This will save you money on interest and help maximize your ability to put cash away to meet your other financial obligations. Face those outstanding credit card balances and commit to paying off a certain number every month. Prioritize paying down high-interest debt.Consider putting cash into a high-yield account savings that compounds your interest daily, such as the Marcus by Goldman Sachs High Yield Online Savings. However, any amount you can save will help the future you. Generally, experts advise saving at least 20% of your gross income each month. Contribute regularly to a savings account.Tayne suggests starting simple with saving, debt payoff and long-term planning. Setting specific, targeted goals today helps you reach financial stability in the future. "It can be incredibly challenging for women who have devoted their lives exclusively to their home life (and aren't involved in bill-paying) to know where to start," Tayne says.Įven if your partner is the one who manages the bills, still check your shared bank accounts regularly and make sure you are establishing credit on your own (more on that in #5 below). If you're not sure where to start, speak up and ask for help. Sharing finances with someone? Don't give up your share of control, says Tayne.
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We rated Mint as the best overall free app since it performs all the above functions, plus more. You may also want to also consider a budgeting or expense tracker app that links to your bank accounts, categorizes your expenses for you and alerts you when you overspend. Set a reminder on your phone or through your bank's app so you never get out of habit. "This will also help you familiarize yourself with your spending habits, who your creditors are and your bank balances." "Doing so ensures your money is secure, payments are clearing and bills are being paid," Tayne says. Tayne suggests checking all your accounts online (or through your bank apps), including checking and savings. Make a habit of reviewing your accounts daily or weekly so you know what money is coming in and going out. The more intimately you know your finances, the better. While barriers still remain, it's important that you know how you can protect yourself and make sure you are financially secure going forward.īelow, Leslie Tayne, a debt-relief attorney at Tayne Law Group, shares seven steps every woman can take today to become more familiar with their finances and improve their relationships with money. The D.C.-based non-profit Center for American Progress highlights one study that found female transgender workers' earnings dropped by nearly one-third following their gender transitions.Īnd when it comes to saving for the future, women's average total retirement savings is just $23,000, whereas men's average total retirement savings is over three times higher at $76,000.
On average, for every dollar made by white men, white women make roughly $0.79, Black women make $0.63, Hispanic and/or Latinx women make $0.55, Asian women make $0.87, Native Hawaiian or Other Pacific Islander women make $0.62 and American Indian or Alaska Native women make $0.58, according to recent data from American Association of University Women.įor trans women, wage disparity is also obvious. Investing +More All Investing Best IRA Accounts Best Roth IRA Accounts Best Investing Apps Best Free Stock Trading Platforms Best Robo-Advisors Index Funds Mutual Funds ETFs Bonds
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