The Naperville AAUW chapter recently invited president and editor in chief of Millcreek Media Group Incorporated, Melissa Newton to share her insight on how women can take control of their finances.
“You know its really tough, women have a lot of balls in the air, a lot activities going with their families and careers and so forth but what’s really important is that you stay engaged and educate yourself about financial matters, you don’t rely 100 percent on someone else to make your financial decisions,” said Newton.
When it comes to managing your finances, Newton recommends starting with the basics.
“Understanding different ways we can save, creating a budget, dealing with credit responsibly, ensuring that we don’t get into debt and seeing how we want to give back to our community as well, and building knowledge so that you can start retirement planning early on,” she said.
Next, look at where you are financially so that you can prep for the future.
“Analyzing what you have in your assets, what you have in debt, what you have in investments, get an overall broad picture of where you are and that will help you decide what changes you need to make so you can make your plans to secure a better future financial space,” Newton said.
And for those just entering the workforce – it’s never too early to start planning for retirement.
“The first thing you want to look at is see if you have any debt, student loan debt, do we have a 401k if you’re working for a company that offers it again just take a look at that big picture and see where you are financially,” Newton said.
When it comes to your financial future Newton says knowledge is power. She recommends educating yourself to make the best decisions.
Naperville News 17’s Natalie Vitale reports.
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