a great new pair of shoes) will leave women feeling more anxious then make them happy.
3. Pay yourself first. Learn more about your employer-sponsored benefit plans and make sure you contribute to your 401(k). If you don’t have a corporate retirement plan, then start your own IRA. Explore the use of spousal IRAs when you are out of the workforce raising your children.
4. Dare to dream about retirement and establish long-term goals, including future income needs. According to Social Security Online, women tend to live longer – a woman who is 65 years old today can expect to live to 85, while a 65-year-old man can expect to live to 81 – so it is very important for women to understand how much money is needed for retirement and to plan for these funds in advance.  
5. Review your beneficiary designations. Consult with an attorney to develop an estate plan to include a will, Financial Power of Attorney and Advanced Directive for Healthcare.
6. Don't rely on someone else, like a husband, boyfriend or family member, for your financial security. Educate yourself about money management and investing. Look for free financial workshops at your financial institution. 
7. Build an emergency fund. Without one, losing your job or incurring a large unexpected bill could force you to take on heavy credit card debt, and could put you into a financial hole that will be difficult if not impossible to dig your way out of.
8. Don't take on your partner's or spouse's debt when you marry. Wait until you're both out of debt before tying the knot, or protect yourself with a pre-nuptial agreement. Pre-nups aren’t just for celebrities. Another great tip for future brides is to get wedding insurance from your local financial institution or insurance provider. Wedding insurance is a good investment for those unforeseen events such as covering repair or replacement costs if the bride’s gown is lost or damaged, reimbursing deposits if a vendor goes out of business, lost rings or ruined photos.
9. Invest more. To make up for discrepancies in retirement benefits, women should consider investing more than their male counterparts. For example, a woman who takes seven years off from a 40-year career can expect to receive only half the pension benefits of someone with 40 years of uninterrupted services. The good news is that the U.S. Department of Labor reports that in an economy where the earnings of almost all other groups have remained the same or decreased, earnings of women have increased. Higher earnings for women should mean the potential for more investments.
10. If you don't have enough to save for your child's college fund and your retirement, your retirement takes precedence.  As explained in Suze Orman’s book "Women & Money," women think they are actually helping their children by paying for their college or wedding. It's a myth. You help your children by saving yourself first. If you retire without ample money to support yourself, you will become a financial burden to your children. There are plenty of loans for college, but there are no loans for retirement.

For more information about Delta Community Credit Union, visit www.deltacommunitycu.com. The Johns Creek branch is located at 6700 McGinnis Ferry Road.