File it under “facts I wish I’d known when I was 30.”
You need a little pot of money stored away for when your parents age—especially if you’re a woman.
Some two-thirds of caregivers are female relatives, and I’m now one of them, coping (along with the rest of my family) with the fallout from my mom’s recent medical crisis.
It’s more emotionally taxing—now. But I can foresee financial strain if I’m not careful.
This month’s shining idea: to plant the seeds that will help you flourish later. First, calculate where your life as a woman is likely to lead, so you can be better prepared.
Meaning, if you expect to have kids (like Money Fixer Kara) or if you can predict that you might have to help with an ailing or aging parent—two common reasons women’s earnings take a hit—ask yourself what you can do now to get yourself ready.
My plan: to save a little extra while I can—and before a bigger crisis strikes, so that I’ll have the freedom to focus on my family, and not fret about money. And if we’re spared those dire life events, I’m thinking Costa Rica, baby.