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What Every Woman Should Know About Money

What Every Woman Should Know About Money

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.


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    almost 3 years ago

    2 comments

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    jeryruse

    about 4 years ago

    28 comments

    Some people leave an important financial planning activities of a spouse and get into trouble when a fault report. Others are lagging web unsustainable debts and spending habits.

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    davivkooper123

    about 4 years ago

    2 comments

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    markezdenilson45

    about 4 years ago

    4 comments

  • Photo_user_blank_big

    Shenia

    over 5 years ago

    4 comments

    That great tips and they are all true.

  • Photo_user_blank_big

    JanieceSmith

    over 5 years ago

    2 comments

    Nice tips, but you forgot the most important one. You must TITHE!

  • Kareena-kapoor2_max50

    fatimah

    over 5 years ago

    88 comments

    Great tips!

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    Bluelily

    almost 6 years ago

    188 comments

    Thank you. Maddie thanks for the life insurance advice. Don't know the FDIC covers that as well.

  • California_poppy_max50

    Maddie

    almost 6 years 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.

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    LPM

    almost 6 years ago

    10 comments

    Succinct...sound advice that is broken down in small digestible pieces.

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    Watchnstarz44

    almost 6 years ago

    15370 comments

    Very good article. The advice given is sound and it does not hurt to be reminded from time to time.

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    Insanitek

    about 6 years ago

    288 comments

    Thank you. This got me thinking again about my finances. I needed to get everything into perspective again.

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    Nicola

    about 6 years ago

    2 comments

    Underselling is really a huge issue.... I agree Daniela.

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    bluesea

    about 6 years ago

    24 comments

    Nice article

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