While all workers need to save more for retirement, women face additional challenges because they have lower earnings, experience higher job turnover, and are employed in industries with low or no pension coverage. Just like a person travelling in unknown territory, you need to carry a map with you at all times, and refer to it often. This area is designed to provide you with a map of how to manage your finanical well being.

WHAT YOU SHOULD KNOW

Your financial plan can be as simple or as detailed as you want it to be. You can jot down your financial plans yourself or you can hire a financial adviser to help you write a more formal plan. Whatever form it takes, it will help you chart your financial course over the coming years. Here are the steps to take:

Step 1: Get organized.
You'll have an easier time conducting your financial affairs and writing your financial plan if you take some time now to organize your financial papers. Take stock and document all of your assets and liabilities.

Step 2: Set your financial goals.
Perhaps you are planning to buy a new house or to start a fund so your child can go to college/university, or it may be saving for your own retirement. Now is a good time to start thinking about the financial choices you'll want to make in the future.

Step 3: Evaluate your cash flow.
Choose a reporting period that gives the most accurate picture of your financial cash inflow and outflow. For most of us, this would be monthly, since the majority of personal obligations are usually billed monthly.

Step 4: Calculate your net worth.
Identify where you stand today. Net worth is an evaluation of your income, property (estimate the value of your home or other real estate in seconds), stock portfolio, etc.(assets) and everything you owe - loans, credit cards, mortgage, car repayments, etc.(liabilities). Also find out your credit rating to determine financing feasibility.

Step 5: Make assumptions about the future.
Change is inevitable. Make short term goals and long term goals. Short term goals help to make the long term goals easier to achieve because the rewards are incremental.

Step 6: Create a financial strategy.
For each of your financial goals, you will need to determine how much money you'll need to reach your goal and where you will get the money to do so. If you are starting to plan for your retirement at 40, your strategy will be different to that of a 25 year old, who has more years to contribute to her retirement. You may also have to re-evaluate from time to time as your financial situation changes (ie: change in job, divorce, illness). Changes may include any of the following:

-Save more money toward the goal.
-Look for investments with higher yields.
-Give yourself a longer period of time to attain the goal.
-Reduce the goal

A strategy may include setting up and utilizing any of the following financial services:

Health Insurance

Life Insurance

Retirement Fund

Mortgage Plan

Stock Portfolio

Mutual Funds

Step 7: Strive for a simple lifestyle
Try to keep your needs simple and question your purchasing habits. Striving to be conscious of your shopping habits will enable you to distinguish your 'needs' from your 'desires' - you'll be amazed how much this will reduce your stress levels! Furthermore, it will hasten the speed in which you are able to achieve your financial goals.

Step 8: Read and Research
Learn how to acquire and build your finances by reading newspapers, journals and doing your own research. Below are some useful links to get you started:

Business Magazines - Business Week, Harvard Business Review, and more.

eCircle U - is an online resource center for working and would-be business owners. Professional resources include online training, resources, articles, management consulting, workshops by phone, and a free email magazine.

Buy and Sell Real Estate Without Paying a Broker - Real estate specialists that provide customer service in the industry with 24/7 on-line access and a comprehensive "How To" guide to selling a home yourself, thereby eliminating real estate broker fees.