Financial planning for women if you are employed

Whether you are the female breadwinner or working part-time, these are key steps to include in your plan.

• Take advantage of your employer’s RRSP matching plan
• If your employer offers a retirement savings plan with a match, you should be taking advantage of it.
• You can do this by contributing enough to at least get the full match your employer is offering. It's essentially free money.
• If your employer's plan does not have a match, contribute anyway with a goal to eventually max out your contributions.
• No employer-sponsored retirement plan or self-employed?
• Set up your own RRSP or TFSA through a brokerage and make your retirement contributions that way. The limits are lower, but it's a great start to your long-term retirement savings.
• Also, you can start looking into non-retirement investing and repurpose them as investments towards your retirement. One of the most important steps of financial planning for women is saving for retirement.
• Bulk up your emergency fund.
• It's important to set up your emergency fund. This is one of the most important things to do when it comes to financial planning for women. Your first goal should be getting one month’s rent or mortgage payment saved. Then work towards saving 3 - 6 months of your basic living expenses.
• This would be to cover things like food, transportation, and housing. This way, you can ensure you don't have to use debt in the event of an unexpected situation. Major expenses such as fixing your car, home repairs, or losing your job can wreak havoc on your finances if you don't prepare for them!
• Pay yourself first.
• Another important part of financial planning for women is to learn to pay yourself first! It is a great way to save and it's so easy to let money slip through our fingers. Set up automatic transfers to your savings accounts to ensure you are paying yourself before spending money. Even setting up a transfer of $25 a week adds up to $1,300 in just a year! You can also contact your employer or bank to see if you can have your paycheck automatically split into different accounts.
• Pay off high-interest debt.
• Start paying off any debt you might have especially high-interest credit card debt. If you have high-interest debt, get your emergency fund to $1,000 and then focus on getting rid of that debt asap. High-interest debt is costly, and the longer you keep it, the more you pay. 
• Get properly insured.
• Review your insurance options to make sure you have the right ones in place. Different types of insurance policies will include disability, life, health, auto, home, tenant, etc.
• Also, keep your beneficiaries up to date on all your accounts.
• Plan for your children.
• If you have children, you can start saving for their university education needs with a RESP and take advantage of government grants. Start building their shorter-term needs into your budgeting and savings plans as well.

Financial planning for women to take if you are in a serious relationship or marriage

Getting married and joining your finances together means working as a team. Here are some steps you can take to plan your finances as a couple.

• Talk about finances as a couple
• It's important that you are communicating your life and financial goals with your partner.
• Learning to tackle your finances as a team is an essential part of financial planning for women. Talk about what you'd like to accomplish together.
• Set time aside once a month to go over your progress.
• Review your budget as a couple, including your debt repayment, savings, and investment plans.
• Update your beneficiaries on your accounts and insurance.
• Remember to include your significant others, i.e., your spouse and children.

Financial planning for women to take when switching jobs

Have you recently changed jobs? Be sure to follow these steps to be sure your plan is on track!

• Transfer your retirement accounts.
• If you've found a new job, don't forget to move your retirement savings plan away from your old employer. This is because many employers charge maintenance fees for retirement accounts that belong to former employees. Consider rolling your retirement savings into your new employer's plan, put it into a LIRA through a brokerage firm. This will give you more investment options.
• Start investing in your new employer's retirement savings plan if they offer one.
• You don't want to take any unnecessary breaks away from your long-term savings plans.
• Update your insurance policies.
• Review your insurance needs and options and adjust accordingly, i.e., disability, life, health, auto, home, tenant, etc. For instance, if you are recently married add your spouse to your new policy.

Financial planning for women that are expecting a baby

Congratulations on starting a family! So, how do you plan your finances for a baby? Use these key steps to properly prepare your plan for your new addition.

• Update your budget to include your baby's expenses
• While having children is a blessing, they also come with their own expenses. You want to be sure that you include your child's expenses in your monthly budget. So, be sure to review and update your budget for when the baby arrives.
• Know the costs of having a baby.
• Consider what your costs of having a new baby will be initially. For instance, the cost of formula, diapers, clothes, childcare, etc., and plan accordingly by saving for the baby's needs before their arrival. Of course, you can learn ways to cut costs and save on items by being a thrifty shopper! But knowing the costs of having children is a vital part of financial planning for women.
• Update your health and life insurance to include your child so they are adequately covered.
• Having the proper insurance can cut costs on health care and take care of your children if something happens to you. Adjust your savings plans to include your baby
• Bulk up your emergency fund to include your child's basic needs for 3 to 6 months as well.
• Also, start putting money aside for your child's future expenses and university education.
• Create an estate plan—it's an important part of financial planning for women
• Having an estate plan is important, but even more when you have children. You want to ensure that everything is in place by choosing a guardian for your child and ensuring your assets are distributed as you wish.

Financial planning for women after a divorce or loss of a spouse

Unfortunately, divorces happen, but it's important to get back on your feet as quickly as possible when it comes to your finances.

• Update your financial accounts.
• Be sure to close all joint accounts and open new accounts in your own name. Update your beneficiaries on all your accounts, including your insurance and retirement savings accounts.
• Make a new financial plan for your personal finances.
• Learn how to budget on your own and review your finances every month at the very minimum. You also want to focus on rebuilding and take ownership of your finances in their entirety. For instance, budgeting, bulking up your emergency fund, tax planning, retirement savings, etc.
• It's also a good idea to be aware of and review your CPP and OAS benefits.
• Finally, it's important to understand the tax implications of inheriting any investment or retirement accounts due to the loss of a spouse.

Financial planning for women to take when caring for elderly

Your parents are important, so of course, you should include them in your plan.

• Determine the cost of caring for your aging parents and include it in your financial picture to prepare for the expenses you must pay.
• For instance, out-of-pocket costs to cover prescriptions, gas to doctors’ appointments, food, homecare, long term care and more.
• Review their plan and determine how to fill in the gaps.
• Determine what financial and health care options they have in place for themselves. This includes any government benefits, and then you can determine what gaps need to be filled.
• Update your tax filing status to include your parents as dependents
• Update your dependents on your insurance documentation and when you file your taxes.
• This can help you get tax credits to aid in caring for your elderly parents.

Financial planning for women is key to your financial success.

Financial planning for women is essential for success, no matter what stage of life you are at.

Creating a plan and determining financial goals will help you take the steps needed to prepare you for emergencies and save for a comfortable retirement.