How do you save and what do you save for?

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Ladies, take a look at the image above and ask yourself where you sit.

I’m in both the 47% saving for a holiday and the 48% saving for a home (this will be years off for me).

For me, saving is about putting money aside for purchases or investments in the future. It is about creating a security blanket for those rainy days. I do this by putting half of my earnings each month away into a high interest ‘goal saver’ account. I live at home so saving half of my pay is easy enough to do, however, if you live out of home I imagine this would be much harder.

What about you?

1. How do you save?

2. What do you save for?

If you don’t know the answer to these questions, it is time you had a good think about what you do with your money each year, month and week.

Always remember, a goal without a plan is just a wish!

*Note: This image is from MoneySmartAu.

Hands up if you have a Will?

Hands up if you have a valid Will?

Unfortunately, many Australians die without validly enforceable Wills and therefore their wishes as to their property and assets are not fulfilled.

If you die without a valid Will a standard formula is used to distribute your property and possession. Usually, this means all your assets will pass to your spouse or children.

The situation becomes MUCH more complex if you have a legal spouse and a de facto spouse (ie you’ve separated and have a new unmarried partner), if you have children from different relationships, or if you die with no spouse and no children.

Hands up to whom one of the above applies?

…Many more.

A valid Will is vital if you do not have close family members or want to leave gifts to friends or charities.

WHO?

  • Every person over the age of 18 with assets should have a Will.
  • You will need to appoint an Executor to handle your affairs and step into your shoes, so to speak, when you die.
  • You will need to list your beneficiaries, that is, the people who will benefit from your Will.

To read more and find out the answers to the following questions, go to this document, created by The Law Society of New South Wales: https://www.lawsociety.com.au/cs/groups/public/documents/internetcontent/899380.pdf

  • Can you change your Will?
  • What happens if you marry or divorce?
  • Who can you leave your assets to?
  • Where should you keep your Will?
  • How can a Solicitor help?

NB: Information in this post is from The Law Society of New South Wales.

Finance Advice from the President of Capital W

Femme Fiscal took to the streets to find out what individuals think women can do to improve their financial independence.
Courtney is a 4th year Law/Commerce (Financial Economics) student at the University of New South Wales. She is also the President of Capital W (The women’s business club at the Australian School of Business) and is a member of Deutsche Bank’s aspiring talent program.
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Here is what she had to say to Femme Fiscal:
“For women to become more financially independent, they need to be willing to engage in taking greater and bigger risks.

It is indisputable that women have made significant progress towards financial independence over the last half century. However, I recently read an article that stated men apply for jobs when they only meet 60% of the requirements; women only apply when they meet 100%.

We need to support and encourage women to take that bold move and go out on a limb. We will only know that we have succeeded against the gender divide when the concept of gender is completely removed from our thoughts and becomes a product of history.”

Do you have a story to tell or advice to share? Contact Femme Fiscal on one of our social media sites to get in touch! We would love to hear from you!

Five money mistakes you’re probably making!

1. You save first and pay for expenses later.

2. You are only paying the minimum off of your non-deductable debt.

3. You live off your credit card for your expenses.

4. You pay your bills late.

5. Saying yes to everything.

If any of these apply to you, read this article by Women’s Agenda to help manage your money habits!

http://www.womensagenda.com.au/personal-freedom/personal-finance/five-mistakes-youre-probably-making-with-your-budget/201408124452#.VBZzmUtEApF

Welcome to Femme Fiscal

Femme Fiscal is an organisation dedicated to educating women to make financially savvy and independent decisions regardless of their relationship status.

Having the ability to understand and manage your finance is essential in the 21st century. Many women do not realise the impact that simple changes to their current habits can make to their financial futures.

Femme Fiscal originated from coinciding observations:

1. Young, intelligent and driven females continue to get married.

2. Couples continue to get divorced.

3. De Facto laws in Australia are much the same as those for married couples when considering the division of finances come separation.

4. Separation (both matrimonial and de facto) can be particularly costly, regardless of the legal fees.

5. Women can prevent the extent of financial impacts come separation by maintaining financial independence or at least awareness as to how their other half utilises the family finances.

At Femme Fiscal we aim to share stories, methods of prevention, and tips and tricks for all women.

Please use this space as a positive, non-judgemental social sphere. Also engage with our discussions on Twitter (https://twitter.com/femmefiscal) and Facebook (https://www.facebook.com/femmefiscal).

We are so excited to share what we have install. Watch this space!!