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Women have come a long way when it comes to dominating the workforce. But there's still work that needs to be done to close the gender pay gap. A survey by the Bureau of Labor Statistics has found that women earn 82 cents for every dollar a man earns. The pandemic has also changed how the labor force looks and disrupted family income. Here are a few money moves that women can make today to get pay equity back on the right track.
Be Proactive About Your Financial Health
Being proactive about your financial health can help you plan for your financial future. Understanding your current financial situation can help you prepare for future goals such as purchasing a home, retirement, a car, or other major purchases. Even if you are married, relying on a spouse to plan for the future and manage your finances can leave you in financial ruin if the relationship ends. Having money set aside for emergencies or life-changing situations can help reduce the strain in times of turmoil.
Make Smart Money Moves
Start the side-hustle that you've been putting off for years.
Budget your monthly income and expenses.
Have a conversation with your significant other about your future goals.
Save at least 10% of every paycheck in a savings or investment account.
Ask for a raise if you feel that you deserve it and can justify it to your employer.
Discuss with your children about money to help them understand personal finance.
Organize your closet to reduce spending on items you already have and sell or donate unused items.
Learn From The Pandemic
The pandemic may have caused you to look closely at your finances. The money you spent on clothes, eating out, gas and even family entertainment may have drastically reduced while everyone was home. You may have even reduced your spending on non-essential items and invested and saved your money instead. If any of these happened to you, continue incorporating these actions into your financial future.
Create a Vision Board
Create a vision board (Ad) of what you want your future to be. A vision board is a visual representation of your life's current and future goals. Of course, it can change, but having that reminder can help you save faster and put some parameters around your future spending and saving.