Women have made great progress in closing the wage gap, but now that we have more money do we know how to handle it? There are plenty of personal finance resources; for men. What about specifically women? We have to factor things like maternity leave, our longer lifespan, marked up prices on female self care products, and the infamous wage gap into our financial plan. Thankfully there are women leading the way in educating us on how to account for this.
- Ellevest is a robo-advisor turned classy. It was founded by Sallie Krawcheck, a former Wall Street CEO. Unlike the ever popular wealthfront or betterment, Ellevest accounts for female specific financial events. Females live longer, peak earlier in their salary earnings, and get promoted less. Ellevest is unique in that it asks you to set goals such as saving for retirement and it will reverse calculate how much you should save each month.You can also find many financial educational resources for women on the Ellevest site.
- When She Makes More is a book by Farnoosh Torabi, a financial contributor to Yahoo!, ABC, and The Today Show. The book talks about things like managing money in a relationship. She also discusses many strategies to deal with the emotions of being a female breadwinner. For example, many women over compensate their need to feel like they’re pulling their own weight at home by obsessively cleaning and doing house chores. This book also has something for the single woman as it talks about knowing if you’ve found your financial “Mr. Right”.
- Savvy Auntie is an online forum of resources for childless females. The founder, Melanie Notkin, is an expert on the emerging demographic of childless, often single, women in North America and contributes to The Huffington Post and The New York Times. She discusses topics ranging from how to open an education fund for the special child in your life to what presents are great for what age groups. As an often overlooked demographic, Melanie has done us all a favor by rounding us up great resources to enrich the children in our lives, even if they are not our own.
It’s no secret that women make less than men, which makes it more important we know how to handle our money when we have it. Take some time to educate yourself on personal finance because you matter. When we take control of our finances we begin to empower women to accomplish more. When one of us wins we all win.