According to this recent survey of working women between the ages of 18 – 65, 19% of them had zero put away for retirement. However, as the age of women increased, so did the percentage of retirement savings. Start now, ladies!
Today, we are seeing more and more young independent women empowering and educating themselves on the importance of understanding money management and investing. Below we’ve compiled a list of money management tips geared towards women that you can get started on today to free up funds for investing in your future!
1. Manage the Household Budget
From juggling home life, careers, and families – women have a lot on their plate. Although the added responsibility of managing long-term financial goals could feel overwhelming, empowerment feels even greater.
A good place to start is by taking control and managing your everyday personal or household spending. Start by mapping out your household income and use a budget worksheet to track all spending. Use these tips to help you reach your financial goals and start saving more money for the future.
The perk to being in charge of the budget is you’ll be a part of the decision making when it comes to how much money gets invested and where. Sit down with your partner on long-term financial goals like investing and retirement. And if you’re single (which is equally fabulous), you get to make all the decisions, invest how you please, and keep the money for yourself!
2. Be Assertive in the Workforce
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 the ability to create your own schedule and monetize your skills. Check out places like Fiverr, Upwork, and Indeed to search for remote work.
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 and preparing for a secure future is paramount. Setting money aside for retirement and having your money work for you sounds easy enough right?
Knowing where to begin is another story. We can help get you started with fully managed Auto Investing – 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 whatever level of risk tolerance you feel comfortable with. We’ll design a personalized investment portfolio for you and manage it along the way – for only $1 a month. With no minimums required, you can pick any amount to invest. 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 and credit limits higher. With a higher credit score, you are less likely to need a co-signer on any loans or leases. 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. You can find Facebook or local meetup groups with other women in different financial backgrounds to discuss strategies. 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.
- Journey to Launch by Jamila Souffrant
- The Fairer Cents Podcast hosted by Tanja Hester and Kara Perez
- Millennial Money Podcast hosted by Shannah Compton Game
- Women Rocking WallStreet Podcast by Sheri Fitts
- Your Money or Your Life by Vicki Robin
Women Who Own Their Future
More women are stepping into their power and taking control over their financial journey. After all, when you create a plan for your money, 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!