40% of Women Plan to Tackle This Financial Goal Over the Next 6 Months

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A Fidelity Investments study found that 40% of women plan to contribute to an emergency fund in the coming months. Find out why you may want to do the same. [[{“value”:”

March is National Women’s History Month, and Fidelity Investments polled women to learn more about their finances. The Women’s History Month 2024 Survey found that many women feel stressed about money, but that’s not stopping them from working to meet their financial goals. Discover which financial goal many women are tackling within the next six months.

This is the top emotion women feel when thinking about money

Fidelity Investments surveyed over 3,000 U.S. adults to learn more about their financial stresses, roadblocks, and short-term and long-term personal finance goals.

Unfortunately, “stress” is the word most women use when describing their emotions about money. Of those polled, 57% of women are stressed about money, while only 41% of men feel the same. The top three stressors included monthly bills, inflation, and being able to cover an emergency.

But here’s a more encouraging finding: The second-most popular word women use to describe their emotions about money is “hopeful.” Thirty-seven percent of women feel hopeful about money, while 41% of men feel similarly. This is great news since many women are tackling financial goals in 2024.

40% of women plan to contribute to an emergency fund

The study looked at women’s financial goals for the year. The top short-term financial goal women plan to tackle within the next six months is contributing to an emergency fund. This is a fantastic goal to work on. Having extra money in a savings account is a smart way to prepare for unexpected financial expenses and life-changing events like vet bills, car repairs, and job loss.

To be more financially prepared in 2024, you may want to start building an emergency fund. Even if you can only afford to save a small amount each month, your actions will make a difference. It’s better to have some money saved rather than none at all.

Here’s a breakdown of how much you’ll have saved after a year of steady monthly contributions:

If you save $85 a month, you’ll have $1,020 in twelve months.By saving $125 a month, you’ll have $1,500 in a year.By saving $225 a month, you’ll have $2,700 in twelve months.If you save $250 a month, you’ll have $3,000 after a year.

Automating your savings can help you achieve your savings goals faster. You can set up automatic transfers through your bank so money is regularly transferred from your checking account to your savings account.

This way, you no longer have to rely on manual transfers. It’s easy to get forgetful if you manually transfer funds to your emergency fund.

Many people fall behind on their savings goals because they forget to save or spend the money they intend to stash away. This savings technique can help you avoid situations like that.

Do this to earn interest while your money sits in the bank

Make sure you’re stashing your emergency fund in the right place. If you keep it in your checking account, you may accidentally spend the funds you intended to use as emergency savings. And since most checking accounts don’t pay interest, you won’t be rewarded for saving.

Keeping your savings in a high-yield savings account is a great money move. As your cash sits in the bank, you’ll earn interest. The money you earn from interest can help you reach your savings goals sooner. Check out our list of the best high-yield savings accounts to learn more.

No matter what financial goals you’re tackling, don’t give up. Any progress, no matter how small, is a win for your wallet. It’s never too late to make changes to improve your financial situation.

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The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Discover Financial Services is an advertising partner of The Ascent, a Motley Fool company. Natasha Gabrielle has no position in any of the stocks mentioned. The Motley Fool recommends Discover Financial Services. The Motley Fool has a disclosure policy.

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