PORTSMOUTH, Va. (WAVY) – Taking care of your finances is an important part of self-care. That is something financial experts say many women may not realize. Carolyn Andrews of Newport News learned that valuable lesson from a coach with Bayport Credit Union.
When Andrews retired from nursing, she created Inspired Coaching & Events LLC. She’s a life coach who holds women’s retreats for her clients.
Carolyn decided one of those retreats should focus on finances after she learned some free tricks of the trade through that Bayport financial coach.
“My goal when I retired was to get rid of all of my debt. I had to make a plan. Get rid of all of my debt. Pay my car off, and Bayport Credit Union was very instrumental in helping me get through that,” said Andrews.
One thing Carolyn quickly learned about women and money?
“I learned that a lot of times we don’t invest in ourselves.”
That is one of the top three mistakes Bayport says women make when it comes to their finances. The other two mistakes:
- Women procrastinate because we feel we have to learn/know everything there is to know about our finances, before they make a move.
- Women think finances are too complicated to understand and manage and would rather give the financial responsibility to our spouses.
After hearing those facts, Andrews made a decision.
“I just took a big chunk of the money I had and put it into savings for me so that I could have something I could turn to, and I would always have it later for my family if needed.”
Brenda Johnson is one of Carolyn’s clients. She learned the importance of writing down her goals.
“What I learned was to do my long-term goals, short term goals,” said Johnson.
Johnson’s short-term goals include remodeling her house. Her long-term goals include becoming debt free. She also worked hard to save for retirement.
“I put as much money in my 401k as I could. I stuffed it. I stuffed it every pay period.”
Now, in their retirement, both Brenda and Carolyn are grateful for their savings. Brenda lives debt free thanks to putting her financial needs first.
“It is wonderful. It is a wonderful feeling.”
This content sponsored by Bayport Credit Union.