Why Women Must Take Control of Their Finances Now More Than Ever
In light of last week’s election results, many women are feeling overwhelmed and scared about what might happen to the economy, their rights, their ability to get healthcare, their childrens’ future, and more. And based on everything the president-elect and his followers have said, there’s reason to be concerned.
We can hope that nothing will happen. We can hope that no more women will die because they can’t get healthcare during a miscarriage. We can hope that families won’t be separated. We can hope that people will continue to have access to life-saving medications and basic healthcare.
But hope alone isn’t enough right now. And with so much uncertainty, there’s good reason to take politicians at their word when they tell us what they will do. The reality is those with power have been chipping away at women’s rights (and especially the rights of women of color) for a while now. And it’s only going to continue.
If you’re feeling powerless and afraid, that’s completely understandable. And yet, with so much on the line, now is the time for us, as women, to reclaim our power in every way we can. One of the most critical ways to do this is through our finances.
Like it or not, money represents power. It’s the power to live life on our terms, to make choices for ourselves, and to influence what happens in our communities. Money allows us to support causes we care about, champion the changes we want to see in the world, and even push back against injustices.
So, yes, women—we’re going to need more money, and we’re going to need to know how to manage it.
The truth is, women have always been good at managing money. The patriarchy has spent centuries restricting our access to money and convincing us that we’re bad with it. But it’s not true, and it’s time to reclaim our financial power.
So, if you’ve been ignoring your money, letting your spouse manage it, procrastinating on figuring it out, or hoping things will eventually work out—take this as your motivation to take action now.
Here are five reasons why taking control of your finances is one of the most important moves you can make right now:
(stay tuned for part 2 on HOW women can take control of their finances)
1. Money Allows You to Leave Bad Situations
According to the CDC, “About 41% of women and 26% of men experienced contact sexual violence, physical violence, or stalking by an intimate partner during their lifetime and reported a related impact.”
38% of women have been sexually harassed at work, 60% have experienced unwanted sexual attention and sexist remarks, and 1 in 7 women have sought a new job because of sexual harassment. (Stats on the National Sexual Violence Resource Center website)
Whether a bad situation is related to gender, sexual harassment, racism, or anything else, money provides a way out. It gives you the freedom to leave without worrying about how to replace your income. When you have money in savings, you can make choices that prioritize your safety and well-being.
2. Money Gives You Security and Protection
Many aspects of life are beyond our control—from natural disasters and medical crises to inflation and accidents. But while we may not prevent these from happening, we CAN prepare for them financially.
For example, riding in a car is the most dangerous thing most of us do on a daily basis. Never riding in a car isn’t usually a viable option for most of us, so we can’t eliminate the risk entirely. So instead, we wear seatbelts, try to drive cautiously and watch out for other drivers, and get auto and health insurance.. The actions we take help us prepare and give us the best shot at minimizing the impact.
The same is true with anything related to your finances. You may not know everything that is going to happen, but having money on hand significantly increases your ability to weather the storm. It helps you leave town during a hurricane, pay for medical care, or survive a job loss.
With money saved specifically for emergencies and everyday surprises, you experience less stress because you know you’ll be okay, no matter what life throws your way.
3. Being in Control of Your Finances Gives You Freedom, Flexibility, and Choices
Have you ever wished that you could make life decisions based on what you want instead of based on how much money you have? That’s certainly a thought I’ve had at points in my life.
Many of us feel restricted by the amount of money we have. We constantly worry about whether there is enough and feel guilty every time we make a purchase. We worry that we’ll never be able to save for what we want or to retire.
The reality is that many of us are dreaming of making changes in our lives and we hold ourselves back because we can’t see a financial path forward. It feels impossible.
But more is possible than you think. As a financial coach, one of my most important jobs is to help people make possible the things that seem impossible. Sometimes that means getting clarity and being able to see what is actually happening with your money. Sometimes it means figuring out priorities and cutting back on some things so that you have more money for what you truly want. Essentially, it’s about being intentional and in control of what you want your money to do for you in your life.
More money allows you to:
Take advantage of sales and opportunities rather than passing them up or going into debt
Go on impromptu vacations or have spontaneous experiences
Invest in yourself, whether that’s education, career development, or a personal project
Move to a location that suits you better, be closer to family, or start over somewhere new
Change careers, leave a job that no longer serves you, or start a business without the stress of instant financial strain
Having control over your finances gives you the freedom to make decisions based on what you truly want.
4. Money Gives You the Ability to Live Life on Your Terms
My mom was a stay-at-home-mom. I left my job to be a stay-at-home-mom when I got pregnant. I 100% believe in the value of that experience. But I am also intimately aware of just how many stay-at-home-moms are at the complete mercy of their husbands (as have most women for most of human history). And it’s not just stay-at-home-moms.
I hear way too many stories of women whose husbands have suddenly left them and drained the bank accounts. I know too many women who stay in relationships they’d rather leave due to financial barriers.
Many women feel stuck in all sorts of situations. And even though we may not like this answer, more money is extremely helpful. It gives women more control over their own lives. It allows them to make decisions based on what they actually want.
It also gives them opportunities. There’s something important about feeling like you have choices even if you don’t take advantage of them. It’s the difference between feeling like a victim and feeling like you have agency in life.
And once you start feeling like you have choices and control in your life, it extends to everything else. Instead of feeling limited, your mind opens up to wonder about more things. You give yourself permission to dream about what’s possible instead of immediately assuming that nothing is.
Having control in your life is somewhat about the actual choices you have, but it’s also about having a growth mindset that enables you to set new goals and try hard things. And ultimately, that is what we need now more than ever—women who are ready to step into their power and change the world.
5. Money Gives You Power and Influence
The amount of money that goes into lobbying and political influence is INSANE. Obviously that money could be better spent on things that improve lives and make the world a better place. But first we would have to change the system and the people with lots of money, power, and control are NOT going to willingly give that up.
If you’re passionate about changing the system to reduce money’s influence in politics, advocate for it! But another powerful option is to work within the system—to build wealth and use it to make a difference. We can support women+ candidates, especially women of color. We can make sure Moms Demand Action gets far more money than the NRA. We can pay our own lobbyists to advocate for policies that support the wellbeing of women+ and all people.
Unfortunately, money speaks. Money is power. And more of it is one of the best ways to protect and advocate for the rights of women and all those who are vulnerable.
Embracing Wealth as a Force for Good
For centuries, society has told women that wealth is incompatible with kindness or integrity, and that money is only for those willing to “play dirty.” We’ve also been told we’re bad with money—but it’s simply not true.
When women have financial knowledge and resources, they do amazing things.
Look at Mackenzie Scott and the billions she’s given away to charities and the ripple effects that money has had.
Look at Eva Longoria and the investments she’s made not just in film, but in women-owned businesses.
These are just a few of the many examples of women using money to do good. When women have money, they tend to use it to lift up their families and improve their communities. They start foundations, build schools, support political candidates, and work to empower women and children around the world.
Women, we need to let go of this belief that having and wanting money is always bad. Stop looking at all the crazy and unethical ways many men accumulate and use their money and start looking at the good that people can do with money. Think about the good that you would do if you had more money, whether it’s to improve your own life or the lives of others.
The Time to Act is Now
Now is the time to let go of our fear and our beliefs that we’re bad with money or that wanting money is selfish. Step into your financial power and take control of your future. By building wealth and making intentional financial decisions, we not only protect ourselves but also strengthen our ability to advocate for a world where women+ are respected, empowered, and free.
Are you with me? Check out some of the articles below to help you get started, and sign up here for my weekly newsletter to be notified of new posts, receive more money tips, and learn about my resources:
