WomenCo.

News+Columns >> Browse Articles >> Personal Finance

Ten Things Every Woman Should Know About Money

Featured Author:

DivineCaroline

View DivineCaroline Here

DivineCaroline is a place where women can connect, express, discover, challenge, learn and, of course, be entertained. It’s for people who want to write about their day – or their life – but it’s also for people who want to read real voices. There are Stories here from professional writers, but the majority of our content – and the biggest part of who we are – comes from Members. Whether it’s Stories, Reviews or Forums.

At DivineCaroline, you’ll be spending time with women who embrace the fact that life isn’t always easy or beautiful or fair. Our dream is to give you a place to come together to express yourselves. What brings you joy. What breaks your heart. Makes you giggle. What pisses you off. Confuses you. Entertains you. What keeps you strong.

Check out Divine Caroline

More articles from this author:

• 10 Kitchen Cabinet Cures
• New "Drugs" For Women
• 4 Ways to Find a Job in This Economy

If you could ask ten wise women for advice on what to do (and what not to do) with your money, what would they say? They might offer the ten financial tips below, culled from our wise and money-smart contributors.

1. Saving For Retirement Is a Must

Unless you don’t mind eating cat food in your old age, you have to start saving for your retirement now. Forfeiting a pair of shoes now could mean a month’s worth of work-free living when you’re old, but exactly how much should you be socking away? Find out how to save with this women and retirement planning guide.

2. Children Are Expensive

Raising them, feeding them, paying for college, paying for therapy … it can add up fast. Most parents know this, but many still are shocked by the bottom line. A great resource is this financial checklist for expecting parents, which helps itemize costs. If you already have kids, you may want to start thinking about how to save for your child’s education.

3. Children Need Security Blankets

Which means, if you have kids, it’s probably a wise idea for you and your partner to get life insurance.

4. Ask for More

Women chronically underestimate their worth, and are less likely to ask for raises and bargain for their salaries than men are. Learn how to be assertive in the workplace and how not to undersell yourself.

5. Health Is the Most Important Asset You Have

Your health is as important to your finances as savings are. If you’re sick, you can’t work; if you can’t work, you can’t save. Along these same lines, having health insurance is an important step in mitigating financial risk. One trip to the emergency room could wipe out your entire savings and put you in debt for years to come. When thinking about living expenses, the costs of health care should be factored in.