MoneyLife

Money Management for Women – 8 Tips for Taking Control of Your Finances

By Grace Kilander
Money Management for Women

Today, we are seeing more young independent women than ever before empowering and educating themselves on the importance of money management and investing. 

Still, there is a ton of work that needs to be done. For starters, 71% of the money women have is in cash and one in five women don’t have any retirement savings at all. 

At MoneyLion, we believe in empowering all groups of people, especially women, when it comes to financial wellbeing. 

Which is why we’ve compiled a list of money management tips geared towards women to help you free up funds for investing in your future! 

1. Take Charge of Your Budget

One of the secrets to financial wellbeing isn’t really a secret at all – it’s the age-old piece of advice that involves creating and sticking to a budget

No matter if you’re a man or woman, everyone should be analyzing how much money they have coming in and where that money is going. Developing a budget will help you become more aware of your spending habits and ultimately save you money down the line. 

If you share household expenses with your partner, sit down with them to discuss long-term financial goals like investing and retirement. Did you know only 56% of women who live with a significant other share responsibility for household financial decisions? Don’t be afraid to take charge and share what you’ve learned to improve your household budget!

2. Take Your Career Into Your Own Hands

Always look for opportunities to hone your craft and increase your pay at work. Special training, certifications, seminars, and continued education will give you a competitive edge. Be on the lookout for ways to improve your skills and be an asset to your employer.  With more education and experience, you’ll be eligible for better-paying jobs. Don’t be afraid to ask for a raise either. 

3. Look for Remote Work

Are you a stay-at-home mom?  Finding the balance between being home with your kids and earning income is possible thanks to remote work opportunities.  Take advantage of the ever-growing culture of online remote work. Working remotely gives you the ability to create your own schedule and monetize your skills.

Start by honing in on your existing talents or skills. You could write, create graphic illustrations, tutor, consult individuals or companies, or even be a virtual assistant! 

Check out places like Fiverr, Upwork, and Indeed to search for remote work opportunities. 

4. Be Yourself

FOMO (fear of missing out) is theft of your time and money. Stop comparing yourself to other people you see on social media, thinking that if you had what they have you’d be happy or fulfilled. You don’t have to buy everything you see and you definitely don’t need to keep up with the Jones’. Stay true to your goals and crush ‘em!

5. Invest Early

Learning how to invest early on gives you an edge when it comes to securing your financial future. Setting money aside for retirement and having your money work for you sounds easy enough right?  

Knowing where to begin is another story. At MoneyLion, we can help get you started with fully managed Auto Investing tools– the perfect solution for a newbie investor (and seasoned pros) looking to put their hard-earned dollars to work. 

You chose how much money you want to invest and the level of risk tolerance you feel comfortable with. We’ll design a personalized investment portfolio just for you and manage it along the way – for only $1 a month. With no minimums required, you can decide how much you want to deposit – and how often. Learn more about Auto Investing

6. Stay On Top of Your Credit Score

Not only does having a high credit score directly affect your credit limit, but it gives you major buying power as well. When looking to buy a car, lease a rental, or get a mortgage – having a stellar credit score keeps your interest rates lower, credit limits higher, and can help you land a sweeter deal. 

With a higher credit score, you’re also less likely to need a co-signer on any loans or leases. MoneyLion has dedicated a host of financial resources and banking products to help you improve your credit score. Try these tips for building credit.

7. Talk to Other Women About Finance

Find ways to rub elbows with people who are leveling up and doing big things. Networking allows you to meet interesting people to share career opportunities as well as advice.

You can find Facebook or local meetup groups with other women in your area to discuss financial strategies and career moves. Speaking with others about successes, failures and growth is a great way to keep you motivated and inspired. Cultivate a tribe of like-minded individuals to surround yourself with. 

8. Follow Female Finance Leaders

Uplift and support other women on their financial journey. You’ll feel empowered and connected to find that others are in your shoes or have already been through the trenches. Listening to podcasts or reading books from women who are paving the way in the financial world is a game-changer. The knowledge you’ll gain from the daily input of podcasts and books is priceless!  

Here are a few of our favorite women-centered podcasts and books. 

  1. Clever Girl Finance by Bola Sokunbi
  2. The Fairer Cents Podcast hosted by Tanja Hester and Kara Perez
  3. Millennial Money Podcast hosted by Shannah Compton Game
  4. The Financial Confessions by Chelsea Fagan
  5. On My Own Two Feet: A Modern Girl’s Guide to Personal Finance by Manisha Thakor and Sharon Kedar

Own Your Financial Future

More women are stepping into their power and taking control over their financial journey.  After all, when you create a plan for your finances, you’re giving your money a purpose. At MoneyLion, our goal is to give you a platform that makes money management easier and investing effortless. Our memberships and investment accounts offer the flexibility you need to customize your portfolio to your taste.  And remember, good things come to those who hustle!

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