THE BROKEN WALLET

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Money Tips for Women 

These tips apply to everyone, honestly. But I’m focusing specifically on women because sometimes, we’re the ones who get left in the dark.

1. Know Exactly What’s Going On With Your Household Finances

And I don’t just mean “I know my due dates, I pay on time, the lights are on and rent is covered.” I’m talking about the details.

I’ve heard so many women say things like, “I don’t really know much about finance, I don’t know what my credit score is, investing is too hard.” And while that might not sound too bad, it’s risky long-term.

Sometimes there’s not even a desire to learn it. It feels boring, intimidating, or unnecessary.

But here’s the truth: the more you understand your money, the easier it is to make good decisions. You don’t need to be an expert, but you do need awareness.

And if you’re married, a stay-at-home mom, or a stay-at-home wife, this still matters. Having a husband or not working outside the home is not an excuse to be in the dark about your household finances.

Even if your husband pays every household expense, those bills affect you too. If the mortgage doesn’t get paid, if insurance lapses, you’re impacted too. Therefore, you should also know where the money is going, have access to accounts, know the login info, and know where important documents are kept.

Because life happens. Illness happens. Emergencies happen. And scrambling during a crisis is not the time to learn your finances for the first time.

2. Don’t Get Degrees Out of Boredom

Over the last few years, I’ve seen a lot of women say things like, “I’m going back to school,” or “I’m getting another degree,” or “I’m starting my master’s.” And sometimes, the reason doesn’t always seem to be about career growth. It’s boredom, or just because, or I need something to do.

Now let me be clear: there is nothing wrong with continuing your education. If you’re serious about changing careers, trying to earn more, or opening up new doors, that makes sense. But going back to school just because you’re bored can get very expensive, very fast.

So before you enroll in another program, you really need to ask yourself: What am I getting in return? Will this degree actually increase my income? Will it help me get a job I plan to keep? Will it give me skills I will realistically use?

And if the answer is unclear, pause. And if you’re bored, get a hobby. There are so many ways to grow without signing yourself up for more years of debt.

3. Establish Your Own Credit History

Even if you’re married.
Even if you don’t plan on buying a house.
Even if you don’t plan on buying a car.

You still need your own credit history.

I once saw a video of a woman laughing and saying she didn’t have a credit card, never had a car loan, and didn’t care about credit because her husband handled all of that. And to each their own, but that mindset can be dangerous.

You don’t build credit because you plan for something to go wrong. You build it because you don’t know what the future holds. And if something does go left, you want options.

Having your own credit means you can rent an apartment if you need to. You can get utilities in your name. You can finance a car if you have to. You’re not stuck waiting for someone else to qualify for you.

The good news? Building credit isn’t hard. You can start small. A secured credit card with a $300–$500 deposit is enough. Put a few charges on it each month, pay it off in full, and repeat. Over time, that history adds up.

If your spouse has good credit, they can also add you as an authorized user on a card they use responsibly. That alone can help boost your score.

Even if you never need to use it, having your own credit costs you nothing, but not having it can cost you everything.

4. Have a Ability to Earn Income

This one can make people uncomfortable, but it needs to be said: every woman should have the ability to earn her own income.

That doesn’t mean you have to work 40 or 50 hours a week. And it definitely doesn’t mean there’s anything wrong with managing a household, and supporting a family full-time.

But having no way to earn money if you needed to? That’s risky.

Life doesn’t always go according to plan. People get sick. Jobs are lost. Relationships change. And while no one likes to think about worst-case scenarios, being prepared doesn’t mean you expect something bad to happen. It means you’re protected if it does.

I hear some women say, “If anything happens, I’ll get half, I’ll get child support, I’ll get alimony.” And maybe you will. But none of that is guaranteed the way people think it is.

Alimony isn’t automatic. Child support may not cover all your expenses. And sometimes assets have to be sold and split, leaving less than you expected.

An income option gives you flexibility. It gives you confidence. It gives you choices.

So once your kids are in school or more independent, use that time. Learn a skill. Take an online class. Start something small. Photography, bookkeeping, tutoring, virtual work, freelancing – there are so many ways to earn now that didn’t exist years ago.

5. Retirement Still Matters (Even If You Don’t Work)

If you don’t earn an income, it’s easy to think retirement planning doesn’t apply to you. No paycheck usually means no 401(k), and for a lot of women, that’s where the conversation stops. But it shouldn’t.

Relying on one retirement account is risky. Two are better than one. And if you’re married, you may have more options than you realize.

If you’re a stay-at-home wife or mom and don’t have earned income, look into a spousal IRA. This allows your working spouse to contribute to an IRA in your name, even if you aren’t bringing in a paycheck. It’s a simple way to build retirement savings that belongs to you.

Even small contributions add up over time, especially with compound growth. 

6. Life Insurance Is Not Optional

The number of families walking around without life insurance, or enough of it, is honestly scary. And it doesn’t matter whether you work outside the home or not. If someone depends on you, you need coverage.

A lot of stay-at-home moms think they don’t need life insurance because they don’t earn an income. That’s a mistake. If you were gone, your partner would still need childcare. They might need help around the house. They might need to take time off work. All of that costs money.

Life insurance isn’t just about replacing income. It’s about replacing support.

The same goes for the working spouse. If something happened to them, would the surviving partner be able to cover the mortgage, utilities, childcare, and everyday life without scrambling? Would they have time to grieve without rushing back to work?

A life insurance policy gives you options during one of the hardest moments of your life.

Term life insurance is often very affordable, especially if you get it while you’re young and healthy. Permanent policies, like whole life, cost more, but they lock in coverage that never expires. Some families choose one, some choose both. The key is having something in place.