Because women are the caregivers and family CEOs, they need to be fully engaged in their finances and their financial planning, please read on...

1. Dolf Dunn Wealth Management, LLC
Dolf Dunn, CPA/PFS,CFP®,CPWA®,CDFA
Private Wealth Manager
11330 Vanstory Drive
Suite 101
Huntersville, NC 28078
704-897-0482
dolf@dolfdunn.com
www.dolfdunn.com
Women and Money: Taking Control of Your Finances
As a woman, you have financial needs that are Next, add up all of your expenses. If it makes it
unique to your situation in life. Perhaps you would like easier, you can divide your expenses into two
to buy your first home. Maybe you need to start categories: fixed and discretionary. Fixed expenses
saving for your child's college education. Or you might include things that are necessities, such as housing,
be concerned about planning for retirement. food, transportation, and clothing. Discretionary
Whatever your circumstances may be, it's important expenses include things like entertainment, vacations,
to have a clear understanding of your overall financial and hobbies. You'll want to be sure to include
position. out-of-pattern expenses (e.g., holiday gifts, car
That means constructing and implementing a plan. maintenance) in your budget as well.
With a financial plan in place, you'll be better able to To help you stay on track with your budget:
focus on your financial goals and understand what it • Get in the habit of saving--try to make budgeting a
will take to reach them. The three main steps in part of your daily routine
creating and implementing an effective financial plan
involve: • Build occasional rewards into your budget
• Developing a clear picture of your current financial • Examine your budget regularly and adjust/make
situation changes as needed
Even if you have a Setting and prioritizing financial
partner who traditionally
• Setting and prioritizing financial goals and time
manages household frames goals
finances, it's important to • Implementing appropriate saving and investment The second step to creating and implementing a
be involved in the strategies
budgeting and investing financial plan is to set and prioritize financial goals.
decisions that have an Developing a clear picture of your Start out by making a list of things that you would like
effect on your overall to achieve. It may help to separate the list into two
financial picture.
current financial situation parts: short-term financial goals and long-term
The first step to creating and implementing a financial financial goals.
plan is to develop a clear picture of your current Short-term goals may include making sure that your
financial situation. If you don't already have one, cash reserve is adequately funded or paying off
consider establishing a budget or a spending plan. outstanding credit card debt. As for long-term goals,
Creating a budget requires you to: you can ask yourself: Would you like to purchase a
• Identify your current monthly income and new home? Do you want to retire early? Would you
expenses like to start saving for your child's college education?
• Evaluate your spending habits Once you have established your financial goals, you'll
• Monitor your overall spending want to prioritize them. Setting priorities is important,
since it may not be possible for you to pursue all of
To develop a budget, you'll need to identify your your goals at once. You will have to decide which of
current monthly income and expenses. Start out by your financial goals are most important to you (e.g.,
adding up all of your income. In addition to your sending your child to college) and which goals you
regular salary and wages, be sure to include other may have to place on the back burner (e.g., the
types of income, such as dividends, interest, and child beachfront vacation home you've always wanted).
support.
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2. Implementing saving and investment that you can be trusted to make timely monthly
payments against your debts in the future if you have
strategies always done so in the past. As a result, a history of
After you have determined your financial goals, you'll late payments or bad debts will hurt your credit.
want to know how much it will take to fund each goal. Based on your track record, if your credit report
And if you've already started saving towards a goal, indicates that you are a poor risk, a new lender is
you'll want to know how much further you'll need to likely to turn you down for credit or extend it to you at
go. a higher interest rate. In addition, too many inquiries
Some credit traps to on your credit report in a short time period can make
avoid: Next, you can focus on implementing appropriate
investment strategies. To help determine which lenders suspicious.
• When using revolving
credit, avoid spending investments are suitable for your financial goals, you Today, good credit is even sometimes viewed by
more than you can should ask yourself the following questions: potential employers as a prerequisite for
pay off at the end of • What is my time horizon? employment--something to think about if you're in the
each billing cycle market for a new job or plan on changing jobs in the
• What is my emotional and financial tolerance for near future.
• Be aware of hidden
investment risk?
interest and fees Because a credit report affects so many different
• When transferring • What are my liquidity needs? aspects of one's financial situation, it's important to
balances to take Once you've answered these questions, you'll be able establish and maintain a good credit history in your
advantage of low to tailor your investments to help you target specific own name. You should review your credit report
interest rates, be sure financial goals, such as retirement, education, a large regularly and be sure to correct any errors on it.
to pay off outstanding
purchase (e.g., home or car), starting a business, or You're entitled to a free copy of your credit report from
balances before the
teaser rate expires increasing your net worth. each of the three major credit reporting agencies
once every 12 months. You can go to
• Be sure to make Managing your debt and credit www.annualcreditreport.com for more information.
payments on time;
Whether it is debt from student loans, a mortgage, or
otherwise it could
credit cards, it is important to avoid the financial
Working with a financial professional
negatively affect your
credit report pitfalls that can sometimes go hand in hand with Although you can certainly do it alone, you may find it
borrowing. Any sound financial plan should effectively helpful to work with a financial professional to assist
manage both debt and credit. The following are some you in creating and implementing a financial plan.
tips to help you manage your debt/credit: A financial professional can help you accomplish the
• Make sure that you know exactly how much you following:
owe by keeping track of balances and interest • Determine the state of your current affairs by
rates reviewing income, assets, and liabilities
• Develop a short-term plan to manage your • Develop a plan and help you identify your financial
payments and avoid late fees goals
• Optimize your repayments by paying off • Make recommendations about specific
high-interest debt first or take advantage of debt products/services
consolidation/refinancing
• Monitor your plan
Understanding what's on your credit • Adjust your plan as needed
report Tip: Keep in mind that unless you authorize a
An important part of managing debt and credit is to financial professional to make investment choices for
understand the information contained in your credit you, a financial professional is solely there to make
report. Not only does a credit report contain financial recommendations to you. Ultimately, you
information about past and present credit have responsibility for your finances and the
transactions, but it is also used by potential lenders to decisions surrounding them.
evaluate your creditworthiness.
What information are lenders typically looking for in a
credit report? For the most part, a lender will assume
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any
individual. To determine which investment(s) may be appropriate for you, consult your financial advisor prior to investing. All performance
referenced is historical and is no guarantee of future results. All indices are unmanaged and cannot be invested into directly.
The tax information provided is not intended to be a substitute for specific individualized tax planning advice. We suggest that you consult with a
qualified tax advisor.
Securities offered through LPL Financial, Member FINRA/SIPC
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Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2013