When it comes to being independent and having the tools to succeed, our rights as women have come a long way in the past 100 years. Regardless of this progress, the financial playing field between men and women still isn’t balanced. Even though women face certain hurdles that male counterparts may not even think about, taking the reins of your financial future is an important power move to ensure you are looking out for yourself. As a result, we have outlined a few money tips:

Focus on Retirement Funds and Make the Most Out of Your 401(k)

It doesn’t matter who you go to get financial advice, anyone will tell you how important it is to make saving for retirement a priority. Perhaps you think that retirement is too far into the future to pay any mind to it. Starting off young and making contributions to a retirement fund, even if it’s small, goes a long way. You have total control of your finances and developing a game plan can help you get ready for retirement when that time comes. Be sure to enroll if your employer offers a 401(k) plan. Having a retirement plan means that you won’t have to worry about actively contributing to that account because it will automatically be deducted from each paycheck. If your company does offer a 401(k), also be sure to ask if there is a company matching policy that would increase funds being distributed to your retirement.

Improve Your Credit

Having a good credit score opens endless opportunities for you. Whether you are looking to buy a car, a house, or open a new credit card, a good credit score can make all of those hopes a reality. When you apply for loans or new credit, borrowers use your credit score as an indicator of how you manage debt and how likely you are to pay that amount back. Improving your credit score doesn’t have to be complicated. If you pay down your debt, make the minimum payment requirement, and never miss a payment, your score should be in good shape.

Add Money to Your Emergency Fund

If we have learned anything from the past two years or so, it’s better to be prepared for the unexpected. This is where having an emergency fund is a great financial asset. Just like a retirement fund, an emergency fund is something you should start planning for sooner rather than later. Most experts recommend stashing away between three and six months’ worth of expenses, but the truth is you can never really have too much in your emergency fund. In the case that an emergency or an unexpected cost does arise, you won’t have to worry about scrambling and trying to pay it off.

Don’t Be Afraid to Negotiate Your Salary

From one woman to another, don’t be afraid to negotiate your salary. Without a doubt, we understand that it can be scary to ask for more money. Did you know that women earned 82 cents for every dollar that a man earns according to the Bureau of Labor Statistics? Make sure it doesn't happen to you by negotiating a higher salary. According to various studies, not asking for more money is one of the reasons we end up earning less than men who are often characterized by being more likely to negotiate their salaries.

Create a Budget

If you have financial goals, then the most effective way to work towards them is to create a budget. To make a budget, calculate how much money you spend every month on fixed expenses like rent, food, and other necessities as well as other spending categories based on your lifestyle. After you outline your monthly expenses, it’s worth determining what you can do without, so you have some extra cash each month. It’s also important to note that when you create your budget, you make room for treating yourself and doing the things that make you happy.

Avoid Unnecessary Spending

As hard as it sounds, avoiding any unnecessary spending can help you keep your finances in check. Constantly eating out or adding items to your cart that you’ll only use once will eat up your savings if you allow them to. One of the best money skills you can practice is to be mindful with your money and how much of it leaves your account. It’s too easy to be tempted to buy unnecessary things these days but don’t be afraid to say no.

In the twenty-first century, women are wealthier than ever and now we have more financial security and independence. Taking control of your financial wellness is at your fingertips. With a few helpful money tips, you can lay the groundwork for a successful financial future.

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