Monthly Bills Are Women’s Top Financial Stressor: 2 Ways To Never Miss a Payment
It’s the everyday expenses that stress women out the most. According to a recent Fidelity study, monthly bills are women’s No. 1 financial stressor (55% are stressed about it), coming in ahead of inflation (49%), being about to cover an emergency expense (42%), debt (39%) and having enough money to enjoy day-to-day life (37%).
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In this “Financially Savvy Female” column, we’re chatting with Lorna Kapusta, head of women and engagement at Fidelity, about why so many women are stressed about monthly bills, steps you can take to ensure you can pay your bills every month and tips to never miss a payment.
More than half of women are stressed about their monthly bills. Why is this such a common stressor for women?
Considering the current state of the economy, inflation and labor market, it’s no surprise women are stressed about their finances. Key stressors for women include mostly short-term challenges, including monthly bills (55%). But women continue to feel more stressed than men — for example, 57% of women said stress is the No. 1 word they’d use to describe their emotions around money. Only 41% of men agreed.
The underlying factor for this disparity is the wage gap, which is compounded by important factors that impact women disproportionately, including:
Caregiving: Women continue to shoulder most caregiving duties, which can impact their ability to save for retirement and their future. Almost 1 in 4 women (22%) currently report not saving as much for retirement due to caregiving responsibilities.
Extended retirement years: On average, women live six years longer than men and, as a result, their dollars need to stretch to cover their savings for a longer retirement.
Healthcare costs: On average, women are estimated to need $165,000 for healthcare expenses during retirement; however, 50% of women anticipate needing $150,000 or less for retirement.
What steps can women take to ensure they are financially able to pay their bills every month?
It can feel overwhelming to manage your finances, but even just making a plan to pay monthly bills can help alleviate some of that stress:
Know what you owe: Make a list of every bill, loan and anticipated expense for the month. This will help you have a clear idea of everything you owe — and you may even be able to see some areas you can cut back on.
Pay at least the monthly minimum: For credit card payments and loans, always try to pay off the full balance to avoid any late fees or high interest rates. If you can’t, try to make at least the minimum payment.
What actions should women take to ensure they never miss a payment?
To help ensure you don’t miss a payment, set up payment reminders in your calendar, smartphone or financial management app. Another option is to enroll in automatic payments. This way, the funds are deducted from your account on or before the due date, reducing the risk of forgetting or missing a payment. Just make sure to monitor your bank account to ensure sufficient funds are available.
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This article originally appeared on GOBankingRates.com: Monthly Bills Are Women’s Top Financial Stressor: 2 Ways To Never Miss a Payment
