The Best Money Advice for Women
Women still make less money than their male counterparts in many industries, as of 2011. This sometimes makes it financially harder to face tough challenges like divorce, being a single parent and getting out of debt. Women thus are in need of money advice that let them stay on top of their careers and personal lives.
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Avoid Co-Signing
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Co-signing means that someone else takes out a loan or opens a credit line and you sign the papers in support of the person getting the money. If the person for whom you co-sign doesn't pay his debt, the creditor can come after you to pay the debt. It may be tempting to co-sign for your husband or partner, but don't get pressured into accepting responsibility for someone else's debt.
Keep Your Accounts Separate
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When women get married, they often get joint accounts with their partners. Unfortunately, as the Centers for Disease Control and Prevention points out, about half of all marriages end in divorce, based on 2010 data. When this happens, women may find that their finances are horribly tangled with the finances of their ex. Sometimes exes even use this entanglement to devastate their wives financially, purposely not paying debts for which their partners also are responsible. To protect yourself, keep your finances separate. Get accounts in your own name, including credit accounts you can use to build your credit.
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Keep Up Your Skills and Career
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Women who choose to delay entering the workforce, or who return home to care for children temporarily, often find that they aren't prepared to restart a career. As Katy Read of Salon.com notes, mothers re-entering the workforce earn 4 to 15 percent less than non-mothers with the same skills and qualifications, and employers tend to see mothers as less competent than non-mothers. Stay on-the-job at least part-time or work from home with telecommuting options, and take continuing education classes that can show you've been learning about your profession.
Know the Difference Between Want and Need
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Women are flooded with all kinds of messages about what they "need" to spend money on. For example, they're inundated with beauty and weight-loss products. Items for the home also are a big spending temptation, with manufacturers appealing to the desire many women have to create a safe, clean, cozy and comfortable house. See beyond gender stereotypes in product marketing and buy only what you need. Never go into a store without a list, and don't be too proud to compare costs and use coupons.
Have a Plan
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Financial planning information is overwhelming to 44 percent of women, according to Jessica Wakeman of Mainstreet.com. Because planning is so critical to solid financial footing, one of the best things a woman can do is go to a financial counselor. A counselor can get you through tough financial spots even if you don't have much personal knowledge of money matters.
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References
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