Still, 20 years into the 21st century the difference between men and women’s pay is still too large. There is still a pay gap that is unfortunate and unacceptable. Of course, whoever you are, you can establish habits that will help you move upwards in society to live a more prosperous life. While it is important to stay financially savvy, some of this comes more naturally for some people than it does for others. In fact, according to a new study from Merrill Lynch and Age Wave, young women are more financially savvy than men.
Financial Literacy of Young Women
According to the study, which is called Early Adulthood: The Pursuit of Financial Independence, young women are becoming financially independent at an earlier age than men. This is despite the fact that women typically carry more student debt with them into adulthood. 75 percent of young adults become independent financially of their parents is the main indicator of becoming an adult, about half of women in their early 30s report they still get monetary support from their parents. On the other hand, 62 percent of men the same age still get money from their parents.
Women are around half as likely as men to be receiving a financial boost from their parents, in nearly all of the categories of success. This includes food, which women receive help for 23 percent of the time while 40 percent of men get help with groceries. Rent and mortgage has only 15 percent of women getting money from parents while 33 percent of men receive assistance.
Keep Track of your Income
It is key to keep track of your income. If you are trying to get ahead in this male-dominated world, you might have more than two jobs. Even if you have a side gig, you should know what money you are making at each of them. When you know how much you are making, you should utilize this information. You should know exactly what income comes where and how much it is. You should know how much you got paid each week, month, and year. You should even keep track of any sales you make online or a pawn shop. According to MoneyPug, which is used to compare energy prices, when you have your income all in one place, you will be able to pay for bills and plan for the future.
Document your Finances
Perhaps the most important thing is to document the finances on a spreadsheet. When you have your income settled, you can input into an Excel document to determine what bills you can pay for and how much money you have left. With this information, you will not only be able to plan for your future, you will be able to figure out how much you can spend on a weekly, monthly, and yearly basis. It will be one of your best choices to do the boring thing, you can see clearly how you can live and how much you can spend.
Augmenting your Lifestyle
Once you know how much money you have left over each week, you will know how much you are spending and what you need to cut back on. If you can cut back on expenses, you will have the chance to save more money. Not only will your life be more comfortable, it will provide the knowledge necessary to create the life not just that you want, but the life you can afford. After you take control of your lifestyle, you will be able to plan for your future.
The Future, Retirement, & Savings
With all of this information, you are able to plan your life more effectively. This is key to be able to live a prosperous, happy life. If you are in control of your finances and know what you need to do to cut down and maximize your financial habits. Knowing your numbers will help you create the life you want. You will not only be more comfortable and relaxed day-by-day, you will be able to change your habits into the future and increase the amount of money you are able to save for the future and your retirement. There is no reason not get started on these things immediately, with the financial habits above you can change your life forever.