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{"id":46161,"date":"2023-03-03T12:18:16","date_gmt":"2023-03-03T06:48:16","guid":{"rendered":"https:\/\/newjerseylocalnews.com\/?p=46161"},"modified":"2023-03-03T12:18:16","modified_gmt":"2023-03-03T06:48:16","slug":"by-follow-these-simple-steps-women-can-save-more-money","status":"publish","type":"post","link":"https:\/\/newjerseylocalnews.com\/by-follow-these-simple-steps-women-can-save-more-money\/","title":{"rendered":"By Follow These Simple Steps Women Can Save More Money"},"content":{"rendered":"

For most women, not having enough money to get what they need is the main obstacle to reaching their financial goals. Many women have fulfilling professional lives, but they still face salary inequality.<\/p>\n

After 40 years of work at median wages, a woman would earn nearly $400,000 less than a man. The gender pay gap varies geographically, with Vermont women making 90% of what men do and Wyoming women making 65% of what men do.<\/p>\n

For women to increase their incomes, they will need to do more than take on additional work or sell their used goods on online marketplaces.<\/p>\n

Wealthramp is a fiduciary advisor matching platform, and GOBankingRates spoke with its CEO and founder, Pam Krueger, to learn the six best ways women may increase their wealth.<\/p>\n

To Take the Initiative<\/h2>\n

You can’t sit around and hope that better pay or more opportunities will present themselves to you any time soon. Take charge, Krueger said; adopt a positive, proactive attitude.<\/p>\n

Make a list of your most notable achievements alongside the financial impact they had on the company if you want a pay increase. As part of doing your homework before wage talks, gather reliable salary data for your role and location.<\/p>\n

Look into any supplementary advantages you may be eligible for, such as a monetary award<\/a> for continuing your education. Make a request or provide a suggestion if there are perks you could use financially that aren’t already available.<\/p>\n

Profit From Useful Employment Resources<\/h2>\n

If your firm provides them, these perks would include a Health Savings Account, a Flexible Spending Account, and a 401(k) with a 100% corporate match.<\/p>\n

Besides these options, Krueger suggests “working longer,” delaying Social Security payments<\/a>, contributing as much as possible to retirement savings, and making use of long-term care services.<\/p>\n

Consider Your 401(K) Plan Carefully (K)<\/h2>\n

One of the most successful investment methods is dollar-cost averaging, and your 401(k) is here to help you implement it. With a regular 401(k)<\/a> plan at work, “you automatically acquire shares of stock when stock prices are lower and other times when prices are greater,” as Krueger put it.<\/p>\n

In other words, dollar-cost averaging helps to even out the ups and downs of the market so that you don’t have to time your purchases perfectly.<\/p>\n

According to Krueger, “over time, you wind up buying shares at an ‘average’ price,” which mitigates the danger of always purchasing at the market’s peak.<\/p>\n

Get Your Financial House in Order<\/h2>\n

It’s time to stop letting your finances run your life and start taking charge of it. Especially if she has been the one to sit back and not become involved in the household finances, this is true for any woman in a relationship or marriage.<\/p>\n

You lose more money than you think if you ignore your financial situation. While taking charge of your personal finances, Krueger recommends reading up on the following topics.<\/p>\n