Breaking Barriers: Financial Tips for Modern Female Providers

In honor of Women’s History Month, it’s important to reflect on the progress of women’s rights, especially in the realm of finances. Throughout history, remarkable women have defied societal norms and fought for equality, inspiring generations of girls to dream bigger and achieve more.

Icons like Madam C.J. Walker, the first female self-made millionaire in America, and Muriel Siebert, known as the “First Woman of Finance,” was the first woman to own a seat on the New York Stock Exchange. Women like Ruth Bader Ginsburg, the second female Supreme Court Justice, tirelessly advocated for gender equality under the law. They were all trailblazers for women in finance. These are just three, but many other women could be mentioned.

Today, more women than ever are stepping into the role of primary breadwinners, making it crucial for them to have the financial knowledge and tools necessary to thrive in this role.

But most female breadwinners in heterosexual relationships earning more of the household income are NOT making the major money-related decisions for the family.

Why? Well, sometimes it’s the old-school traditional gender roles getting in the way. We might feel like managing money is more of a ‘guy thing,’ or we’re just too busy juggling work and family to take it all on. Don’t let society’s “traditional” expectations hold you back. Women must get involved in managing their family finances, for their financial well-being. This article aims to provide practical financial tips for female providers, empowering them to take control of their financial futures.

Tips to Take Charge

1. Communicate openly: Sit down with your partner and talk about your financial goals and responsibilities. Make it a regular thing, maybe even turn it into a fun date night.
2. Compile important info: Gather all your financial details, like account information and contacts for professionals like attorneys and CPAs. Keep both hard and digital copies in a safe place that trusted family members can access.
3. Create a budget: Track your income and expenses. Knowing where your money is going will help you find areas to improve and get more involved in managing your finances.
4. Save for retirement: Make sure you’re putting enough into your retirement accounts like 401(k)s or IRAs.
5. Start an emergency fund: Life happens, so having some money set aside for emergencies is key to staying financially stable.
6. Purchase insurance: Protect yourself and your family with the right insurance coverage, like health, life, and disability insurance.
7. Get estate documents in order: Plan for the future by creating key documents like a Power of Attorney and a Will. Review your beneficiary designations regularly.
8. Learn about personal finance: If you’re not feeling confident about managing your money, there are plenty of resources out there. Attend workshops, read books, or talk to a financial advisor to boost your knowledge and confidence.

Being a female provider comes with its own set of challenges, but with some planning, and open communication with your partner, you can take control of your family’s finances and build a secure future for everyone.