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Taking Control of Your Finances as a Woman

Taking Control of Your Finances as a Woman

September 23, 2022

As a woman, it is important to take control of your finances and be proactive about planning for your future. According to a recent study, only 41 percent of millennial women are involved in financial planning for their household.  This is a startling statistic, considering that women make up nearly half of the workforce and are predicted to inherit 70% of wealth over the next two decades.   Nearly 60% of millennial women say they are not confident in their ability to make sound financial decisions. This lack of confidence can have serious implications down the road, especially when it comes to retirement planning. This leaves a lot of room for improvement when it comes to taking care of our finances.

There are many tools available to help women take control of their investments and finances. Working with a certified financial planner CFP® is one way to get started. A CFP® professional can help you develop a financial plan that meets your unique needs and goals. Not having a good financial plan in place can be risky. If you do not have a plan, you may end up spending more than you can afford or making poor investment choices.  A CFP® professional can also provide guidance on investing, budgeting, and saving for retirement. If you are a woman who feels like she could benefit from professional assistance when it comes to her finances, here is what you need to know about working with a CFP® professional.


Why You Need a Financial Planner

As a woman, you have unique financial needs and goals. A certified financial planner CFP® can help you develop a plan that meets your specific needs. They will consider things like your age, income, debts, and expenses when developing your plan.


Individualized Attention

One of the main benefits of working with a CFP® professional is that you will receive individualized attention. Unlike working with a traditional financial advisor, who may have dozens or even hundreds of clients, your CFP® professional will get to know you on a personal level and tailor their advice to fit your unique circumstances. This ensures that your financial plan is truly optimized for your specific needs and goals.

You need to create a budget and stick to it. This may seem like an obvious step, but many people do not have a clear understanding of where their money is going each month. A budget will help you track your spending and adjust, as necessary. It is also a good idea to have separate savings accounts for different goals, such as retirement, college tuition, or a rainy-day fund. A CFP® professional can help you set up a budget and choose the right savings account for your needs.

Many women shy away from investing because they think it is too complicated or risky.  A CFP® professional can also provide guidance on investing and saving for retirement. They can help you choose the right mix of investments to reach your goals and make sure you are on track to retire when you want to.

Superior Knowledge and Experience

When it comes to financial planning, there is no substitute for knowledge and experience.  Fortunately, CFP® professionals have both in spades. To earn their certification, CFP® professionals must complete rigorous coursework and pass a grueling exam. Furthermore, they must also have at least three years of full-time experience in the financial planning field. This combination of academic knowledge and real-world experience gives CFP® professionals the ability to provide superior guidance when it comes to managing your finances.

What to Look for in a Financial Planner

When it comes time to finding a financial planner, there are a few things you should keep in mind. First and foremost, make sure that they are certified by the Certified Financial Planner Board of Standards (CFP Board). You can search for certified planners on the CFP® Board's website.  It is also important to make sure that they have experience working with clients who have similar financial goals as yours. Furthermore, you will want to choose someone who charges fees based on either an hourly rate or a percentage of assets under management (AUM), rather than commissions for selling products. 

Finally, be sure to interview several different planners before making your decision. This will allow you to get a sense of their personality and approach to financial planning. It is also important to ask questions about their experience and qualifications.   And do not be afraid to ask for references from past clients.  Once you have found someone who meets all these criteria, you can be confident that you've found the right person to help you take control of your finances and achieve your long-term financial goals. 



Making sure that you have control of your finances is crucial—especially as a woman. Unfortunately, we know that only four in 10 women feel confident making investment decisions. This lack of confidence often stems from the fact that women have been historically underserved when it comes to financial planning.   However, by working with a Certified Financial Planner™ professional, women can take control of their finances and achieve their long-term financial goals. A CFP® professional can help create personalized plans, offer guidance on various topics, and most importantly, act in accordance with a strict code of ethics in order ensure that they always have their client's best interests at heart.   When searching for the right planner, be sure they are certified by the CFP® Board, charge reasonable fees, and come highly recommended by references. Taking these steps will allow any woman feeling lost when it comes her finances, gain the confidence she needs achieve success.