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What Every Woman Should Know About Money
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Brie Cadman | DivineCaroline
February 01, 2009
If you could ask ten wise women for advice on what to do (and what not to do) with your money, what would they say? They might offer the ten financial tips below, culled from our wise and money-smart contributors.
1. Saving For Retirement Is a Must
Unless you don’t mind eating cat food in your old age, you have to start saving for your retirement now. Forfeiting a pair of shoes now could mean a month’s worth of work-free living when you’re old, but exactly how much should you be socking away? Find out how to save with this women and retirement planning guide.
2. Children Are Expensive
Raising them, feeding them, paying for college, paying for therapy … it can add up fast. Most parents know this, but many still are shocked by the bottom line. A great resource is this financial checklist for expecting parents, which helps itemize costs. If you already have kids, you may want to start thinking about how to save for your child’s education.
3. Children Need Security Blankets
Which means, if you have kids, it’s probably a wise idea for you and your partner to get life insurance.
4. Ask for More
Women chronically underestimate their worth, and are less likely to ask for raises and bargain for their salaries than men are. Learn how to be assertive in the workplace and how not to undersell yourself.
5. Health Is the Most Important Asset You Have
Your health is as important to your finances as savings are. If you’re sick, you can’t work; if you can’t work, you can’t save. Along these same lines, having health insurance is an important step in mitigating financial risk. One trip to the emergency room could wipe out your entire savings and put you in debt for years to come. When thinking about living expenses, the costs of health care should be factored in.
Shenia
9 months ago
4 comments
That great tips and they are all true.
JanieceSmith
9 months ago
2 comments
Nice tips, but you forgot the most important one. You must TITHE!
fatimah
9 months ago
88 comments
Great tips!
Bluelily
about 1 year ago
182 comments
Thank you. Maddie thanks for the life insurance advice. Don't know the FDIC covers that as well.
Maddie
about 1 year ago
98 comments
These are excellent points. Here are a few more. Kids are the number one cause of bankruptcy. If you're not 110% certain that you really want the life long responsibility, enjoy your nieces and nephews. You don't really need to breed. It ain't all giggles. (DISCLAIMER: I'm not anti-children. I would not give up one second of the time I've had with my son. I'm just saying what a lot of people might be afraid to say.) Not only is Health Insurance essential, but a Supplemental Disability Insurance policy is important too. Obviously it's great to have a minimum of 3 months of living expenses socked away but a little extra disability insurance will make any savings you do have last a little longer. Regarding Life Insurance, unless there is a reason why you must get it from your employer, buy it independently because you can lose your life insurance when you change employers. And you never know how your health situation may change (i.e., insurability) over the course of several years. And make sure that you do not have more money in a single institution than is covered under FDIC insurance. If you're wealthy enough to have more than $150k, spread it among various independent institutions.
LPM
about 1 year ago
10 comments
Succinct...sound advice that is broken down in small digestible pieces.
Watchnstarz44
about 1 year ago
15378 comments
Very good article. The advice given is sound and it does not hurt to be reminded from time to time.
Insanitek
about 1 year ago
296 comments
Thank you. This got me thinking again about my finances. I needed to get everything into perspective again.
Nicola
about 1 year ago
2 comments
Underselling is really a huge issue.... I agree Daniela.
bluesea
about 1 year ago
24 comments
Nice article
Daniela
about 1 year ago
1482 comments
Underselling is a huge issue among women I know...
Heather
about 1 year ago
52 comments
Great, straight-forward article. Thanks!
Deneen
about 1 year ago
554 comments
I used to think I needed to wait to buy a piece of property..husband first then home...then I realized I could check out myself and I could afford homes too without extra help! Course it took many years to save ...but I kept my eye on the ball...telling myself I did not need the new car...now my townhome is being rented by an engineer and I am looking forward to someone else paying my mtg...so that one day...it will yield me income during retirement!
Account Removed
about 1 year ago
Very vital and resourceful information for every woman.
Account Removed
about 1 year ago
Great tips!