The current global crisis induced by the Corona Virus Pandemic has led to a two-week lockdown in most states in Nigeria. This compulsory free time affords everyone the opportunity to re-evaluate their finances and work on ways to improve it after the pandemic.
In this article, we’ll be focusing on women by providing tips to help every woman stay grounded financially through every stage of life.
In your 20s
At this stage you’ll be going through these stages:
- Time of major changes
- Graduating from the university
- Moving out of parent’s house
- Getting your first grown-up job
- Truly being independent
Significant things you should consider doing:
- Establish a plan and begin to save now
- Create an emergency fund
- Start a retirement savings account (RSA)
- Stick to your budget
In your 30s
You’ll most likely meet with:
- Increased financial responsibility
- Major life events like having children, purchasing a new home, marriage, upgrading your car.
Significant things you should consider doing:
- Be open about your financial life with your partner. Reveal any outstanding debts.
- Budget if you plan to have kids. Consider SAMTL Kids Education Trust and how to integrate your work with raising kids.
- Be realistic about what you can afford when buying a home and invest toward it.
- Start making additional contributions toward your retirement.
- Stick to your budget.
In your 40s
- Would have experienced major milestones
- Need to prepare for more changes ahead
Significant things you should consider doing:
- Stay up to date on your financial goals
- Be your own advocate in your business/career
- Seek out new streams of income
- Stick to your budget
In your 50s
- Biggest financial challenge may be taking care of ageing parents
- Formulate a financial plan to ensure parents are okay
- Catch up contributions on your retirement
- Maintain a robust investment portfolio
Significant things you should consider:
- Make sure you have a financial plan and work with a professional like SAMTL
- Stick to your budget
60s and above
- Focus is on retirement and legacy issues
- Have a discussion with kids about your money and what it means to you
Significant things you should consider:
- Re-evaluate your investments
- Determine how you want to spend assets in retirement and what you want to leave to heirs or charity
- Create a Will
- Stick to your budget
Click here to discover a product to help you sail seamlessly through each stage of life.