Taking the First Step

And the next, and the next…

Everyone needs to be involved in decisions about their financial security. As a woman, however, it's even more important that you take steps to plan for your financial future. Why? Because, there’s a good chance that you'll be solely responsible for your own finances at some point in your life.

The first step isn’t always the hardest. Use the following list to help you prepare:

1. Familiarize yourself with your family's income. What are the sources of your family’s income and exactly how much money is coming in?
2. Track your family's finances. What are you spending your money on and where? When are your monthly bills due?
3. Develop a budget, then follow it. Make a list of your monthly expenses, and don't forget to include miscellaneous expenses such as doctors' fees, parking costs and entertainment.
4. Become comfortable with how finance works. Do you write checks? Do you know how to balance your checkbook? Do you remember to include entries for debit card transactions or automatic withdrawals?
5. Begin saving regularly. No amount is too small. If you need to, start small and establish a pattern of saving. Then, as your financial situation gets better, increase the amount you save.
6. Ask an investment professional for help. If you don't have one, ask your friends or family members if they use someone to help them with their taxes or finances. Getting a referral from someone you trust can make the process easier.
7. Set goals that you can meet. Reward yourself for setting and reaching realistic goals. Did you follow your budget for a month? Were you able to save even more the second month? Did you pay off a credit card debt?
8. Learn about finance. Use the Internet, read the business section of your newspaper or take a class. You're likely to make better decisions if you're informed.

Educating yourself on your family's finances can be very eye opening. The more you know, the less likely you are to be caught unprepared in an emergency. Have fun celebrating your successes as you take ownership of your financial future.

Neither Nationwide nor its representatives give legal or tax advice. Please consult an attorney or tax advisor for answers to your specific tax questions.

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