WARNING: These are HANDBOOK POSTS -- WRITTEN A LONG TIME AGO by some great women with great thoughts and deemed as handbook worthy by FDS mods for a reason. If you feel triggered or disagree with something -- THE SMART THING TO DO IS TO MOVE ON. Agree to disagree and go on your merry way. Stop trying to start bullsh*t in the comment section because I have no patience to deal with you.
Originally posted in FDS subreddit. All rights reserved to the original writer.
Hi everyone, I thought it'd be good idea to do a series of posts on some of the things most women need advice on. The first part will be about personal finance as well as making money, the second part will deal with finance and relationships(how to protect yourself and resources), the third part will deal with health; mental and reproductive(how to protect yourself) and the 4th post will be about safety both physical and internet safety. If anyone has anything they want to add or advice they can give, then please do so!
So let's start!
First of all, the one thing you should do is start getting an idea of your financial goals. What are your current needs, what are your future needs and goals?
💰 Start a Budget 💰
Do you want to save x amount, for x reason and what is the timeline? One of the best ways to do this is to start a spreadsheet(or even just using paper and pencil) of your monthly and yearly finances. Make sure you note down your income, your bills/debts, your savings and your spending. Include your credit and debit in your spending, as well as what you owe to your credit at the end of the period. All of this is to PLAN, TRACK, and ANALYZE, crucial things when you're managing your money and trying to budget.
Making sure you understand your financial situation is one of the best things you can do. It's keeping track of your life and circumstances0.
💰 Build an Emergency Fund 💰
Perhaps one of the most crucial steps for women most of all. Not only do I recommend having an emergency fund and accessible-that means readily available money to use for whatever reason, but also money you can pull out without repercussions- I also recommend to have an escape fund(I'll go more into this in the next post). This is money that you have should unexpected needs arise; this can be medical expenses, car expenses or even unemployment. As always, set up a goal for saving and put in as much as you can each month.
1. One thing you should always be doing is saving money.
Note this is separate from your emergency fund. This is money you're putting towards your goals and your future. Spend your money smartly and don't spend at all where you don't have to. Stop the impulse buying and start planning purchases.
2. Debts are something a lot of us have, and depending on your circumstances they can be debilitating.
First figure out what type of debt you have; it can be credit card debt, student loans, mortgage debt or something else. From there on see how much you have to pay and begin to plan, create a budget and a strategy.
This means a retirement fund as well as school funds for your children if that is a concern. There's many ways to invest in your retirement, find out which ones are applicable to your specific country and how you can implement them.
Lookup what a Roth IRA is. You can contribute max $6k a year to a Roth IRA provided you’re within income limits. Money grows tax free within a Roth IRA, so if you think you’re going to be making more money in the future (like student -> adult), then put money in now.
Now that we have some idea of money management, what about making money? Looking at ways to make more money?
Set up a side hustle. Getting a side job is a great way to make extra income. Make sure you don't run yourself into the ground though.
What if you're unemployed and are currently in need of work? Thinking about going back to school?:
1. First and foremost, make sure you have a great resume.
How you present yourself on paper can get you your foot in the door. Put any and all valid work experience, look at resume templates. Make sure you have a couple of resumes and cover letters tailored for different careers, you can spin your work experience so it applies to the job you're applying for. It's all about language. Be direct in your resume, the job description has told you what they want, include that in what you have to offer.
2. There a lot of options available for going back to school.
Online learning is one of the best ways to go back to school and not upturn your life, though you can still go to school in person as well. There are a variety of ; degrees, certificates and diplomas out there. If you're currently working then see if getting a certificate/specialization can get you a pay bump and how much of a pay bump.
If you're looking to switch careers the first look at how your current skills/education can be transferred and if those fields appeal to you (what you need to do to make a smooth transition). When you're looking at degrees or any type of certification, first make sure to see what's currently in need. Where is the gap in employment right now? What are the most hirable positions and is that likely to change? How quickly do you need to be employed, what's the best avenue for you?
A lot of this can be applicable for those who are younger as well. Start asking the questions for your future, you need to do what's best for you at in the long run. Also don't forget that there are tons of resources out there to learn, and they're free. A lot of employers look at tangible skills, you can definitely teach yourself how to do something with all that's available out there.
I'll try and cover mortgages and housing in the next post as I feel they can be a point of hardship for women. If anyone else has any links or advice then I'll add it here. I hope this has helped some of you!
The handbook posts project.
Anyone who wants to contribute to this project, please puts [Handbook Posts:] in their title so there's a distinction. Also tag @SayNad so that I can find them.