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Should Women Have Their Own Money?

I am a professional teacher, writer, researcher, and learner. I always try to learn because there is no age for learning.

Why Should Women have Money?

Women are smart, and they know how to spend money wisely. Whether it’s purchasing an expensive handbag or booking that luxurious holiday, they have the cash to do so. So why shouldn’t women have their bank accounts, if that’s what they want? The idea of separate bank accounts has been a hot topic for discussion over the last few years, especially as more and more women decide to pursue careers in which they make their own money instead of relying on their husband’s income alone. The question remains though; should women have their bank accounts?

Women are More Often the Spender In a Relationship

A study by American Express found that women are more likely to pay for things than men, even when they’re not in charge of making decisions about family finances. It’s also true that a woman is more likely to quit her job if she feels that her salary is being used for household bills instead of saved for plans. This makes it even more important to know how to manage your money as a woman. Here are some helpful tips: Have multiple bank accounts: By having separate accounts, you can ensure you’re able to manage your day-to-day spending and not worry about overspending on frivolous items just because there was an unexpected bonus at work or an inheritance from a relative.

A Women Looking Money

Women Earn Less Than Men

In 2014, full-time female workers earned 79 cents for every dollar earned by men. When it comes to paying discrimination against women, an apples-to-apples comparison seems impossible. Women are more likely to work part-time, and less likely to be promoted into management roles. They often face social pressures not to negotiate salaries or ask for promotions and raises—even when they deserve them. Research has found that high school girls who plan on working full time earn around 7 percent less than boys who plan on working full time one year out of high school, while college girls earn 4 percent less than boys a year after graduation. That gap only grows as people age. One study found that single, childless women in their 20s earned 5 percent less than single, childless men with similar levels of education; but in their 30s, once they’re ready to start families and settle down, that number increases: Single mothers now earn 21 percent less than single fathers. Overall, women who go from being single to married can expect their earnings to drop anywhere from 11–27 percent (and decrease even further if she goes from married to divorced). Why?

A Women Sitting

Stay Competitive With Your Income

Making less than your peers has a way of adding pressure to your paycheck. A 2016 study published in Social Psychology and Personality Science found that men and women who earn less than they think they should experience lower self-esteem, which leads to them being unproductive at work. The best way to avoid feelings of envy is to make sure you are staying competitive with others in your income bracket, but if you feel like you are underpaid for what you’re doing, there are ways to approach salary negotiations. Ask for a raise directly or research jobs that pay better with similar titles; either way, read up on how asking for more money can increase your chances of getting it. And don’t be afraid to negotiate when starting—you never know what will happen!

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Why Financial Literacy is Important in Relationships?

Money is one of, if not THE most important topic to talk about with your significant other. It is also a topic people often avoid because it can be so uncomfortable, especially when finances are poorly managed and resentment builds over an extended period. Women often become financial gatekeepers in a relationship, but that doesn’t necessarily mean they should control their partner’s spending or investments. Financial literacy goes both ways, meaning that partners should each hold themselves accountable for what they bring into a relationship and how they manage it. If you want to ensure financial harmony between you and your partner, there are some practical things to consider. Here are three questions to ask yourself: Am I financially literate? Does my partner understand basic personal finance? Are we on similar pages regarding our approach to managing money? By asking these questions, partners can gain a better understanding of where they stand. Is your vision aligned? Can you sit down together without bickering and come up with a workable game plan around saving, budgeting, investing, etc.? Take time to evaluate your current situation before jumping headfirst into starting a new business together—the last thing you want is additional stress on top of everything else! Consider creating separate accounts for essential household expenses like rent/mortgage payments and food expenses.

A Confident Woman

Knowing Your Finances Will Improve Your Love Life

Personal finance issues often prevent people from taking control of their lives, leading to relationship problems. Financial stress is one of many sources of tension in relationships and can be a major cause of fights. The solution is to learn how to manage your money and talk about it with your partner. With finances out in the open, you'll both be able to set realistic expectations for what you want from each other financially. And by working together, you can make sure that your financial goals don't stand in your way. Best of all, by overcoming these challenges early on, you’ll put yourself in a position for long-term success—and take some pressure off of love life!

Financial Skills Can be Learned at Any Age

Financial literacy is one of those things that starts in school but doesn’t necessarily stick. It’s easy to miss or forget—but it’s never too late to learn. For example, a 401(k) is a long-term investment; by understanding how they work and why you should be contributing to them now, you can set yourself up for more financial freedom later in life.

This content is accurate and true to the best of the author’s knowledge and is not meant to substitute for formal and individualized advice from a qualified professional.

© 2022 Ghulam Nabi Memon

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