Women and Their Money

Women and Their Money: Now and Later

Tired of hearing that you make only 76 cents for every dollar a man makes in the workplace? We already know that we work harder and smarter, but that’s not enough. Well, here’s a new thought. Over a lifetime of work your Social Security is based on those earnings. That means women get an average of $243 less from those retirement benefits than men do. Every month, less! That’s not OK, but we have some ideas to help you even the playing field.

Women Make Less

Women make less money than men; they save less money, and fewer contribute to employer sponsored company retirement plans. (Probably because women are offered the opportunity less than men.) So if we aren’t netting as much, and we aren’t saving as much, how are we to retire with a quality of life that we’ll be satisfied with? It won’t be easy, so regardless of your age start planning now. And remember, it’s never too late.

Did You Know

At the age of 65, only 43% of women are married compared to 75% of men. Women live longer, and unfortunately they live alone. A bit of a scary thought especially when we worry that Social Security will not be able to fill our retirement-money gap in the future.

What to do? Now don’t give up just because it sounds overwhelming. Decide now that you will overcome this financial inequity. Consider some of the actions that you can take to ensure your financial future.



Add to your education if possible. This will lead to better paying jobs and reduce that earnings gap. It doesn’t have to be a full college degree, but courses related to your current job, or the jobs you really want make you look like a more serious applicant for a step up.

Employer Benefits

Take advantage of every benefit your employer has to offer. I know a 401K plan isn’t as sexy as a new pair of heels, but hey, if you save enough you can be riding, not walking.

Leap Forward

If your current employer isn’t all that you hoped, and you are looking for a new one, make sure you add those gobbledygook-sounding benefits to the equation when you weigh your job opportunities. They may be worth a lot more than a few dollars extra a week at another company.

Examine Your Priorities

If you spend $4 a day on a Starbucks latte how much have you drunk away by month end? Forget the $80 a month, look at the yearly loss. You could have saved about $960 by making it yourself. Ok, so you love Starbucks, but wouldn’t you rather be able to eat something besides beans when you are 65?

Direct Debit Savings

Decide what you can afford, and even if you believe you can’t afford anything, set up a direct debit from your checking account of at least 10% of your net per pay each pay period to a savings account that actually pays more than 1%. If your hot little fingers don’t have access to the money, you can learn to live without it. Saving something is better than just complaining about not having money.

Label Mania

Forget about impressing your friends. When they’re eating beans, you’ll be having steak because you’ll be able to afford those dental implants. Designer knockoffs look just as good. If your kids start demanding “Deisel” or other designer jeans just say NO.

Hot Trends

Downsizing. That is, fewer clothes to clean and hang, fewer decorations to dust and store, just make it less. You’ll end up with more to spend on the things that will make your well-deserved retirement more fun. When you’re tempted to buy a new dress think of wearing the dress in your hand to the next party, or a bikini on a nice island vacation. The bikini always wins.


Stop paying those ridiculous fees. Remember, the bank gets to use your money. Find one that provides free checking, bill payment, and a debit card. Don’t even get me started about NSF fees, which we see are now topping $35. If you’re going to get hit with one of these, call Best Cash Advance®, and we’ll put a low-cost, emergency loan in your account. It’s much cheaper. Read our Smart Money Connection page where our clients will tell you why this makes sense.

Above all make sure that you tell your bank you want to opt out of automatic overdraft. Sure you’ll be able to get that Slurpy, but it will cost you between $35 and $55. You may be thirsty, but not that thirsty.

Ok, so we make less, but that doesn’t mean we shouldn’t be able to retire with security. It does mean that we’ll have to work at it to make sure it happens. You can do it.

Learn a Little More

Here are some Web sites that will give you more detailed information on retirement and savings. It’s your life. Make the most of it