Considering potential life changes, like starting a family or caregiving responsibilities, how should I adjust my financial plan to accommodate these factors?

by Lxmecommunity on Oct 21, 2022

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hina asked 428 days ago

Considering potential life changes, like starting a family or caregiving responsibilities, how should I adjust my financial plan to accommodate these factors?

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428d

MoneyCoach_BeingLXME

・answered 428 days ago

Hey! As a woman, we carry lots of responsibilities so, every woman should plan for 3 critical goals: Emergency fund, retirement fund and child education fund. - Emergency fund is a necessity to manage any sudden or unexpected expenses such as job loss, unplanned expenses arising, etc. You should create an emergency fund so that in the future you don’t have to pressurize your savings. It is equivalent to 6-8 months of your monthly expenses. - Retirement Fund is necessity especially for women because women lives longer than men, they face gender pay gap, need to take career breaks for taking care of family or starting a family. So, it is important to have your retirement plan in place, so that you are at least financially relaxed during retirement. - Child education fund is important because as a parent we aspire that our children should have brighter future and you need to plan and invest as education costs are rising. - You can plan & invest for all your goals through LXME portfolios.

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Navigating financial difficulties can be challenging, but there are steps you can take to manage them effectively. Start by creating a detailed budget to track your income and expenses. Identify areas where you can cut back on spending,plug the leakages such as subscription services etc. Consider increasing your income through part-time work or freelancing. Building an emergency fund can provide a financial safety net for unexpected expenses. Prioritize paying off high-interest debt and seek assistance from financial professionals or organizations offering free counseling services. Additionally, consider one-on-one coaching consultations for personalized guidance and goal-based investments. Contact bfinanciallysmart@gmail.com for further assistance in planning for a stable future. Remember, with careful planning and perseverance, you can overcome your financial challenges.

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I think you have a great tip already given! Also touch base with Namita, shebis our financial wellness expert at Coto! Tc, Preetha

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It is important to address any financial concerns or differences early on in a relationship. This can include having open and honest conversations about finances, setting financial goals together, and working on financial planning and budgeting as a team.

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tips I mean..

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