Essential Money Moves for Women

You work hard for your money, so why not make sure your money works hard for you? In today's world, women are rising the ranks in the workplace and climbing professional ladders faster than ever. It's essential to be your own financial officer and make smart money moves that can help you secure a more financially stable future. Not sure where to start? Try these essential moves to get going. Establish a Strong Credit History 

Without a good credit score, making your other financial goals come true could be difficult. That's why it's important for every woman to work on establishing a strong track record of handling credit responsibly. By building up a good history, you can raise your score over time and eventually qualify for better loans, interest rates, and more. The quickest way to start a good credit history is to use credit cards responsibly, pay down your debts every month, never miss a payment and, always use less than a third of the credit available to you. 

Save for Retirements, Future Goals, and More 

Although it may be tempting to splurge a little here and there, too much overspending can hinder your future goals. Make sure you’re saving every time you get paid. To ensure a good cash cushion, you could: 

• Have retirement savings automatically taken out of your paycheque 

• Aim to save at least 15% of your income for the future 

• Budget for items, goals, or experiences on your wish list and calculate how much you'll have to save each month for them 

Negotiate for the Salary You Deserve 

Unfortunately, studies have shown that women tend to avoid salary negotiations and may be more timid than their male colleagues about asking for raises. This mentality could cost you a significant chunk of cash over the years! While it’s important to remain professional, you should also know your worth and negotiate for what you truly deserve. If you want a raise at work, you should: 

• Talk to colleagues about their pay and research salaries for your position carefully 

• Identify the different ways in which you bring value to your workplace 

• Decide on the salary you’d like to negotiate for and practice your arguments ahead of time 

• Be confident and professional in your delivery 

Putting your money to work for you is one of the best ways to help ensure that your efforts in the workplace help build you a better future. If you’re hoping to sort out your finances, these essential money moves can get you on the right track. Build a strong credit history, save more and negotiate for what you deserve, and you could set yourself up for financial freedom.