Seeking guidance on financial management? Here are insights from women who've mastered their money matters. You can implement some of their strategies right away.
Reading financial advice online is common, but real-life stories are far more impactful. We're highlighting the journeys of a mother of nine who rebounded from unemployment, a single mom dedicated to her child's future, and a college graduate who eliminated $100,000 in debt and launched her own venture.
These women reveal their secrets to making and saving money, and you can start applying their techniques today.
Secret No. 1: Credit Card Debt Doesn't Have to Last Forever
Having significant credit card debt can feel overwhelming, but it's not a life sentence. One effective way to tackle this debt is through refinancing with a personal loan, which may help you pay it off more quickly and save on interest.
If you’re unsure where to begin, check out a site like Fiona. They can connect you with low-interest loans to consolidate your credit card debts. This means just one payment each month.
One woman from San Francisco struggled with monthly payments totaling $274 and $154 in interest, plus a $99 annual fee, feeling trapped in debt.
She opted to refinance with a personal loan, ultimately saving $14,000 in interest.
And Fiona streamlines the process—no lines or bank calls required. Worried about qualifying? It's free to check online, taking only a couple of minutes and potentially saving you a lot.
Secret No. 2: Leave Your Kids $1 Million Without Being Wealthy
If you're a mom, thoughts about your children's future can be daunting. Life insurance can provide peace of mind.
Don’t dismiss the idea of a policy due to time or cost. Investigate options with a provider like Bestow, which offers up to $1 million in coverage, starting at just $5 a month. The application takes about five minutes.
You have the freedom to modify or cancel your plan anytime. Knowing your family is protected is invaluable.
Single mother Rebekah Pearsall wanted financial security for her son, especially since he lacks a biological father. “I needed to ensure he’d be okay if something happened to me,” she expressed.
Her life insurance gives her comfort at night, and it only takes a few minutes to get a free quote.
Secret No. 3: You Don't Need an MBA to Launch a Business
Have aspirations of creating your own business? Enjoy flexibility and financial independence? What's holding you back?
Take inspiration from The Budget Mom.
Kumiko Love, known as The Budget Mom, graduated with $100,000 in debt from student loans, credit cards, and medical bills. After trying various budgeting methods and feeling defeated, she shifted her focus to the psychology of money.
This new perspective allowed her to combine different budgeting strategies and share her journey on her blog, The Budget Mom.
Today, Love is debt-free and has left her full-time job to focus on her successful seven-figure business.
Secret No. 4: Boost Your Credit Score Significantly
It’s easy to overlook your credit score if you’re not actively using it. If your score is low, you might think it's impossible to improve.
However, when it comes time to buy a car or home, your score becomes crucial. Unfortunately, errors can also hinder your score, with one in five reports containing mistakes.
Regularly monitoring your credit is essential. Thankfully, a free resource like Credit Sesame provides your score and helps identify errors for dispute.
Salome Buitureria from Louisiana, a mother of nine, discovered a mistake on her report regarding an unpaid medical bill that Medicaid had already covered. By using Credit Sesame, she corrected the error and improved her score from 524 to nearly 700. Now, she’s focused on purchasing a home.
Getting started with Credit Sesame only takes about 90 seconds. Start here.
Secret No. 5: Women Should Invest in Unique Ways
Did you know women typically earn less yet tend to live longer?
That's where Ellevest can help.
With Ellevest, you can begin investing with just $1. By signing up through this link, you receive a $25 bonus in your account.
Ellevest constructs a personalized investment strategy that accounts for gender pay disparities, potential career breaks, and longevity. Plus, it prioritizes investments in women-owned businesses.
