NEW YORK – May 2, 2022 – (Newswire.com)
Not all women will have the same financial needs. For example, some of them might want to apply for a personal loan pre-approval, while others won’t. Some may seek student loans, while others will choose not to go to college and join the workforce as soon as they finish high school.
Financial planning for women encompasses many different things, however, there is one financial move that makes sense for all women to make, according to many experts.
Storage of emergency funds
The pandemic has taught the world a lesson about expecting the unexpected. It’s impossible to say what tomorrow will bring, but probably few people were prepared for something as impactful and protracted as Covid-19. This has caused many people to re-examine their lives.
According to many financial experts, many women were caught off guard by the pandemic and had no emergency funds to fall back on. However, many of them have learned the lesson of Covid-19 and are now taking steps to build up a cash reserve in 2022.
Still, there are plenty of women who have yet to build an emergency fund. It’s not necessarily something you can conjure up automatically, but the pandemic has shown that a global or even national event can throw things into chaos. Having at least a small cash reserve to turn to should be a top priority.
How to create an emergency fund
Women who don’t yet have an emergency fund can start taking concrete steps to create one. One way to do this is to increase your income through side hustle. You might consider walking your dog, mowing your garden, babysitting, building a website, or doing anything else you can do in your spare time.
The gig economy is booming and any money you can bring in this way doesn’t have to go towards your bills. I hope you can use all or most of it to start a rainy day fund.
You can also look at your current expenses and try to figure out if there are places where you can reduce your expenses. For example, you could avoid eating out. You can brew your own coffee in the morning instead of buying it on the way to work. These are small steps, but they could be enough to put something into that emergency fund every week.
Try to start building an emergency fund
The women who started their emergency fund have learned from the pandemic and changed their ways. If you haven’t taken any of the steps we mentioned yet, now might be the perfect time to start.
You can look at your weekly or monthly budget to see if there are any areas you can cut back on. If that means eating less and avoiding a Starbucks craze, you can do it. If you can find a side hustle and put the money into a rainy day fund, that’s also a good idea.
Building an emergency fund isn’t easy if you’re already spending a lot of money, but it’s vital. The pandemic has taught us that the world can be quite different one day than it was the day before. You should do everything you can to prepare for this eventuality.
press release department
Credello: the only financial movement not enough women make