Wednesday, March 13, 2013

What women should know about money at 20, 30, 40

Carmen Wong Ulrich the author of The Real Cost of Living: Making the Best Choices for You, Your Life, and Your Money  was on the Today show recently talking what Women should know about money in your 20s, 30s and 40s.  

Here are some of the highlights they shared  

What women  should know about money in your 20s 

Don't over pay for for your healthcare you can compare plans at 

Also consider staying on your parents plan until you are 26  under the Obama   affordable care act  It would probably be cheaper for you and make sure you would help your parents out with your share

Contribute at least the maximum your employer will match to your retirement accounts  

Make your budget work for this! I honestly wish I save more money in my 20s in my retirement however we spent a little bit too freely instead of paying myself first. 

What women  should know about money in your 30s 

If  you have trouble savings on your own, keep your W-2 witholdings  high  so you can save your tax return. 

Have a 6 month emergency fund 

There was a little bit of a debate on the w-2 withholdings, if you have a trouble saving look at your last year tax refund and divide that by 12 and pay yourself first 

What women  should know about money in your 40s 

Make a will to stretch your money for your loved ones  

Put 20% of your salary into retirement accounts-need to supercharge your retirement before college. 

A will should be done as soon as you are married and especially if you have children.   Oh how I wish we were saving 20% for retirement at this point however real life gets in the way.  Trying to live frugally so  I can save money.  

Check out the video segment 

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