Tips for Financial Wellness – HealthyWomen

August 14 is National Financial Awareness Day.

If managing money was easy, we’d all be Scrooge McDuck doing the backstroke in pools of gold coins and bragging about our cushy 401ks.

But if the f-word — finance — makes you uncomfortable, you’re not alone. One recent survey found nearly 4 out of 10 women felt stressed about their financial situation and less than 2 out of 10 women felt on track to meet their financial goals.

One reason for the stress: Women are paid less than men. And less money means less opportunity to save and invest.

Today — in 2024 — women make 84 cents on the dollar compared to men. For perspective, a woman would need to work full time from January 1, 2024 until March 12, 2025, to make what a man does in a year.

The money gap spans across all racial and ethnic groups, but Black and Latinx women experience the largest gap in wages (66 cents and 62 cents on the dollar, respectively) compared to white men.

So, yes. Finances can be uncomfortable to talk about. But it’s important to know where you stand and how you can get ahead considering women are at a disadvantage when it comes to financial gain in this country.

HealthyWomen recently collaborated with Savvy Ladies, an educational organization that empowers women to take control of their finances, to discuss tips for financial health and independence.

Here are five takeaways you can start doing — right now — to get financially fit.

1. Be open and honest about money.

The first rule of finances is you should talk about them. That means being honest with yourself and/or your partner. Money problems are a leading cause of divorce in the U.S., so putting it all on the table is beneficial for anyone in a relationship regardless of how long you’ve been together. If you don’t know how to bring up the subject, try a couples budget worksheet where both of you answer questions about spending habits and individual goals. Or take your own test to help identify your money personality. From there, you can really figure out what your goals are (working off debt, saving money, etc.) and steps you can take to achieve your financial goals.

2. Do an assessment of your finances.

Take an hour to write down how much you earn, how much you spend and what you spend it on. Many smartphone apps make it easy to enter the information and get a good look at your money situation. Then compare this to your goals and you can create a reasonable budget that you can stick to.

Read: Taking Charge of My Finances Gave Me Strength During Loss >>

3. Start investing for retirement.

If your employer offers a 401k, see if they match contributions, and go from there. (Try this 401k calculator to see what your investment can lead to at retirement). Even a small amount out of each paycheck in your 401k can help you build a more secure financial future. If you don’t have a full-time job, or your employer doesn’t offer a 401k, there are other options you can look into, including self-employment 401 and individual retirement arrangements (IRA).

4. Save for an emergency fund.

Even if you’re working off debt or feel stretched for cash, sock away something from every paycheck into a savings account until you have at least three months of your expenses covered. This way, if something happens like a divorce or medical emergency or an unexpected move, you’ll have some peace knowing that you have your own back in the short term while you figure things out.

5. Make financial wellness a priority.

Just like you would schedule getting your annual physical or going to a yoga class, schedule a check in to look at your finances with an advisor or yourself. Add it to your calendar online or physically write it down – whatever works best for you. Once it’s part of your routine, managing your money won’t feel overwhelming like you’re up against a monster you can’t handle.

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