These financial tips can help women take control of their finances.
- Women’s Equality Day is here, but we still have more work to do.
- Women, in general, are economically disadvantaged.
- Money moves like discussing salaries, learning more about important financial topics, and building an emergency fund are some steps women can take to set themselves up for financial success.
August 26 is Women’s Equality Day, which celebrates women’s right to vote in the United States. Women’s rights have come a long way since 1920, but much work remains to be done.
Women around the world, including those in the US, face many financial disparities. In a patriarchal society, men rule many aspects of daily life, and sometimes it can seem like we’re worth less.
The good news is that as women, we can take steps to fight patriarchy and set ourselves up for greater financial success. By doing so, we can (slowly but surely) change the narrative.
Here are some money tips that can help you take control of your finances:
1. Normalize the salary discussion
It may seem like a taboo to talk about how much money you make, but doing so could make a world of difference. More women can realize their value by normalizing discussions about pay, benefits, and other financial matters. Don’t be afraid to discuss salary with your friends and co-workers.
Through these conversations, you may discover that you are being underpaid for the work you do, and you can then take that knowledge and look for a new job or ask for a raise.
Women earn $0.82 for every $1 a man earns. Let’s change that stat. As we continue to normalize pay talks, we can move toward closing the gender pay gap.
2. Get comfortable learning more about money
If you’re uncomfortable with your level of personal finance knowledge, keep in mind that it’s never too late to learn. Understanding essential financial matters is imperative so that you can make critical financial decisions with confidence.
If you have a partner, don’t fall into the trap of letting your partner handle all financial decisions. Make sure you know where your finances are at all times. If you’re not involved in managing household finances, now is the time to do so.
3. Take advantage of your employer’s retirement adjustment
Investing is a great way to build wealth. Do your best to take advantage of this benefit if your employer offers to match your retirement contributions. If you don’t, you’ll lose free money and fall further behind in your investment journey.
4. Develop your skills to increase your value
It’s never a bad idea to keep learning new skills throughout life. You can increase your value by acquiring new skills and experiences. You’ll bring more to the table and you’ll be able to get a better job, qualify for a promotion, or start your own business.
For women taking a career break, whether to raise children or for other reasons, it can be challenging to successfully re-enter the workplace.
Consider building your skill base at every stage of your life so you can market your varied expertise and generate income when you need it. Never stop learning.
5. Eliminate debt as soon as possible
Make it your goal to eliminate your debt as quickly as possible. By paying down debt, you can free up more of your income to save, invest, and improve your life. If you have high-interest debt, it may help to pay off this debt first to pay less interest in the long run.
6. Stand up for yourself
Whether you’re negotiating salary for a new job opportunity, asking for a raise, or discussing the accomplishments you contributed to a big work project, standing up for yourself is a must.
Don’t minimize the value you have to offer. Always stand up for yourself in important discussions, especially if your finances are involved. You are worthy and deserve credit.
7. Create an emergency fund
You never know when an emergency may arise. You can feel more secure and less stressed by having the money you need to get out of a difficult situation. If you have yet to build an emergency fund, now is a great time to start.
If you’re in a relationship, don’t overlook the importance of having your own emergency fund. By having a separate savings account, you can protect yourself in case there comes a time when you need or want to separate.
Having your own money (and access to it) gives you power and resources, which is a big deal.
We’re all human. As a woman, you are worthy and capable of much.
This Women’s Equality Day, invest in yourself by making smart money moves so you can set your finances up for success and change the way the world views and treats women.
And don’t forget to use your voice and vote, because that’s important too.
Alert: The highest cash back card we’ve seen now has a 0% intro APR until almost 2024
If you’re using the wrong credit or debit card, it could be costing you a lot of money. Our expert loves this top pick, which features a 0% introductory APR through almost 2024, an incredible cash back rate of up to 5%, and all somehow with no annual fee.
In fact, this card is so good that our expert even uses it personally. Click here to read our full review for free and apply in just 2 minutes.
Read our free review