The one change I’m making to my finances for #Planuary (AD)

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Advertorial post with Aviva. As a woman, I never used to think much about how my gender can have an effect on my finances. By speaking to other women I know, and reading feminist blogs like Nomipalony, I have taken control of our family finances. In the last few years I have become more aware of the ways that the gender divide can have an impact on a woman’s savings and even her pension. Aviva recently got in touch with me about #Planuary, a new campaign that is designed to get women to pledge one change to their finances in January to try to close the gap that women see in multiple areas of their finances including savings and pensions. Today I’m making a pledge and sharing with you the one change I’m making to my finances for #Planuary.

A photo of me this #Planuary

My financial pledge for #Planuary

With the average woman set to experience a shortfall of £223,000 in her earnings and £106,000 in her pension over her lifetime#, it’s time for me to make a change. For me, that change is going to be an increase in the money that I am saving. I already share with you some of my specific savings targets, such as buying a car with survey earnings, but I’m going to do more. This year I am going to increase the % of my income that I save solely for myself. I’ll be increasing this by 1%. This will make a sizeable difference to the savings I make in 2019. These savings will not be used for our upcoming house purchase. Neither will they be for pension contributions. I won’t even use them for a new car or something frivolous. These savings will be there in case I want a career change.

While I’m very comfortable in my marriage and don’t foresee any problems, I think it is very important as a woman to have a financial cushion. No woman should feel trapped in a relationship because of finances. Always keep a portion of savings solely in your own name. 

How the gender divide affects your finances

I find it both fascinating, and depressing, how the gender divide affects your finances. It is a really important topic for all women to educate themselves on. I have had time off work during my pregnancy and when taking maternity leave and both of these things have affected my finances. My husband was able to continue in his job and felt no real financial impact to initially having a child.

Make a pledge this #Planuary

I hope that you will join me in making a change to your own finances this year. You can join me by sharing your pledge using #Planuary over on Twitter.

I’m going to make it easy on myself and will be moving an additional 1% of all my income into a savings account linked to my bank account. Then once per year, at least, I will review this savings account. I’ll make sure I’m getting the best rate of interest possible. Also, as always, I’ll check that my money is working hard. I may even consider investing some of this additional money I save. I’m trying to be a little less risk-averse with a percentage of my savings.

What pledge are you going to make to yourself this #Planuary?

# Source – Aviva.

12 Responses

  1. Lisa Jane January 22, 2019 / 9:54 pm

    Wow that is a massive shortfall!!! Scary reading

    • katykicker January 28, 2019 / 12:47 pm

      I know right! Definitely time for me to take some more action to avoid being left behind!

  2. Stevie - A Cornish Mum January 23, 2019 / 9:39 am

    As someone who gave up work to look after children and then never got back into a ‘proper’ career, I so get this. I dream of one day actually having spare money ha!

    Stevie x

    • katykicker January 28, 2019 / 12:50 pm

      I feel you! One day hey x

  3. Cora Harrison January 23, 2019 / 10:59 am

    Thanks for sharing this Katy, a really interesting read. I didn’t realise women are still so far behind men when it comes to savings and investments.

    • katykicker January 28, 2019 / 12:50 pm

      It’s quite shocking isn’t it!

  4. Michaela Britton January 23, 2019 / 4:34 pm

    I guess it will never be the same since it’s us mums who have to take the time off to actually give birth to our children. I do all the finances in our household though – if I left it to my husband then we’d no doubt have bags of food but no home!

    • katykicker January 28, 2019 / 12:51 pm

      I do most of the finances in our home too, as I like the control x

  5. Fay January 23, 2019 / 5:22 pm

    I didn’t really know about pensions as a single person as I have had loads of temporary positions throughout my working life. If I had known I would have contributed into a pension account (like you can make additional contributions on top of the company contributions I am already making). Since I am 45 I would have to save £1800 per month for the next 20 years to make the shortfall to have a chance of £30K per year. I can’t afford that much per month…………………..

    • katykicker January 28, 2019 / 12:52 pm

      I would say at your age that anything extra is going to be beneficial, but obviously if you want to check for sure you’d need some independent financial advice. I try not to worry about the years I’ve missed and instead just do my absolute best with money and savings.

    • katykicker January 28, 2019 / 12:53 pm

      It really is! Thank you x

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