Financial Tips for Women

For every dollar a woman earns she is paid only 60% of what a male counterpart is paid. Many women who are single parents struggled greatly during this most recent recession. Many women had to get part-time jobs, go without eating or make other sacrifices to make ends meet and take care of their families. Many women have gone through various personal crises and now have to find a way to get themselves out of their crisis. Here are some financial tips for women in different stages of their life.

Single Mothers

1. Reduce spending
2. Pay bills online
3. Use direct deposit for paychecks
4. Purchase life insurance
5. Start a retirement account
6. Create a will
7. Don't tap into your retirement to pay off debt
8. Develop a support network to get advice, support and encouragement

Domestic Violence Victims
1. Reduce spending
2. Open a savings account and open a checking account with overdraft protection
3. Pay bills online
4. Use direct deposit for paychecks
5. Update beneficiary paperwork for insurance
6. Open one new account in your name
7. Close any joint accounts and cancel the cards
8. Purchase life insurance
9. Remove your name as an authorized user from accounts

Divorced Women

1. Start a savings account
2. Open a new checking account with overdraft protection
3. Pay bills online
4. Update beneficiary paperwork for insurance
5. Open one new account in your name
6. Close any joint accounts and cancel the cards
7. Remove your name as authorized user from all applicable accounts
8. Start a retirement account
9. Create a will

Widow
1. Notify companies of your spouse's death
2. Don't fall for money scams
3. Pay your bills on time
4. Look for financial paperwork
5. Research tax laws
6. Determine if your spouse had a life insurance policy, trust, will, etc.
7. Remove your spouse's name from joint accounts
8. Open a new account in your name