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

  • My husband organizes most of our finances, but I’ve been helping by organizing receipts.

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  • I use the Dave Ramsey envelope system and we’ve been debt free for 6 years now.

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  • We use an excel spreadsheet. We check it and balance it out twice a week to stay “on track” and adjust for any unforseen expenditures.

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  • I enter lot’s of giveaways. Helps me get things I can’t afford, thanks!

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  • Great tips! I need to do better with my finances!

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  • Great tips! My husband handles the big investments and I handle the day to day spending and budget. Makes me think we should cross train just in case.

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  • I love the advice to save something, even if it is just $5, it gets us in the mindset to think about the future. Great tips!

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  • I try hard to stay on track, couponing helps me save a lot

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  • it’s important to have a handle on expenses… I do everything for our household, and sometimes tend to splurge where I shouldn’t. I think it’s important to have a budget and stick to it, save some for a rainy day or unplanned expense and then have a little for entertainment.

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  • my husband does most of our bills and does so poorly i wish he would let me do it

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  • Very interesting article

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  • With our economy in such a mess we all have to learn how to handle our finances and how to stretch those pennies. My daughters and I are working together to save money and to learn how to better budget our money.

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  • I manage all the finances in our household, and recently I started staying home wiht my daughter! My job is to make sure to handle everything and budget budget budget.. good read!

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  • I think this is such an important post. Woman need to learn about finances. If something were to happen and you know nothing in regards to your expenses and incoming money you’ll be lost. After a divorce it became imperative for me to learn . Thanks for the post.
    Carol L

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  • my husband should read this. he is the one with the big income and I am the money stretcher and saver

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  • WITH 3 GRAND DAUGHTERS AND 1 GRAND SON, I SHOULD BUY STOCK IN CHILDREN’S PLACE, I THINK 50% OF THE CLOTHES I BUY THEM COMES FROM CHILDREN’S PLACE. THE BRIGHT COLORS ARE THE BEST!!

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  • What a great post, thanks for sharing it!!!

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  • great tips!

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  • Very good tips!!

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  • These are all great tips!

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  • It is so important for women to be involved in the finances

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  • I am the financial person in charge of the majority of the spending and have taken care of my husbands debt now on to my student loans lol

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  • Ive recently begun to manage my finances again and love the tips!

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  • So important. So many women don’t pay any attention to their finances. Thanks for sharing these tips, the hardest for me is staying organized.

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  • Single mom…do it all.

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  • it’s very important for everyone to understand their own finances

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  • i try to always have a plan when it comes to money, again thanks for the great post, sometimes we all need a little help

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  • awsome tips, thanks for the great post

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  • I think all women should know how to take care of finance in case something should happen and your on your own it isn’t an added pressure on top of what has caused it to happen.

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  • A support system and a plan are always good to help.

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  • I feel very blessed that I have a mother who instilled strong money management skills in me from a very young age. These 5 tips you gave are essential, especially know your expenses. I am able to charge everything on a credit card(and earn cash back) and pay the card in full each month because I know in my head what I can and can’t afford and I don’t try to convince myself otherwise. Plus when making a big purchase or an out of the oridnary purchase I never do it on a whim. I research, price match, and really give myself time to decide if it’s something we really need or just desire for no good reason. You would be amazed how just giving something a little time makes you decide that you don’t really want it after all.

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  • These are good! Thank you for sharing!

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  • i just this month sat down and figured out how much I could spend a week to stay on budget. Thank you Vicki

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  • We’ve always struggled to find a budget that works for us. My husband and I share the financial responsibilities but we have a hard time finding time to sit down and discuss it all.

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  • I agree that knowing expenses plays a big part in managing finances. I do all the financials in our household (I’m the nerd), and as long as the income is higher than what I know the expenses will be, I feel secure.

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  • I love these tips. I believe that both men and women should be aware of finances and capable of managing them.

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  • it is so important for women to be self-sufficient when it comes to financial responsibility. thank goodness i knew how to budget and do a bank statement and pay bills. when my husband died expectantly, i was able to take care of my money worries and deal with other issues that were also important.

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  • I think it is really important for people to track their spending. I have several friends and family members who never seem to know where their money is going.

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  • Always a great idea to have a budget plan!
    Jamie

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  • It is such a good idea to have a handle on your expenses. Great tips thank you.

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  • i actually wish my husband let me handle the bills. i think because i do the shopping i have a better grasp of expenses and where we can spend

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