Money Mastery: Smart Financial Strategies Tailored for Women in 2024

The unfortunate reality is that many women find themselves at a financial disadvantage as compared to men. We typically make less money, take time off work to care for children, and we live longer, so we need to make our retirement funds go farther. But there is good news! Women who invest regularly tend to outperform their male counterparts. This is why it’s so important to get smart financial strategies tailored for women, to gain money mastery as soon as possible. It makes an extremely positive impact on your future financial trajectory. 

What are financial issues specific to women?

In addition to taking more time way from work and living longer, women still experience a pay gap compared to their male counterparts and many women are also helping their elderly parents, which detrimentally impacts their working capital. On top of that, almost 50% of marriages end in divorce or separation, which negatively impacts women financially. 

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How money works for women is different than it is for men because of these factors. Additionally, we think and act differently than men, which means we will have a different relationship with money, as well as different money philosophies. This is why the financial strategies we use must be tailored to our specific needs when investing and building wealth.  

How can women close the financial gap?

Fortunately, there are many ways women can close the financial gap. It starts with a decision to educate yourself. We are not taught negotiation tactics or money mastery in school, and if we want to close the gender pay gap, we need to learn these things and start advocating for ourselves. 

Building confidence in yourself is a big step. Women don’t tend to be as vocal about their skills and talents as much as men are. Some women even downplay their abilities because they don’t want to seem boastful. The problem is, that causes other people to do that too, and that will not close the gender pay gap.

Confidence is built by taking action, noticing your results and learning from your experiences. I want to encourage you to take that one step further: start documenting your progress and your wins as you advance in your career. Write down all the great things you do in your job or that you deliver as an entrepreneur. 

Each time you have a win, like increasing sales or helping a client do something they’ve never done before, write it down! Then when it comes time for a salary review or to increase your prices, you will have a great list of the reasons your financial increase is more than worth it. 

You deserve to get paid well for the value you bring! 

Beyond your pay, you must learn how to master your finances. In the book I wrote with Kim Scouller, How Money Works for Women – TAKE CONTROL or lose it, we share ways to do exactly that. Among them are:

1. Talking about money. We have to start making money a regular part of our conversations with friends and family, if we want to start making lasting change. Discuss debt reduction strategies, smart finances, money goals, financial well-being, and more. The easier it becomes to talk about money, the more you will be able to do to improve your financial situation through the opportunities these discussions will bring.
2. Knowing your financial situation. When debt is involved, it can be very easy to put on blinders and try to ignore the situation, but that won’t change it. To master your finances, you have to know where you are right now and where you want to go. Getting to know your numbers is required for money mastery.
3. Setting your financial goals. Based on your financial situation, you will set financial goals to start moving toward the financial future you want. No matter where you are right now, try not to judge yourself or your situation. You made decisions previously based on the information you had. Now you have more information and you can make different decisions, which will give you better financial results. That is a great step forward!
4. Making a plan and sticking to it. Stick to the plan you have made because it will close the financial gap for you! A great tip is to automate your investments wherever you can, that way you don’t have to think about them, which will ensure you continue to make the investments that will move you toward a bright financial future. 

Money mastery isn’t difficult when you have the information you need. Once you do, you just have to make some simple changes to get much bigger dividends! I know you can do that! 

If you want a guide that will give you smart financial strategies tailored for women in 2024, I encourage you to get How Money Works for Women – TAKE CONTROL or lose it. This book is designed to help you conquer the money milestones you may face at each stage of life, so you can design your financial future. 

Get How Money Works for Women – TAKE CONTROL or lose it now!