And, these money saving hints are peppered with inspirational quotations from Marianne Williamson – one of my most favorite strong successful women in history!

“Our deepest fear is not that we are inadequate,” said Williamson. “Our deepest fear is that we are powerful beyond measure. It is our Light, not our Darkness, that most frightens us.”

You are a powerful woman. You can become financially independent. Don’t let your anxieties or fears hold you back – most of them are groundless! If you struggle with debt and money problems, read On My Own Two Feet: A Modern Girl’s Guide to Personal Finance.

And, here are my five hints for women and money…

5 Money Saving Hints for Women – Marianne Williamson

1. Activate two money saving hints a month. There are smart ways to save money everywhere – the internet, budget books, your rich old aunt, on placemats at funky restaurants. Don’t try to implement every money hint you find; instead pick two a month. Focus on making those two money saving tips a habit. In a month or six weeks, find two more money saving hints to work on. This way, you’re not overwhelmed with a million ways to save money – and you’re steadily progressing towards your goal of financial independence.

2. Pay twice – it teaches you how much money you can save! Here’s a great hint for women who want to be financially independent, from a blog about money from the BHM Financial Group: “Every time you buy a cup of coffee, lunch, or a newspaper, magazine, DVD or other entertainment material, put the same amount of money into an account intended for saving or bill payments,” writes Cassandra in Better Attitude, Bigger Income. “See how much money you’ve saved at the end of the month. Now you know how much money you spent (but could’ve saved) this month. This money saving hint will also show you how much those items really cost, since most of us only take home about one-half what we earn. So, buying that $5 DVD is really costing you $10, that coffee is really about $7.50, and going to the movies? Whoa . . . but, you get the picture.”

3. Turn price tags into hours worked. This is a brilliant hint for saving money for women, from the founder of Mint.com: “So you don’t really need another pair of jeans, but you eyed one that costs just $40,” says Aaron Patzer. “Inexpensive, right?  That depends on how you think of it, Patzer said. Say you earn $7 an hour at your part-time job (not uncommon for high school or college students who work after school and on the weekends). You’d need to work almost 6 hours to pay for those jeans. If you work 10 hours a week, that’s 60% of your work time. Think of it this way, and that pair of jeans doesn’t look that cheap, after all.” Make it a habit to look at the things you want in terms of how long it takes to earn them.

4. Combine money saving hints with your personality traits. Pay attention to your likes and dislikes, characteristics, and lifestyle. What’s your money personality – what are your money beliefs? Are you a saver or a spender? Do you associate with people who have good financial habits, or are you always on a spending spree with friends? To save money and get rid of the debt that holds you back, you need to “ride the horse in the direction its going” – which means not trying to change who you are. Instead, find ways to fit these money saving hints into your lifestyle and personality.

If you wonder if your personality is “good enough”, remember Marianne Williamson’s words: “We ask ourselves, who am I to be brilliant, gorgeous, talented, fabulous? Actually, who are you NOT to be? You are a child of God. Your playing small does not serve the world. There is nothing enlightening about shrinking so that other people won’t feel unsure around you.”

5. Find meaning in experiences, not stuff. “Joy is what happens to us when we allow ourselves to recognize how good things really are,” said Marianne Williamson. I don’t think she’s talking about shoes, clothes, or other material possessions! Sure, I know how fun it can be to buy new things – I’m not a shopper, but I’ve experienced that “shopper’s high.” But, I also know that spending money isn’t the only way to feel good. In fact, spending money may one of the least satisfactory ways to be happy because it requires a constant outflow of money. If you’re an emotional spender (you shop to avoid stress or sadness), then you might think about finding meaning in your life without spending money. This won’t just help you become a financially independent woman, it’ll help you get emotionally healthy!  

And, solving your money problems will help you let your light shine…

“As we let our own Light shine, we unconsciously give other people permission to do the same. As we are liberated from our own fear, our presence automatically liberates others.” ~ Marianne Williamson.

Do you wonder if you can stand on your own two feet? Read 5 Signs of a Financially Independent Woman – Suze Orman.

Related posts:

1. 8 Smart Ways Women Can Save Money – Suze Orman
2. 9 Tips for Taking Control of Your Money for Women
3. Is This a Risky Financial Investment? Money Tips for Women

Here’s what she says about saving money for your future:

“We need to give [women] more of an incentive to work, to save, to invest, to create a true future for themselves.” ~ Suze Orman

Are you motivated to create a financially secure future — one that doesn’t revolve around a man? If not, what’s holding you back? If you think fear of success is holding you back — don’t laugh, it’s more common than you think — read The Courage to be Rich: Creating a Life of Material and Spiritual Abundance. And, here are eight tips for basic personal finance for women…

8 Smart Ways Women Can Save Money – Suze Orman

1. Figure out what you’re saving money for. Don’t just save money for your kids’ college education or to pay off your mortgage. Save money for fun stuff! For instance, I save money for my overseas vacations – I want to go on a cruise for my fifth wedding anniversary in October, and a two week vacation to Maui in January. A smart way for women to save money (and — even better — achieve financial independence) is to find compelling reasons to save money! Why do you want to be financially free? What are your goals?

2. Write your money saving goals on your forehead. If you want to stay motivated to save money, you need to go beyond deciding that it’s time to save more money. You need to keep your goals front and center! The beauty of writing your money saving goals on your forehead is that they’ll wash off when you shower. Every time you rewrite your goals, you’ll be newly motivated to achieve them.

3. Make two days a week “No Spend” days. “Unspend,” advise the financial gurus at DailyWorth. “No Spend Days are powerful budget-balancing tools. By simply not spending money one day a week, you give yourself more wiggle room in other areas.” I think one day a week is too easy – I challenge you to make two days a week your “No Spend” days! No fancy lattes, no DVD rentals, no 7-11 slurpees (my personal weakness), and no restaurant meals. This is one of the smartest ways women can save money.

4. Keep a running tally of how much money you save. Every time you choose to take your lunch to work instead of buying it, or choose a regular coffee instead of a fancy frappuccino (this is one of my personal favorite ways to save money because I get a coffee out, but I don’t pay $5), write down how much money you saved. At the end of every week, tally up your savings. I guarantee that you’ll be shocked at how easy it’ll be to save money!

5. Figure out how to make money savings tips stick. You hear money saving tips all the time: cut grocery store coupons, stop eating out at restaurants, shop for second hand clothes, don’t use premium gasoline for your. But, do you actually apply those money saving tips to your life? One of the best ways to save money fast is to learn how to make good money saving tips stick.

6. Figure out why you spend money. You can read about the best ways to save money until the cows, sheep, and pigs come home! But if you don’t understand and perhaps even change your underlying financial beliefs, you’ll never get your personal finances in order. Are you in financial debt for emotional reasons — are you an emotional spender? A compulsive shopper? Do you have faulty money beliefs? You can’t achieve financial independence — or save money — unless you deal with your money issues.

7. Stop buying DVDs and CDs. How many times do you really need to watch your favorite movies or listen to your favorite songs? I own and love the movies Chicago, Mr and Mrs Smith, and Thelma and Louise…but there are only so many times I can watch them! “I know someone with a massive DVD collection,” writes Pat Foran in The Smart Canadian’s Guide to Building Wealth. “He takes the bus because he can’t afford a car, but he does have every episode of The Twilight Zone.”

8. Become a library lizard. My husband and I don’t just borrow books from our library, we take out magazines, CDs, DVDs, and audiobooks. I rent Pilates, Yoga and other workout DVDs – which is a great way to save money on fitness. When was the last time you visited your local library? It’s a great place to save money!

“In all realms of life it takes courage to stretch your limits, express your power, and fulfill your potential. It’s no different in the financial realm.” ~ Suze Orman.

To attract wealth and get real about your personal finances, read 6 Steps to Financial Independence for Women.

Related posts:

1. Dealing With Different Money Personalities as a Couple – Suze Orman
2. How to Get Money to Start Your Business – Suze Orman
3. 10 Ways to Save Money on Food – Rachael Ray

“Too much money is as demoralizing as too little, and there’s no such thing as exactly enough.”  ~ Mignon McLaughlin.

I’m hoping there is such a thing as “exactly enough money” — because that’s what this blog post is all about! For instance, if I make my mortgage payment every month, then I have enough money. (The devil on my shoulder whispers, But what if that’s not enough? What if you’re never financially satisfied? And I say Shush shush SHUSH!!).

If you want to create financial abundance, read The Money Coach’s Guide to Your First Million: 7 Smart Habits to Building the Wealth of Your Dreams. And, here are five ways to apply mindfulness to your life, so you get enough money. Be a financially independent woman, be empowered and secure!

5 Mindful Ways to Get Enough Money – Mignon McLaughlin

Financial independence and security isn’t just about getting enough money — but having enough money does put our minds at ease! These money tips for women aren’t just about achieving financial goals, they’re about creating a better relationship with money through mindfulness.

1. Pick two or three money “mentors.” Who do you admire and respect because of their money management skills? Pick at least two money mentors (women who have succeeded financially, even if that “just” means saving $10,000 for a car or down payment on a house). Spend time with them. Pick a money mentor you can rub shoulders with in person, and a money mentor you can learn from online, on TV, or on the radio (Suze Orman, for example).

2. Ride the financial ups and downs with “mindfulness.” Getting enough money — enjoying financial independence – is about riding the financial roller coaster of debt, income, and household bills without losing sight of the big picture. Instead of letting a financial upset (eg, an unexpected car repair bill) throw you off course, stay focused on how wonderful it will feel to be financially secure. This is being mindful!

3. Learn about your money personality. Do you think you don’t know how to handle the bill payments, financial investments, or wealth accumulation?  Negative money beliefs will stop you from getting enough money. To be more mindful about your money, figure out your money personality – which often comes from your childhood. For example, women may spend more money than necessary because of childhood experiences. If you’re addicted to shopping, remember Mignon McLaughlin’s words: ”Money is much more exciting than anything it buys.” Avoid the trap of shopping, consumerism, and emotional spending.

4. Put your money personality to work for you. It’s easier to break bad money habits when you know what comes naturally for you. For instance, some women love to invest in the stock market, while others need to stop emotional spending. Some women need to focus on their household budget, while others are more comfortable pinching pennies (like me!). To apply mindfulness to your money situation, focus on what comes naturally. Delegate other money management tasks to your partner, reliable family member, or financial advisor.

5. Be mindful literally: visualize getting enough money. What does “getting enough money” mean to you? Do you want to pay your mortgage, or start saving for a summer cottage at the lake? Maybe you want to start your own business, or save enough money to be financially independent. Use the law of attraction: visualize what your ideal financial life looks like and stay focused. Using mindfulness to get enough money is especially effective when when you discuss your money goals with your partner, family members, and friends. Talking about your goals can make them more real and tangible. And, talking can keep you accountable!

But, don’t let money rule your life! “When you let money speak for you, it drowns out anything else you meant to say,” said Mignon McLaughlin. Make sure you control your money — don’t let it control you.

If you have any thoughts or questions on these mindful ways to get enough money, please comment below…

Related posts:

1. 8 Smart Ways Women Can Save Money – Suze Orman
2. Is This a Risky Financial Investment? Money Tips for Women
3. 9 Tips for Taking Control of Your Money for Women

“Awakening is about involving yourself fully in the game, in the ebb and flow of your life,” says Dr Robin Smith. “If you have been hibernating, right now may be a good time to emerge from your cave.”

Are you hiding from your authentic self and life by drowning yourself in an ocean of financial debt? If your relationship with money needs an overhaul, read Emotional Spending: How To Break The Addiction. And, here are six ways to deal with financial debt, inspired by Dr Robin Smith…

Are You in Financial Debt for Emotional Reasons? Help From Dr Robin Smith

Lisa Bradley recently appeared on the Oprah Winfrey show, talking about her overwhelming financial debt and inability to live within her means. She thinks she overspends as an adult to compensate for things she didn’t have growing up. “It’s almost like I reverted back to my childhood and decided to buy my Christmas toys, except they’re not Barbie dolls anymore,” she says. “I didn’t get the Barbie car when I was little, but I’m going to drive the Barbie car now.”

Are you driving the “Barbie car”, which you can’t afford to pay for? If so, these tips for dealing with the emotional reasons for your financial debt may help…

1. Learn to control the emotions that lead to spending money. Dr. Robin advised Lisa to stop buying things, face her childhood shame head-on, and gain control of her emotions. “You were out of control from the very beginning,” says Dr. Robin. “[The] child in you – the wounded child that lives in all of us – was driving in the front seat of your adult life. That child needs to be put in the back seat, cared for, nurtured and reminded that there is now an adult who can look out for her.” Sometimes getting control of your emotions is simply about being aware of them. Knowing that you want to shop because you’re depressed or sad may help you build better money habits.

2. Tune in to your “emotional hunger.” If you can’t express your anger, hurt, fear, or pain in healthy ways, then you’ll turn to unhealthy outlets — which doesn’t make you a financially independent woman! Shopping, spending money, eating, binging, gambling, and many addictions are signs of unmet needs. Women who spend money for emotional reasons are often ignoring their emotional hunger — which is why they’re in debt because of “emotional spending”! If not properly expressed, feelings of fear, doubt, insecurity, anxiety, and low self-esteem can lead to a shopping addiction and serious financial debt.

3. Know – and learn how to cope with – your spending “triggers.” Do you succumb to shopping or spending too much money when you’re with a particular person? When you’re fighting with your partner? After dealing with difficult coworkers? Look for connections between the events in your life, your emotional reactions, and your financial debt. Identify the triggers or emotional reasons that send you running to the mall and lead to financial debt. Your triggers may never go away – you’ll always have stress, pain, and discomfort in your life. Since you can’t get rid of hardship or life’s challenges, you need to find healthier ways to cope with your feelings.

4. Talk to an expert in psychology and financial planning. If you can’t figure out the roots of your emotional spending, talk to a counselor. You’re spending money for a reason — and it’s probably an emotional one. The sooner you figure out what need you’re trying to fill, the sooner you’ll start dealing with your financial debt. For help with the practical side of budgets and spending, read 9 Tips for Taking Control of Your Money.

5. Give yourself time to learn how to express your emotions in healthy ways. Whether you’ve been struggling to overcome a shopping addiction for months or years, remember that it takes to learn healthier ways to deal with stress and your emotions. “Whether it’s food, whether it’s debt, whether it’s alcohol — detoxing sucks,” says Dr Robin. “I know that’s a nonclinical word, but we all know what it means. It does not feel good when one starts to clean up their mess.”

6. Know you’re not alone! Dr. Robin says women who are in financial debt for emotional reasons are not alone – everyone struggling with money problems is “trying to fill a spiritual wound with a cheap surrogate.” “BMW may not sound cheap, but for a child who is aching to feel like she was enough, for a child who was aching to feel the safety and comfort in his own life, a BMW can’t ever touch that wound,” she says. “What becomes more dangerous is the deeper the wound, the more I spend.”

Are you in financial debt for emotional reasons — and is Dr Robin Smith’s advice helpful? I welcome your thoughts below…

Related posts:

1. 5 Money Saving Hints for Women – Marianne Williamson
2. Is This a Risky Financial Investment? Money Tips for Women
3. Financial Independence for Women – Quips and Tips

“Women need to develop a healthy, honest relationship with our money,” says financial guru Suze Orman. “And we have to see this relationship as a reflection of our relationship with ourselves.”

In other words, our financial lives (mortgage payments, credit card debt, emergency savings fund, monthly budget, etc) are part of who we are as women. The serious debt or extreme wealth in our finances directly affects our emotional, physical, and spiritual lives. For more info on women and money, click The 9 Steps to Financial Freedom: Practical and Spiritual Steps So You Can Stop Worrying. And, read on for several sings of a financially independent woman (inspired by Suze Orman!)…

5 Signs of a Financially Independent Woman – Suze Orman

1. Financially independent women are aware of their “money personalities.” Did your parents invest in real estate, a secure low-interest savings account, mutual funds – or did they struggle with debt? Your saving and spending habits, investment style, attitude about money, and financial perspective is shaped in part by the way your parents treated money in your childhood. Your money personality directly affects your relationship with money – and the more self-aware you are, the more financial independence you’ll enjoy.

2. Financially independent women take financial risks. A financial risk doesn’t necessarily mean investing $10,000 in a friend’s new business or charging a $2,500 dollar dress to a maxed-out credit card. Taking healthy financial risks includes investing in your career by going back to school full or part-time, taking a mortgage on a small piece of real estate, or exploring ways to earn money from your hobby.

3. Financially independent women have their own checking, savings, or credit card accounts. So many readers make comments on my “Quips and Tips for Achieving Your Goals” blog about how they want to leave their common-law or married husbands, but can’t because they have no money to support themselves. Having a separate checking or savings account is the most basic sign of a financially independent woman…and yet many women don’t have their own source of money.

4. Financially independent women have both individual and couple money goals. Our goal as a married couple is to pay off the mortgage within a few months; my goal as a businesswoman is to earn $2,500 per month from my blogs. My husband has his own financial goals, mostly related to investing money in stocks and bonds. For a woman to have true financial independence, she needs to have goals that are separate from her partner’s. If you and your partner see money differently, you might find Dealing With Different Money Personalities as a Couple helpful!

5. Financially independent women understand basic personal finance. This is where books about money for women are so important! I can’t describe retirement investing, compound and simple interest rates, living trusts, home insurance, income tax strategies, etc here – but a basic understanding of money is crucial for women. The more you know about basic personal finance, the more independent you’ll be.

One of my favorite books about money for women is Lois Frankel’s Nice Girls Don’t Get Rich: 75 Avoidable Mistakes Women Make with Money (I like it better than Suze Orman’s Women and Money).

Orman has the final word about money, though:

“Remember to stay involved with your money, to nurture a healthy relationship with it, for what happens to your money affects the quality of your life and the lives of all those you love.”

Are you financially independent? If not, have no fear…read Steps to Financial Independence for Women!

Related posts:

1. Financial Independence for Women – Quips and Tips
2. Is This a Risky Financial Investment? Money Tips for Women
3. 9 Tips for Taking Control of Your Money for Women

“We never had it as rough as the kids have it today,” says Orman. “Look at the price of a gallon of gas or a piece of real estate or a college education.”

If our kids ever needed their parents’ money advice, it’s now! For more info on kids and money, click Money Sense for Kids. And, read on for money tips from Women & Co…

10 Tips for Teaching Kids About Money – Women and Co.

Lisa Caputo, Founder, Chairman and CEO of Women & Co., and Linda Descano, CFA®, President and COO of Women & Co., offer the following money tips to help women teach their children about financial responsibility, sharing, and the connection between money and values…

1. Be a positive money role model. Children absorb values by observing adult behavior. Set a “money example”, and model a healthy attitude toward work, earning money, spending money, and donating money. Keep the role of money in perspective in the family and don’t use it as a means of comparing yourself to others.

2. Understand your kids’ environment.  Try to unearth the experiences your kids are having with money among their peers. Values, attitudes and beliefs are continuously evolving so it’s important to help your child interpret what he or she may be hearing, seeing, and feeling.

3. Establish good behavior – give an allowance. As soon as your kids are ready, set up an age-appropriate allowance for children and a schedule for dispensing it between savings, spending, and giving.  For teens and college students, consider giving them an allowance to last several months and let them allocate it over time.

4. Talk about money with your kids.  Talk openly about money in the family; don’t treat money as a taboo topic.  A candid, honest and ongoing dialogue about money in the household can help kids develop healthy attitudes and learn valuable lessons.

5. Make talking about money fun! Talking about money doesn’t have to feel formal or dull. Window shopping and trips to the library can teach important lessons about needs vs. wants and borrowing. Many classic board games like Monopoly, Life and Payday are springboards for basic lessons in finance.

6. Practice money tips as a family.  Create a “family fund.” Saving toward a common goal, such as a vacation or donation to a charity, offers children the opportunity to get involved with conducting research, creating the budget, and more. Grandparents and relatives can be invited to join the fund too – and it all contributes to teaching kids money skills. For more tips about teaching kids about money through role modeling, read Being a Financial Role Model.

7. Give back to the community. Help your kids determine how they would like to contribute their time by showing them their options. Perhaps someone in your family is musically talented and can arrange a performance for people at a local hospital. Or, use the skills of the entire family by serving at a soup kitchen or helping to build a home for a family in need.

8. Be fair. While you may not be able to be completely consistent between kids because of differences in ages, do make every effort to avoid comparing siblings or creating competition about money, savings, or spending in the household.

9. Accept money mistakes and celebrate success. Protecting children completely can lead to financial problems when they are adults, so allow them to make mistakes. But, do set limits and make rules – and remember to celebrate their successes!

10. Be patient. The results of your efforts to teach your kids about money may not be apparent until much later on in your children’s lives. Trust that you’re doing the best you can and take the setbacks in stride. 

Do you remember the lessons your parents taught you about money when you were a kid? I welcome your thoughts below!

For more info about teaching children about money, visit Women & Co..

Related posts:

1. 9 Tips for Taking Control of Your Money for Women
2. Is This a Risky Financial Investment? Money Tips for Women
3. 8 Smart Ways Women Can Save Money – Suze Orman

Here’s financial and life inspiration from Suze Orman:

“In all realms of life it takes courage to stretch your limits, express your power, and fulfill your potential. It’s no different in the financial realm.”

You need courage to be an entrepreneur – and you need to believe in yourself! For more info on starting your own business, click Small Business Start-Up Kit. And read on for several ways to transition into self-employment as a business woman…

How to Get Money to Start Your Business – Suze Orman

Be open to creative business and financial possibilities! In How Hobbies Become Money Making Careers, I describe ten hobbyists who turned their joys (and opportunities) into their businesses. They became female entrepreneurs almost by accident, because they were open-minded – and they love it. Not all of them share how they found the money to start their businesses, but if you want me to contact them, just let me know in the comments section below. I’d be happy to write an article called “Money Tips From Female Entrepreneurs.”

Work part-time, be self-employed part-time. When I first started freelance writing, I worked part-time in an office. I soon realized that the more time and energy I put into writing, the more it paid off – so I decided to take the leap into full-time self-employment as a home-based writer. This is a great way to earn money to start your own business – working part-time – because it’s practically risk-free.

Invest your savings in your business. If you have a couple thousand (or a few thousand!) dollars saved up, then investing your own money in your business makes sense. If you’re a saver, it doesn’t take long to build (or rebuild) capital. If you’re a spender, read Money Tips for Women in Their 20s, 30s, and 40s. If you own your home, you could consider remortgaging it…or selling it altogether.

Apply for a small business loan. Before you apply for a loan, make sure you have a business profile, business plan, personal and business financial statements, and proof of collateral. If you’re applying for a loan to start your own business, you’ll also need to know your credit rating. Plus, you should have some of your own equity invested in your business (eg, money, property, equipment, etc.). To learn about banking relationships, read Tips for Small Business Banking.

Ask your friends or family to invest in your business. You can alleviate the awkwardness of asking friends or family by following certain standards for lending money to friends or family members. If you’re asking friends or family members for capital for your startup, then you need to be as professional, businesslike, and organized as you would if you were applying for a small business loan. And, make sure everything is in writing.

Use your credit card or personal line of credit. To me, this is a risky way to get money to start your business, but…entrepreneurs are known to take risks! Think this through very carefully before you start using your credit card to finance your small business. Most credit cards charge high interest rates, and you have to pay your bill whether your business is successful or not.

Play the stock market? This is another risky way to get money to start your business! If you’re considering investing money to make money, make sure you’re prepared to lose it all. Some investors make good money playing the market – though the economy can make or break your investment. Short-term high-risk investments aren’t necessarily the best way to finance your venture into female entrepreneurship…but it is something to think about.

No matter which combination of methods you use to become self-employed, take this financial advice from Suze Orman:

“It’s better to do nothing with your money than something you don’t understand.”

Don’t invest your money into anything you find confusing, unsettling, or risky. Make sure you research all your options thoroughly — whether you’re getting a bank loan or using your own savings to start your business. You might also consider investing in a business financial advisor.

For more info on successful self-employed business women, read The Key to Success for Female Entrepreneurs – Coco Chanel. And if you have any questions or thoughts on getting money to start your own business, please comment below…

Related posts:

1. How to Start a New Career – Suze Orman
2. Dealing With Different Money Personalities as a Couple – Suze Orman
3. 8 Smart Ways Women Can Save Money – Suze Orman

“Age is more than just a number when it comes to financial planning,” say Lisa Caputo and Linda Descano – the dynamic duo behind Women & Co. “Starting early can help give you a leg up on a comfortable retirement. This is particularly important for women because we live longer than men, are more likely to require long-term care services, and take more time out of the work force to care for children and family members.  These financial realities make it even more important for us to start saving early, to save more as we earn more, and to plan carefully for those ‘time-out’ periods.”

The sooner you take charge of your money, the happier you’ll be. For information and inspiration from Suze Orman, click Women and Money: Owning the Power to Control Your Destiny. And, read on for nine tips for basic personal finance for women…

3 Tips for Taking Control of Money for Women in Their 20s

Set Financial Goals.  The first step to putting together a financial plan is to identify what you want, when you want it, and what it will take to achieve it.  Be sure to write down your goals so you have something to refer back to as you plan.

Live On a Budget.  A budget doesn’t have to be onerous and it’s a key component of a solid financial plan. Start by writing down your monthly income, track and total how much you are spending monthly, and determine your debt-repayment obligations (i.e., credit card, student loans).  After calculating your monthly expenditures, subtract that from your total monthly income.  Allocate the amount you have left over toward savings.  If you’re falling short on savings, think creatively about ways to cut spending. 

Make Saving Money Automatic.  Once you’ve determined your target savings amount, consider setting up an automatic transfer from your primary bank account to a dedicated savings account each month.  Also, do not miss an opportunity to enroll in your employer’s retirement plan, such as a 401(k) plan, and take advantage of matching contributions, if available.  Whether you have access to an employer-sponsored plan or not, consider an IRA.

If you’re raising children, you’ll find Being a Financial Role Model helpful!

3 Tips for Personal Finance for Women in Their 30s

Set Up An Emergency Fund.  Save and set aside enough cash to cover at least a minimum of three, and ideally six, months of living expenses in case of disability, unemployment or an unforeseen event.

Seek Out Financial Professionals.  Identify a team of professionals (i.e., financial advisor, accountant, attorney) that you feel comfortable working with.  Ask friends and family for referrals and interview potential advisors.  Once selected, regularly review your financial plan with your team and be sure to check in during any life transitions such as having a child, or getting married or divorced, as these events may impact your plan. 

Define Your Investment Strategy.  Work with your financial advisor to develop a target asset allocation for your portfolio.  Tell your advisor when you would like to retire and discuss your tolerance for risk so that s/he can help you allocate your portfolio accordingly.

If you’re married or living with a partner, you might find Dealing With Different Money Personalities as a Couple helpful.

3 Money Tips for Women in Their 40s

Cover Yourself With Insurance.  Personal insurance includes health, life, disability or long-term and property insurance typically includes auto and homeowner’s.  Learn about your insurance options and determine the type and amount of coverage that makes sense for you and your family.

Protect Your Legacy. Even if you if don’t have children or consider your assets significant enough, still think about executing a will, living will, power of attorney and health care proxy to outline your wishes in the event that you are unable to make decisions for yourself. 

Maximize Retirement Contributions.  With your earnings at its peak, now is the time to boost your savings.  Contribute the maximum amount to your retirement plan. If you have children and haven’t done so already, start a savings fund for their college education.  If you’ve already started a college fund, now is the time to maximize your contributions to it.

If you have any thoughts or questions on these tips for basic personal finance for women, please comment below…

Women & Co. is a financial resource program from Citi, dedicated to helping women achieve their financial goals.

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First, the bad news:

“Opposites may attract, but I wouldn’t put my money on a relationship of financial opposites,” says Suze Orman.

But don’t fret, my friend! Just because Orman wouldn’t bet her money on a couple with two different money personalities doesn’t mean that couple is headed for relationship breakdown or serious financial problems. (phew, what a sentence that was!)

Here are several ways to deal with different money personalities as a couple. For more info, read Financially Ever After: The Couples’ Guide to Managing Money by Jeff Opdyke.

Dealing With Different Money Personalities as a Couple – Suze Orman

The two basic money personalities are savers and spenders. If you’re a saver married to a spender – or a spender married to a saver – you’ll run into different relationship challenges than two spenders, or two savers.

Know your FICO score. “If you forced me to pick one single bit of advice that would have the biggest impact on turning around your financial situation, I wouldn’t hesitate for a second,” writes Orman in The Money Book for the Young, Fabulous, & Broke. “You have to know your FICO score.” Before you tackle your “saver versus spender” money personalities, learn about your credit score. Do you need to do some damage repair?

Separate your finances. Consider having two separate income streams and bank accounts. This way, if you’re a saver you can invest your money any way you want. If your partner is a spender, he can spend his earnings any way he wants. You can divide the household bills and other sources of debt, and pay for those equally but separately.

Learn how to talk about money objectively. Whether you’re deciding how to invest a $10,000 windfall or struggling to pay off medical debt – you need to talk about your financial problems or perks rationally. This means accepting your different money personalities without blame, resentment, or bitterness. For help, read Tips for Talking About Money for Couples.

Talk about your money personalities before marriage. “After you marry, every asset either of you acquires is jointly held,” says Suze Orman. “That’s why you both need to be in sync on your long-term financial goals, from paying off the mortgage to putting away for retirement. Ideally, you should talk about all this before you wed. If you don’t, you can end up deeply frustrated and financially spent.”  For help, read Figuring Out Your Finances for Engaged Couples.

Consult a financial planner. Dealing with different money personalities as a couple can get difficult – and those difficulties can affect other parts of your relationship. To solve your financial problems, consider talking to a financial planner who can help you see the big picture. He/she can help you set your general financial goals (eg, retirement planning), as well as determine the details that will help you achieve those goals (eg, a monthly budget).

“In all realms of life it takes courage to stretch your limits, express your power, and fulfill your potential,” says Suze Orman. “It’s no different in the financial realm.”

Are you a saver — and is your partner a spender? How do you deal with it?  If you have any comments or questions on these tips for dealing with different money personalities as a couple, you are welcome below….

For more inspiration from Suze Orman, read How to Successfully Change Careers! 

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But, getting another diploma, degree or certificate isn’t the solution in all situations…

“Going back to school makes sense only if it is a necessary step in a well-conceived career change,” writes Orman in The Money Book for the Young, Fabulous, and Broke. “Otherwise, it’s just a bad excuse to get out of a situation that isn’t working for you.”

For more solid money and career advice, click The Money Book for the Young, Fabulous, and Broke by Suze Orman. And, read on for tips on successfully changing careers, some of which are based on her book…

How to Successfully Change Careers – Suze Orman

Think career, not short-term job. When I first started freelance writing (I’m The Adventurous Writer), my husband kept talking about my “writing career.” That freaked me out at first, but then I began to think about my writing that way…as a career, not just a dream, goal, or way to pay the bills. It changed how I organize my workday, what I focus on, and what types of magazine assignments I accept.

Learn how to cope with failure – and build your resilience. Successful women fail a lot – and they bounce back a lot more! Learn how to overcome failure, recover from setbacks, and focus on your long-term vision. Expect that you’ll have to struggle to achieve your goals…because good things rarely come easily.

Make sure your choices take you in the right direction. Before you decide to take a class, quit a job, accept a promotion, or take on a new client, ask yourself if that choice moves you towards your long-term career goals. Avoid the inclination to dismiss your needs to make other people happy or fulfill their expectations (read Letting Go of Other People’s Expectations – Maria Shriver for help with this). Surround yourself with women who are where you want to be…or who are getting where they want to go.

Build a financial cushion before starting a new career. “If your new job involves going back to school, even part-time, or taking a new job at lower pay, I want you to take the time to build up a bit of a cash cushion to help you through the transition,” writes Orman. When you’re leaving a job you hate or that doesn’t suit you, the last thing you need is create financial stress! So, scale down on the extras and focusing on pursuing your passions.

Aim for the right opportunities – not the best money. “The right job at the right company in the right field is your goal early on,” writes Orman. “Follow your passion. There will be plenty of time to make money down the line.” Of course, this works best when you’re not struggling to pay the bills or feed your kids! Read 7 Unusual Tips for Spending Less Money for a different perspective on saving money when you’re starting a new career.

Don’t rely on the internet if you’re changing careers. If you post your resume on job sites or email it to potential employers, you’ll be lost in a sea of blurry faces. Instead, visit the people and places you actually want to work with or for. Make phone calls. Your computer is fabulous for research – but successfully starting a new career requires face-to-face interaction.

What have I missed? If you have any questions or tips on successfully changing careers, please comment below!

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1. How to Get Money to Start Your Business – Suze Orman
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