Life Insurance

Why Money Management Matters for Women

Nadine Argueza | Mar 18, 2020

Making smart financial choices as a woman is easier than you think

We all have goals–career goals, relationship goals, friendship goals, and the big ones–financial goals. But achieving these goals isn’t always easy, especially as a woman. We often put the needs of others before our own, and there have historically been–and still are–wide-ranging gender gaps in the workplace. Wherever you currently are personally and professionally, rest assured there are tools and resources out there to help you succeed financially.

To get started, it can help to seek out a certified financial advisor, like Whitney Morrison, Director of Financial Advisory at LegalZoom. On Monday, March 2, we partnered with Whitney at our Speed Sipping ATX event, a women’s financial empowerment workshop aimed at helping local female entrepreneurs and business owners take control of their financial futures.

Making the right money moves

Zoe Buonaiuto, Chief of Staff at Ethos, opened our Speed Sipping ATX event with a keynote that put a woman's primary financial objectives in perspective. We're constantly asked to make financial considerations for the sake of others, often while neglecting our personal goals and wellbeing. Our retirement plans and career mobility can collectively suffer as a result.

A root cause of financial insecurity among women is the fact that financial products such as life insurance were originally developed to protect a male breadwinner's needs. However, women have made considerable economic contributions since the first life insurance companies were established in the U.S. during the wake of the Civil War. From gaining the right to vote to fundamentally shaping entire industries, times have certainly changed.

But many financial products haven't evolved significantly to meet the needs of working women. For instance, a lot of women out there are under-insured and uninformed about how life insurance can protect what matters most to them. Whether you're a budding professional at your first job or mid-career, trying to break your personal glass ceiling - today is the day to safeguard your own financial future with an affordable life insurance policy.

Building a better budget

Next, we segued into a conversation about boosting your financial security with Whitney Morrison, Director of Financial Advisory at LegalZoom. Whitney explained the importance of mapping out and sticking to a realistic budget. Attendees calculated their personal income and net worth - visualizing their daily expenses and intentions to develop a workable roadmap to their financial goals.

Many were surprised to learn that women tend to over-save in their rainy day funds while neglecting to optimize their money for investments. Others were encouraged to take ownership of their loans and debts. As Speed Sipping attendees workshopped their budgets and expenses, one thing became clear; women should be more upfront and open about their personal state of financial wellbeing.

Beyond arming themselves with personal money maps, Speed Sipping ATX attendees connected with our generous community sponsors and local business owners:

Leeann Rountree Marcie, Business Development at Lettuce Grow, shared her interactive farmstand and seedlings with attendees, as well as her perspective on the importance of putting your wellbeing first while pursuing financial wellness.

Salena Santibanez Guipzot, Founder of The Boardroom Project, created space for women to consider the importance of woman-to-woman mentorship and developing career mobility as a path to achieving financial wellness.

It’s 2020. Women across the U.S. are pursuing both entrepreneurial and corporate dreams while still achieving work-life balance. So let's take a step back and realize the importance of taking care of ourselves first. When our financial security suffers, our families and other dependents are affected. In celebration of Women's History Month, and in light of the pioneering women who've paved the way for our economic participation and success - start celebrating your smart money moves today.

Create peace of mind by scheduling a consultation with a certified financial planner or meeting more regularly with your existing wealth advisor. Or meet up with friends to discuss budgeting tactics that have helped them. Harnessing open communication about your money is the best first step to making your money work harder for you. And finally, don’t forget to consider a life insurance policy as an extra layer of protection to ensure that no matter what happens, your loved ones are financially covered.

The information and content provided herein is for informational purposes only, and it is not to be considered legal, tax, investment, or financial advice, recommendation, or endorsement. You should consult with an attorney or other professional to determine what may be best for your individual needs.