8 expenses women should plan for

Has your financial planner failed you?

More women are turning to female financial planners for two important reasons.

Recent studies show that women's investment portfolios perform better than men's.

And crucially, women understand the unique financial problems of other women.

Here are 8 financial difficulties you should plan for that your investment advisor never told you about.

Health Care - General health insurance policies may not cover cancers, disability and travel accidents.

These are often add-ons that can double your health insurance costs.

Co-payments are seldom included on budgets, although they are part of your out-of-pocket health care expenses.

Women need to plan for preventive care - regular pap smears, cancer screening, and so on.

You will want to ensure you have coverage for any cancers for which you have a higher hereditary risk.

Yoga and meditation classes, or related activities, should also be considered important preventive health measures.

Mom's College Education - South Korean parents are famous for how much they spend on their children's education.

They are known to make huge financial sacrifices.

Moms are now taking advantage of generous scholarships and returning to school themselves.

Moms returning to school is one of the fastest growing segments of adult learners.

Many Asian countries are following the lead of South Korea and Hong Kong and providing more financial assistance and study options for adult students.

Adult students can obtain up to 100 per cent financing.

Distance learning while continuing work is a popular study option.

In the US, educators expect more than 40 per cent of students on college campuses to be over 25 in 2020.

Daughter's College Education - More Asian daughters are taking the college track, although the Singapore government is trying to get more young people into apprenticeship programs and the workforce.

Singapore Tiger mom and hairdresser Carmen Kok tells Bloomberg that she will spend three times her annual salary on her daughter's college education expenses.

The higher wages earned by college degree holders is a major incentive.

Divorce or Separation - Most women plan for their financial future based on their domestic partner's financial outlook and retirement savings.

When separation does occur, they are left with a paltry retirement savings account.

Prenuptial agreements should address pension rights after divorce.

The pension is often the largest asset in the settlement.

Ensure retirement savings are in both names.

Understand how matrimonial assets are divided in your country.

Green Transportation - Drivers are paying more for green transportation - from hybrid electric cars to Beijing's odd-even license plate car ban, which requires Beijingers to car pool or take public transport every other day.

Car ride sharing can cut your car bills, although you may find yourself taking more taxis.

With insurance, gas and maintenance, your car expenses should not exceed one third of your annual income.

Home Renovation - Home renovation and design are the two services for which consumers are most often swindled.

Being billed far beyond the initial quote is a common experience.

Getting the quote in writing is a first step to protecting yourself.

Use designers and builders who have been recommended by people in your community and thus need to protect their local reputation.

Getting Pregnant - Doctor Priscilla Chan and her husband Facebook founder Mark Zuckerberg recently went public about their three miscarriages - an experience many couples suffer in silence.

More women are using artificial insemination, relaxation therapies, acupuncture and other therapies to get pregnant.

In many cases, our stressful lifestyles are making it harder to get pregnant.

Often relaxation therapies are the antidote.

More women are pursuing expensive artificial insemination therapies, and may have several treatments before they are successful.

Successful implantation rates are less than 40 per cent for women under 35 (Wikipedia), and treatment typically involves high artificial insemination costs.

Business Start-up Expenses - More moms are starting up businesses during pregnancy leave.

You will need to stash away more emergency funds in the case of growing pains or start-up failure.

Start-up costs may include business registration fees and outfitting your home office.

Marketing costs are typically the largest expense.

Here are some budgeting tips from mompreneurasia.com.

Always budget with a woman's expenses in mind.

This will allow you to spot potential shortfalls such as spousal pension rights and take early precautions to reduce financial risk.

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