Did you know that most women think they’re better with finances than what they actually are? It’s true. Many believe they are in a much better financial situation than they actually are. The reality is startling.

It’s really important to fully understand your own financial situation.

If you don’t take the time to do so, you may not realize that you are overextending yourself or aren’t properly prepared for unexpected situations or emergencies. Think you’re doing well? Here are a few signs that you should be a little more vested in how you manage your money.

every month feels like something unexpected hits your bank account

One part of being on top of your finances involves knowing just how much you should expect to pay on your monthly utilities and groceries. If you are surprised by your bills each month, it could be a sign that there is an underlying problem with your money management. To solve this, start budgeting your money. Research your average utility bills and pay attention to how much you’re spending on food (both in groceries and eating out). Then, create a budget so that you’re in control of how you spend your money! 

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you struggle to pay your mortgage or rent

Your monthly housing expense is one of your most important monthly expenses. Failing to pay on time each month could result in eviction or foreclosure. If you’re a homeowner, make sure that you are in constant communication with your mortgage lender. They can help with restructuring your loan or even with payment deferment if needed. But if things have gotten to the point that you’re in danger of losing your home contact an attorney like Dickson Frohlich who deals with the foreclosure process. 

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you’re not prepared for retirement

Hopefully, you’re already setting aside money for retirement. Otherwise, you might get to retirement age and find that you are unable to live comfortably and enjoy financial freedom. If you are currently unable to prepare for retirement, it might be a sign that you need to sort out your finances. Whether this means starting to invest in your companies 401k program or opening an IRA – start now. 

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the thought of losing your job scares you

How do you think you would financially cope if you suddenly lost your job or were unable to work for a long period? Ideally, you need to have at least six months’ worth of wages saved as a safety net. This should give you enough time to look for a new job. However, if you don’t have that amount of savings and the thought of losing your income stresses you out, you aren’t quite as financially stable as you might have originally thought! Start building your emergency fund now. Start with a manageable goal like putting away $1,000, then keep adding to it until you have at least 3 months of expenses saved.