Women continue to shine in all aspects of business and exceed all expectations in entrepreneurship, yet they can struggle when it comes to personal finance.

In a report published by the Canadian newspaper "Financialpost", writer Rosalind Stefanak referred to a recent analysis of retirement account balances conducted by the asset management company "Mercer", which showed that women retire with 30% less account balances than men, and as a result they work for a period of two years longer.

In addition, a 2021 Bank of Montreal survey indicated that women's estimates of how much money they would need to retire were 18% lower than men's.

Below are tips from a number of experts that will help women find a foothold in the world of personal finance.

budgeting

Nicole Simmons grew up with her father, who started his own brokerage company 30 years ago, and so she saw first hand the benefits of good money management.

Nicole has always wanted a job where she could help others achieve financial success, especially black women.

She is now a partner in CPN, a financial services firm in Brampton, Ontario, of which 90% of her clients are female.

Simmons said budgeting is associated with negative things like spending cuts.

Many people think that setting a budget means giving up the things you love, but a budget is really just a spending plan that helps set priorities.

Making mistakes and failing to budget effectively makes some women automatically believe they will never make it, but not letting go of past mistakes and not being open to change will not help you move forward when it comes to budgeting and therefore continuing to follow the same habits.

Simmons emphasized that it doesn't matter how much money you make, as long as you don't know what you're spending.

She believes that the main common denominator among women is not to read their statements of account to know the most on what they spend their money on.

In turn, budgeting and expense tracking helps ensure that your expenses match the lifestyle you want.

Simmons also recommends setting up an automatic savings account to make sure you save some money each month.

It should be noted that your budget can be changed as needed to suit the different stages of your life.

And your plans should be realistic about what you can afford based on your income, so you don't get discouraged.

Invest with confidence

Julia Chang, co-founder and CEO of Surrey-based Spring Planning, always gets emails from women in their twenties and thirties who are eager to learn more about investing and financial planning.

Chang says that women in North America are less inclined to invest than women in, say, Asian countries.

She believes that this behavior stems from a negative view of mathematics and numbers, which add to the complexity of the investment process.

It must be recognized that women's feelings of inferiority do not stem from within themselves, but from the influences of society.

Chang emphasized that women do not need to understand how to calculate bond yields or how to trade to be a good investor.

Initially, she advised identifying what you want to achieve and then how much money you need to save to achieve these goals.

It confirms that both men and women need to learn some of the basics of investing and to support and consult with specialists.

Zhang said it's OK to be careful when investing if you plan ahead for your steps.

Also think about the cash flows that you need at different stages of your life.

Do not hesitate to seek professional advice whenever you need to.

Prepare for better or for worse

Elk Robach was 15 years old when her father passed away, leaving her family without insurance or any financial plan.

As a former attorney, she founded Rubach Wealth in Toronto in 2012, whose primary mission is to educate women (who make up 70% of their clients) about the importance of women's financial literacy so that they do not make ill-advised decisions or rely on their partners in making such decisions.

Although women have broken all barriers and expectations in the corporate world, Robach points out that they do not focus as much on finances as personal relationships.

And there are women who are considering divorce but fear not being able to afford to leave the marital nest, even though they make between $300,000 and $500,000 a year.

They may struggle with living with husbands who drain them financially, as they have no control over their financial resources.

Robach stressed the importance of women making sure their husbands understand the importance of sharing responsibility for expenses.

And if you can't talk to your partner about these things openly at the beginning of the relationship, you're likely to have bigger problems in the future.

On the other hand, when the marital relationship ends, Robach considers it necessary to come to a reasonable settlement and think about all the details especially if you both have children.

And do not forget to follow up on the debts on the joint accounts between you and agree to share these burdens.

Also, keeping extra money in your emergency fund is a good idea to prepare yourself for not getting alimony or child support payments.

Robach also advises setting goals that enable you to achieve financial independence regardless of your marital status and wealth.

Planning for retirement and beyond

Laurie Campbell has over 30 years of experience helping people manage their finances.

As Director of Client Finance at Bromwich + Smith Inc., she currently works with a team of experts licensed to handle bankruptcy and debt relief and is always keen to help women better prepare for retirement.

Campbell noted that many have watched their mothers struggle to save money or leave financial planning to their husbands.

In fact, women don't think about saving money at a young age, and they don't realize that the earlier they put in place a solid financial plan, the more money they will raise for retirement.

In addition, women still earn significantly less money than men, so it is not surprising that they have to work for more years before considering retirement.

Also, maternity leave and the time a woman takes to raise children affects the amount of wealth she accumulates over the years.

Five to 10 years before retirement, Campbell advised avoiding investment risks that could affect your well-being during retirement.

It is important to have a solid plan in place before you stop working.

And if your company allows it, try a phased retirement plan that will enable you to work a few days a week for a few years, especially since many companies want to retain expertise in certain skills.

Estate planning advice:

A woman should discuss with her husband the consequences of one of them dying and the other remarrying.

The spouses shall draw up alternative plans that will provide for the welfare of those in their custody after death.