Menopause is a significant life event that brings about various changes and challenges. Financial stability during this time is crucial, and our team are here to share the best advice to make this time as easy and simple for you as possible.
Our mission is to ensure you have the knowledge and resources to confidently navigate this phase! With that in mind, let’s get started!
Changes and Symptoms Caused by Menopause
Menopause is a natural phase in a woman’s life, but it often comes with a series of physical, emotional, and financial challenges, such as experiencing symptoms that include:
- Hot flushes and night sweats
- Mood swings and emotional changes
- Sleep disturbances
- Weight gain and changes in metabolism
- Memory issues
- Difficulty concentrating and
- Decreased bone density
Since these symptoms can impact your daily life, work performance, and overall well-being, understanding these changes can help you make a plan to better manage the transition.
Financial Challenges During Menopause
Unfortunately, women going through menopause often face significant financial challenges. Let’s dive deep into some of these:
– Increased Homeless Rate and Relationship Breakups
Statistics show that the rate of homelessness among women over 50 is rising. Relationship breakups can add to financial stress, making it crucial to have a solid financial plan to help you navigate the transition during this phase.
– Financial Stress
In addition to the possibility of homelessness, financial stress during menopause can also manifest in various ways including:
- Loss of income due to health issues or caregiving responsibilities
- Increased healthcare costs
- Divorce or separation leading to financial instability and
- Retirement planning adjustments
Having clarity about these challenges is the first step to overcome them. Now that you understand them, let’s find out how you can set yourself up for financial success.
Set Yourself Up for Financial Success During Menopause
So what is the secret formula? Let’s create a game plan with these 6 easy steps!
1. Assess Your Current Financial Situation
Assessing your financial well-being is important to ensure that you are on the pathway to achieving your financial goals.
Having a look at your bank statements, investment account statements, credit card statements, bills, and any other financial documents and evaluating them, will help you minimize long-term difficulties.
To gain a comprehensive look at your finances, list your assets, liabilities, income, and expenses.
This will give you a clear picture of where you stand financially and what you need to work on.
2. Create a Budget
A well-planned budget helps in managing and prioritizing your expenses.
By tracking expenses and following a plan, your new budget will make it easier to pay bills on time, build an emergency fund, and save for major expenses such as a car or home. Overall, it will put you on a stronger financial footing, day-to-day and long-term.
As you build your new budget, you will want to account for:
- Healthcare costs
- Emergency savings
- Retirement contributions and
- Daily living expenses
3. Build an Emergency Fund
Having an emergency fund is crucial to keep your financial sanity, especially during menopause.
It usually is set aside specifically to cover major, yet unexpected, life events, and will be a great ally as you move through this phase.
The savings on your emergency fund should allow you to live for a few months should you happen to lose your job or have to fork out large sums of money if something comes up, without going into debt.
As you build this safety cushion, we recommend saving at least 3-6 months’ worth of living expenses to have a solid backup plan.
4. Seek Professional Financial Advice
Financial advice can be very useful at turning points in your life, like starting or expanding a family, being retrenched, planning for retirement, managing an inheritance, and, you guessed right! navigating menopause!
A free consultation with our experts at Rise High can provide you with personalized advice, tailored to help establish a plan that can suit your unique needs and goals.
Professional guidance can help you navigate financial decisions with confidence, and our experts are here to discuss what’s important to you, including short or long-term goals.
If you’re not on track to achieving your goals, our experts can assist you in applying the right strategies to set more realistic goals.
5. Plan for Retirement
Unfortunately, retirement is a period when taxes can consume major parts of your income and savings if you aren’t careful.
Avoiding those taxes is a major reason why retirement planning is important.
On a positive note, it’s never too late to start planning for retirement! Increasing your contributions to superannuation and exploring other investment options to ensure a comfortable retirement will also support you in building a great future as you navigate menopause.
6. Consider Insurance Options
Health and life insurance are your biggest financial safety net, as they can provide assistance during uncertain times.
Having the right insurance at the right level will protect you and your family from unforeseen circumstances, providing the foundation for a financial cushion. Reviewing current policies and making necessary adjustments from time to time, will help support you through the ups and downs of menopause.
Some closing thoughts,
Menopause is a significant life stage that brings about various challenges. However, with the right knowledge and resources, you can maintain financial confidence and security.
To navigate this phase with ease, we highly encourage you to:
- Watch our Facebook Live video for detailed insights.
- Download our free PDF for tips on surviving and thriving during menopause, and
- Book a free consultation with our experts at Rise High to assess your current position and build a smart financial plan to support you!
By taking these steps, you can ensure to be well-prepared to handle the financial challenges that arise during menopause.
Ready to get started?
Empower yourself with the knowledge and support needed to achieve your financial dreams and goals! Let’s navigate this journey together towards financial confidence and security!
