{"id":3176,"date":"2023-07-10T17:15:12","date_gmt":"2023-07-10T17:15:12","guid":{"rendered":"https:\/\/advisor.wellington-altus.ca\/sweeneybride\/?p=3176"},"modified":"2023-11-23T17:35:18","modified_gmt":"2023-11-23T17:35:18","slug":"five-financial-essentials-every-woman-should-have","status":"publish","type":"post","link":"https:\/\/advisor.wellington-altus.ca\/sweeneybride\/2023\/07\/10\/five-financial-essentials-every-woman-should-have\/","title":{"rendered":"Five Financial Essentials Every Woman Should Have"},"content":{"rendered":"

1. Your own bank account with three months\u2019 emergency fund in it.<\/span><\/h2>\n

We encourage our couple clients to share finances if they want to. In a healthy cohabitating relationship, working together will help you achieve your financial goals faster than doing so separately.\u00a0<\/span><\/p>\n

However, Canadian police reports suggest that women are<\/span> 3.5x more likely to be victims of intimate partner violence than men<\/span><\/a>. So, if they can, women should keep an amount equivalent to a three-month emergency fund at least in their own bank account. The rest of the family\u2019s emergency funds can be kept in a joint account, or in the partner\u2019s own individual bank account.<\/span><\/p>\n

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2. Enough insurance<\/span><\/h2>\n

One study<\/span><\/a> found that women diagnosed with cancer or multiple sclerosis are 6x more likely to end up separated or divorced than if their male partners were diagnosed with the same illness.<\/span><\/p>\n

Disability insurance is important for everyone, but that means it\u2019s even more important for women \u2013 and you need to make sure it\u2019s enough insurance that you can afford everything on your own.<\/span><\/p>\n

Critical illness insurance could also be essential for many women. If diagnosed with a critical illness, this lump-sum, tax-free infusion of cash could pay for care workers, or contractors to renovate your property to make it more accessible.<\/span><\/p>\n

Life insurance can also ensure that your kids or parents are adequately provided for.<\/span><\/p>\n

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3. A financial planner<\/span><\/h2>\n

Women are super smart \u2013 we all know that.\u00a0<\/span><\/p>\n

We also know that money behaviours and beliefs begin at a very young age. These are modeled for us by our parents, and as women, we look to our mothers and grandmothers to teach us. Did you know that it wasn\u2019t until 1964<\/span> that a woman could get a bank account in Canada without her husband\u2019s permission<\/span><\/a>?<\/span><\/p>\n

We are the sum of all the generations before us. If it\u2019s only been two generations that a woman could even get a bank account without permission, you can imagine how much personal finance instruction was missing from your education.<\/span><\/p>\n

Because of that missing knowledge, women should hire a financial planner to help them reach their financial goals.<\/span><\/p>\n

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4. A financial plan<\/span><\/h2>\n

A financial plan encompasses #1 and #2 and is made with the help of #3.<\/span><\/p>\n

Read more about financial plans here.<\/span><\/a><\/p>\n

Women-specific issues addressed in a financial plan could be:<\/span><\/p>\n