5 Tips to Help Women Manage Finances

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I may hate it, but I’m the person who handles finances in this family.  Kind of seems to make sense since I’m home full time.  I was kind of freaked out at first- I mean, what if I messed up? But I was determined.  As with all things- hey, guess what? I’m NOT PERFECT!! But I can handle the finances.  (I still hate it).

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We women NEED to be able to handle our own finances. Lots of money or little money, we have to know how to budget and handle money.  I’d much prefer someone did it for me- but what if something happened and suddenly I was left to handle things on my own? That could be disastrous!  In no particular order, here are some tips to help women manage finances:

1. Educate yourself.  Don’t know how to balance a checkbook?  Find out how.  Get a book.  Check a tutorial online.  Ask your bank.  Ask a friend.  Learn what to do with your money and where to put it, no matter how much.

2. Know your income.  From $100 a week to $10,000 a week/month/year, you need to know what money is going to be coming INTO your family. At least a ballpark. You aren’t going to get far without knowing!

3. Know your expenses.  There are certain things that you likely spend money on each month- for us- mortgage, gas for vehicles, electricity, cable, internet, phone, food.  There are also “regular” expenditures that won’t be monthly but you can count on incurring- like car insurance payments (we pay 1x/year because I can’t stand to give $4 a month to a company for absolutely no reason and want to keep my $48 in my pocket), heating oil, property taxes, etc. It isn’t that you have to know the exact dollar amount of these, but having at least a general ballpark figure will help you to make a plan.  Which brings me to item 4.

4. Have a plan. You can call it what you want- a budget, money plan, I don’t care what it is.  But have a plan.  Then, live within that plan.  For us, our plan is that we pay bills off in full each time they come in.  Period. We actually put anything and everything we can onto one particular card- we accrue reward points/moneys that benefit us and we pay it off monthly.  Win, win.  Part of that plan is a deposit into a savings account.  Even if it’s $5 a week, something goes into savings.

5. Stay organized.  Keep records.  You need to be able to find things and reference them- and if anything happens, you’ve got it already set aside.

Articles like this one on Women and Money from Time Magazine are also great resources for information about women and money.

What are your tips for managing money?

This post was inspired by Genworth Financial.  Opinions are my own.

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About the author: I’m a 30-something mom to three, brand ambassador. content creator, social media maven, blogger extraordinaire, earth lover, butcher, baker, candlestick maker (or something along those lines) – love word games, crafting, cake decorating or shooting pictures.

143 comments… add one

  • I always carry cash – it is so easy to overspend when all you need to do is slide that debit or credit card. And I always shop with a list

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  • this is so true for both sexes,my husband got divorced an he didnt have a clue they were so much in debt,she had taken a second morgage on the home an had run up numberous credit cards he didnt know she had so he left a 23 yr marriage with nothing

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    • Wow that’s scary!! Secrets are bad!

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  • Im in charge of all of our finances for the last 4 years and can happily say have got my husband out of his debt and now hacking away at mine

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  • GREAT TIPS! I still find keeping organize the hardest to do…lol

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  • One thing I have always done is to round up to the next whole # when I list it in the check register. 12 cents here, 48 cents there and by the end of the month you automatically have a few dollars extra, after I balance the ck book each month I tsf that money to our savings acct. Also saving all your chg in a jar everyday really adds up by the end of the year. Paying yourself back for all the coupons you use can really add up too.

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  • We have had this discussion in our house for 20 years…the job of doing the finances and the control of doing the finances. Something you definitely want to be in the know about but still a big responsibility. My opinion, debit cards and ATMs have made it too easy to spend, and not keep good records on non monthly debts and expenditures. I hate them. I want to go back to regular checking and balancing a checkbook, but with only a few checks a month now and many things set on auto pay, it doesnt even get done. I hate technology taking so much out of our hands but my husband loves it. Easier, but not necessarily better. Good tips for all women to know, and to not always depend on your husband or significant other, because like it or not the divorce rate is high and you never know. You need to know how to handle these things. Trust me, I have been there.

    Just told my husband I do not want to extend any credit anymore, at all, with exception of car payment and mortgage or possible true emergencies. He lives by the law that if you have the ability to use credit/borrow well, you should borrow. It’s ridiculous to pay interest for anything if you can just SAVE for those things you want. My opinion is that our generation wants everything they WANT right now, and are not savers like our parents. We are not teaching our kids to save, only to spend. I hate it, I hate it. We need more organization too. I want to see a financial planner but my hubby I think is too embarrassed to show our financial “colors”. arrggh!

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  • Great tips. Very helpful

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  • also important to have a very good financial advisor, one that you trust. be aware of your fees as well.

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  • Knowing your budget is so essential! And I’ve learned that buying used is ok, too. Growing up, we always bought new (even if it was cheaply made). I’ve now learned that sometimes you can buy something used that’s much better quality than a cheap new item. And if you decide to sell it one day, you can actually make some money back (whereas the cheap item will probably sell for next to nothing or wind up in the trash). Craigslist & thrift stores have become some of my best friends!

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  • It isn’t always easy to stay within the budget but if you do it will be rewarding knowing you can handle things without extra hassle.

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  • Great tips and I should really do them. May help us this year.

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  • I use credit cards with out the annual fee and like 0% interest for 15 to 18 months. Watch the APR after the free period some a very high like 29%. Thanks for the information in plain terms.

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  • Dave Ramsey is another person people can turn to when looking for Financial Peace.

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  • Another financial tip: If you qualify for a Senior’s discount (airlines, hotels, eating out), go ahead and take it, vanity is not a virtue.

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  • I save lots of money because I don’t have any to spare :)

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  • I have no check book and that helps me save money

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  • Those are great tips. I should show these to my daughter. Thanks :)

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  • This are good tips to keep in mind, right now I have split up my money and trying to save more then spend like before!

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  • I handle the bills at our house too and have done so for almost 30 years. You have some really good tips above and I use all of them. Now if I could just teach my daughter to have a budget plan.

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  • It’s very important that we know how much is in the bank at all times. More importantly, we have to start teaching children how to manage finances wisely because I know friends who doesn’t seem to know how to save, but are very good at spending via using that magic plastic card.

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  • women need to plan ahead and so do men,In todays world it may be the husband who knows nothing about the family finances.

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  • i think with our economy the way it is we all need to be concerned with or finances a little more

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  • And…always have your own (non-joint) bank account – you never know….

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  • These are good tips for anyone, not just women, but often women ae the ones who need them the most.

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  • Finances are a a scary thing for most families I think. Especially with the current economy. thanks for sharing these tips!

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  • A budget is very important to help keep you on track. I think it also easily lets you know if you have extra money for a big expense or a vacation!

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  • Thank you for the tips…I’ll say, I really really need help managing my finances! I’m always broke, and I have no idea where the money goes!

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  • Great tips. I have a budget and information is key like you said.

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  • These are great tips. My mom always taught me to save and how to best manage money. I am very particular about my money and manage it for our family.

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  • Hubby leaves all of the financial business up to me. I am not a big spender anyway, only buying shoes when they are needed, buying thrift, not spending money on jewelry, etc, you know, materialistic things.

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  • I was the one that always did the bills for years. I started asking my husband questions about the finances to see if he knew what the bills were because I was going into the hospital and he didn’t know anything about the bills so I started teaching him how to do it and he took them over. I thought it would be better for him to get practice since I had always done it before

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  • Great tips and it sure helps us all out with using our coupons for savings with so many things we purchase. I like that you put the bills or anything needed on a card to get reward points. May as well keep winning when you can. That is an excellent idea!

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  • I always know my expenses and make sure to not go over my allotted amount. I did find that I was not watching my expenses very well and I was spending too much money of food. My sister let me know that I am going overboard in this area, and I now make sure to stick to a budget while grocery shopping.

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  • Great tips. We have a budget and stick to it. We are like you that we don’t use credit cards and if we do it is paid off as soon as I get the bill. We try to use cash for most purchases. When you use cash it helps you know where your money is going. It is to easy just to swipe a card.

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  • Having a plan is the hardest part for me because something can happen that derails your plan. Nevertheless it is still important to have a plan.

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  • Wonderful tips. I have always been very good with money. I only wish I made enough to actually save.

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  • Great list to get started. My tip is: Put AT LEAST 40% of your income straight into savings. If you can’t do 40% you need to find a way to make more money, or live more within your means. Ideally you would put 50-60% away.

    This will cover a lot of unexpected costs moving forward. If you’re not currently saving money – picture something happening, you can’t work for 2 years.. What are you going to do? If you saved 40% + for 2 years prior, you’d be ALL SET!

    Hopefully nothing ever happens, then…when you get to a nice ripe old age and are ready to retire – you can travel the world with the money you’ve saved!

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  • “Know your expenses.” Uh…yeah. This is actually tricky. It’s very easy to forget all those little expenditures that really add up, so it’s important to track them. You have to know what you’re dealing with before you can formulate a plan for it.

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  • Staying organized is key! You need to know what money you have coming in and how much you can spend of that.

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  • Thanks so much for these valuable tips, i do almost all except the savings part, but i will start saving even if its as little as $5 for the raining days :)

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  • My best advice is, do careful research on the internet before you decide to buy any vitamin/mealshakes or diet aid supplements: 85% of all Soy products sold in the US have been polluted with GMO, for example- even some that are supposedly “organic”, so beware.

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  • I’ve always been in charge of the finances also. My husband always jokes that he makes it, so I manage it. I like it this way, but I must admit that bill paying time seems to come faster and faster. It’s like, whoa, it’s the 1st ALREADY?!!

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  • I have done our finances for a very long time- I would say another tip is you and your partner have to be on the same page -meaning you both know that needs come before wants!

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  • Great tips – we must learn to save our money.

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  • great tips. i will definitely be using these.

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  • Wisdom! This is just what I needed to know! Thanks for sharing! :)

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  • Staying organized is one of my daily goals. I feel like it helps to be organized in every aspect of your life, but definitely when it comes to finances because staying organized allows you to retain as much control as you can over your finances so that if anything does go off balance (either through your own decision or not), you can see where it did and figure out a solution to fix it (or at least have proof to help you get there)!

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  • Awesome tips! Thanks :)

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  • This is great, very important and informative!

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  • I follow all of these tips religiously. We don’t have a lot of money coming into our household but we manage w/o debt because I use the tips above to manage our finances.

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