3 Ways Women Can Empower Themselves Financially

We’re out there daily earning money and spending it. Perhaps even trying to save it. But how much do we as women truly know about money and other financial topics like investing, budgeting, borrowing, and so on? No doubt, some of us are financial whizzes, but most?

Unfortunately, the majority of us are less financially confident and knowledgeable than our male counterparts. We’re paid less than them (82 cents for every $1), tend to shoulder more of the household and childrearing duties (which leaves us less time to think about our financial picture), and are less apt to be taught or exposed to financial topics.

So it’s natural that many of us lean heavily on the men in our lives, expecting them to guide us financially. But what happens if we get divorced, our partner unexpectedly dies, or another tragedy befalls us? The truth is that we need to have a full understanding of what’s happening with our finances so we can stand on our own two feet if needed or just because we want to. Below are three steps you can take to begin the important journey of financial empowerment. Remember, it’s never too late.  

#1: Learn the Basics and Ask Lots of Questions

It might seem scary at first because, after all, nobody is born knowing what stocks are or how to do their taxes. How are you supposed to know how much to save for retirement or how to balance your portfolio, right? The best way to start learning is to ask questions. If you don’t initially understand, ask your advisor (if you have one) for clarification. Google any financial terms you’re unsure about. Consider signing up for easy-to-use financial literacy apps and services like Money Masters to start learning the fundamentals of finance. You have every right to understand what’s happening with your money so be bold! Ask questions until you understand what’s going on.

#2: Establish Relationships With the Right People

If you and your partner have a financial advisor, get to know them so you feel comfortable asking questions and discussing your financial needs. You can do this by introducing yourself via a call or email, initiating a one-on-one meeting to get to know them, and/or by attending any calls or in-person meet-ups with your partner. Don’t stand on the sidelines while your spouse chooses and oversees the folks who manage or provide advice about your finances; be an active participant so you can learn and be involved in the decisions that are made about your money.

#3: Don’t Be Shy! Talk to Your Friends About Money

When’s the last time you chatted with your best female friend about how much she was making at work or how your finances were faring? Not recently? Never? For various reasons, it’s taboo in American culture for women to discuss money. Well, it’s time to break this stigma! Try broaching the topic of finance more frequently with friends so you can share your knowledge and learn from each other. Trust us, the more comfortable you become talking about money, the more confident you will feel about managing, saving, spending, borrowing, and investing it!

Ultimately, it’s in your best interest to make sense of your financial picture now because chances are good that one day you’ll be forced into making money-related decisions anyway. Plus, if you’re working hard to earn money, why shouldn’t you control it and put it to work for you? Start by learning the basics about money, getting to know your financial advisor, and talking to your friends about it. Before you know it, you’ll feel very comfortable discussing and managing your finances - and you’ll be well on your way to achieving financial prosperity all by yourself!