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Tips on Financial Planning as a Woman
Tips on Financial Planning as a Woman
10 Aug 2020

The concept of a man being the head of the household has shifted drastically in the 21st century, with many women taking up the role. It also means that women are now juggling the finances to ensure that everything is financially planned for.

This means that more women are taking out policies such as life insurance and funeral policies to ensure that the people they love the most are taken care of, even when she is no longer around to do so herself. But how do you go about financial planning without putting a strain on your finances when you are the breadwinner of the house? Here are a few tips to get you started.

Protecting what matters

According to Statistic South Africa (StatsSA), as many as 61.8% of children under 18 in South Africa grow up without a father. Of this number, 10.1% of their fathers are deceased. It has caused a shift in traditional beliefs that men are the head of the house but has also opened a space for women to step up and be the main breadwinners when it comes to taking care of their loved ones.

However, due to the gender pay gap, many women find themselves earning less than their male colleagues who do the same job. Being packed in a tight corner where they are expected to do a lot with the little they have has caused a surge in women seeking financial products and ways to boost their incomes to take care of their loved ones.

This is uncharted waters for many women who are increasingly entering the financial product market. So how can women with dependants go about providing for their loved ones while protecting their financial future?

Building for the future

Unless you work in the financial sector, navigating your way through it can be overwhelming. However, with acts such as the Treating Customers Fairly Act (TCF) ensures that customers are not taken advantage of. 

When it comes to finding a financial product that can help protect and grow your finances, it is crucial to assess your situation. No two women are the same; while one may have children and is looking to build a future for them another may have no children and have family members that they are financially responsible for. The same goes for the single women who is building her career or looking to start a family. Each situation is different and requires different financial products to assist. 

A starting point when it comes to financial planning is making sure that you have a life insurance policy in place. The benefits of this is having something that will grow with you and adapt to take care of you and your and dependants when you need it the most. Not sure how much life cover you will need? You can use our life insurance calculator to get an estimate. 

The next step is simple but tends to be overlooked, and that's setting a budget. You may need a financial advisor for this step when it comes to being able to effectively use every cent you have to its fullest.

Seeking financial advice

A financial advisor is a great way to get your finances in order, even when it comes to investing smartly. It is possible to get access to free financial services that can help you boost your finances and budget more effectively without putting a strain on yourself. Before you start, it is important to be honest with yourself which will help you set realistic goals and also find ways to effectively cut back on things that you may not need. In some cases, you will have to be honest with your dependants in terms of what you can and cannot do to financially support them to avoid getting into debt. Learn more about how you can financially protect your family here. 

Need more information on MiWayLife? Read about our life insurance product, or get a life insurance quote in 30 seconds. Alternatively, call us on 0860 64 54 33 .
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Terms and conditions apply. Eligibility, cover and benefits are determined on individual risk profile. MiWayLife is an authorised FSP (No. 45741) and its product offering is underwritten by Sanlam Life Insurance Limited, a registered long-term insurer. MiWayLife is a division of Sanlam Life Insurance Limited - Reg No. 1998/021121/06