Most people are well aware that women make around 80% less than men in the United States, but did you know that on average women have 30% less savings than men? As I am pushing 40 years old I am starting to understand why it’s important for women to save money.
Why It’s Important For Women To Save Money
I have a very young adult daughter and today we were chit chatting about some bills she had caught up on. She was contemplating quitting her second job, “because she didn’t really need the money.” WHAT?! I admonished her not only to keep the job, but to work as many hours as she possibly could while she was young and had no kids and get as much money into the bank as possible. If she were able to fully fund an emergency fund, and then start investing at the age of 18 she would have a comfortable retirement, even if she never moved up beyond working fast food and retail jobs. If only I knew at 18 what I know now, my current financial picture would look a lot different.
I am 39 years old and married. My husband earns a good living, but a little over two years ago I quit working after a back injury. He makes more than enough to pay our bills, but we carry a decent amount of consumer debt and after 20 years in a trade I have NO retirement of my own. What if my husband dropped dead? What if he left me? While I would never advocate for someone to hide money from a spouse, I am starting to see why it is so important for women to be able to earn and save their own money. Statistically women pay higher interest on mortgages than men, live longer than men, and women are 80% more likely to retire in poverty than men. With the divorce rate still at close to 50%, it’s time to wake up ladies, and start saving money.
Ways To Save Money
It can be daunting to try to save money if you are a stay at home mom, or even when you are working and trying to make ends meet. Whether I was a single mom, or stay at home wife with no income of my own, I have found a few ways to stack up some extra cash that don’t impact the household budget.
One of the quickest ways to earn some cash is to sell things on Facebook Marketplace, or other online selling platforms. I have sold everything from used clothing to kitchen appliances to collectibles.
let your money earn money
I recently opened a Sofi online account after I saw a friend post about it. Not only does it have a DRAMATICALLY higher interest rate than my regular bank, I got a free cash bonus just for opening the account. You can get $25 free by using my referral link and depositing $100 within 2 weeks. You can earn up to $10,000 a year on referrals, so open an account and start telling your friends!
This one can be a double-edged sword. If you have a trade or skill its likely you can use it to earn some cash on the side. I’ve done photography as well as editing and design work on the side. Many people push direct sales as a side hustle, but these require a monetary investment and very few people actually earn a profit.
However you choose to find some money, please start saving it and creating a nest egg for your own security. Money can’t solve everything, but it can go a long ways to bring added choices and securities, and that’s why it is important for women to save money.