Money Doesn’t Care About Gender, But Life Does

Practical Financial Empowerment for Women‍

As the co-author of HowMoneyWorks for Women and a certified financial educator, I’ve spent years helping people understand how to take control of their finances. If there’s one thing I’ve learned, it’s this: money itself doesn’t care who you are. A dollar doesn’t have preferences, and financial systems operate the same, regardless of gender. But here’s the hard truth—life tends to deal women a unique set of challenges and opportunities, which explains why many of us approach money differently.

From pay gaps to caregiving responsibilities to longer lifespans and more health issues, we tend to start behind and sacrifice more financially. These are not just statistics to me; they are struggles I’ve seen firsthand—with friends, clients, and even in my own life. That’s why I’m passionate about helping more women feel confident about creating, growing, and managing their money. I want to share some practical insights to help you on your own financial path.

Why Women Need to Lead Their Financial Lives

Taking control of your finances isn’t optional for women.  With the gender pay disparity, we start from behind. If we don’t take charge of our financial lives, we may fall farther behind, especially if we are raising children or caring for aging parents or other loved ones. Whether it’s retirement savings, emergency funds, or just the confidence to make smart money decisions, the gaps become glaring. Don’t worry if that sounds like you right now. What matters is that you’re ready to start.

For me, that sense of urgency comes from seeing too many women wait until a crisis forces them to figure out their financial situation. My mission is to change that narrative—to help women feel empowered well before they face those moments.

Why Don’t We Talk About Money?

Have you noticed how money usually feels like a taboo topic? It’s not something we openly talk about with friends, family, or even our partners. I grew up believing it wasn’t polite to talk about income or spending. But here’s the thing I’ve learned over the years—that silence hurts us.

Talking about money is an effective way to help us learn, grow, and get stronger. I always encourage women to have those conversations. Sit down with your partner, your family, your friends, or even a financial professional. When you talk about money, it stops feeling scary. You see that you’re not alone – many people share similar fears, frustrations, and dreams for a better future. And, discussing what’s important to us or what’s bothering us helps us clarify what we want and what we need to do. I know this from personal experience and from the women I’ve worked with who felt a shift simply by breaking the silence.

The Power of Knowing Your Numbers

Here’s a tip I share with nearly everyone I work with: Know your numbers. No more guessing or assuming. I mean really understand what’s happening with your money.

What does that look like? For me, it means keeping track of five key areas. You should know:

• How much money is coming in? This could be your paycheck, freelance work, business profits, or passive income streams. Every dollar counts.
• How much is going out? Start paying attention to where your money goes each month. Bills, groceries, subscriptions, shopping, coffee runs... all of it.
• What do you owe? Make a list of all your debts, from credit cards to student loans – what’s the balance and interest rate and how long will it take to pay the debt off.
• What insurance do you have? This is one people often overlook. Check what’s actually covered under your policies and how much are you paying so there are no surprises later.
• What will you need for the future? Whether it’s saving for retirement, buying a home, or your child’s education, start developing a plan for reaching these goals.
  

When I started tracking my own numbers more closely, it was such a game changer. You can’t make good decisions without information, and this is where it all begins.

Stop Living Paycheck to Paycheck

78% of Americans live paycheck to paycheck.* That’s an overwhelming number of people who are just getting by, with little opportunity to think about their future.

A lot of the women I meet say, “Kim, I can barely get through this week. How am I supposed to save for retirement?” I get it. I’ve been there, too. A common misconception is that you need a lot of money in order to set money aside for the future. Saving and investing for the future is really about taking small, intentional steps on a consistent basis. Saving $1 or $5 or $10 a day, every day, is a step you can take now. All you need to do is start.

What are the most important things you want in your future? Maybe it’s a retirement beyond what social security may provide. Maybe it’s your kids’ college education or saving for a big exotic vacation or just paying off debt. Whatever it is, identify it, claim it, then manifest it by working backward step by step.

Trim Expenses That Don’t Serve You

One simple but powerful thing you can do right now? Go through your expenses and cut out anything that doesn’t add value to your life. Truthfully, I had to do this myself not long ago. After the pandemic, I realized I had subscriptions for several streaming platforms I no longer used or wanted.

It doesn’t seem like much at first, but those little things add up fast. A $10 subscription here and a $30 membership there can mean hundreds of dollars every year you could redirect toward savings or debt. Sit down with your most recent bank account statement and ask yourself, “Do I still need this?”

Inflation and the Need for Smarter Choices

Inflation is making things tougher for all of us. Groceries cost more. Gas costs more. Everything feels like it’s inching beyond reach. On top of higher prices, persistent high inflation translates into higher interest rates on mortgage loans and credit card debt. It’s a double whammy to our pocketbooks. That’s why financial education is even more important right now.

When you understand money, you can maximize what you have—even in tough economic times. I’ve seen women turn their finances around simply by being more strategic about spending, saving, and planning. It doesn’t happen overnight, but it is possible.

My Takeaways for Women

I hope some of what I’ve shared here resonates with you. My message is simple but comes from years of working with women and walking my own financial path. These four actions can transform your relationship with money:

1. Talk about money. Seriously, just start the conversation—even if it feels uncomfortable.
2. Know your numbers. Information is power.
3. Cut back on things that don’t serve you. Free yourself from unnecessary spending to redirect funds toward what really matters to you.
4. Plan for the future. No matter how overwhelmed you feel in the short term, think about where you want to be.
   

Money doesn’t have to be overwhelming or intimidating. You can do this!

It’s Time to Take Charge

If you’ve read this far, it means you’re ready to make a change. And that’s amazing! Financial empowerment starts with small decisions that build over time. Whether it’s cutting an unnecessary subscription, opening a savings account, or reaching out for professional advice, what matters most is that you start.

If you’re ready to learn more, consider reading HowMoneyWorks for Women. It’s packed with insights and practical tips to guide you toward financial independence.

Remember, money might not care about who you are, but your financial future absolutely does. Take control of it. The best time to start is now.

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— Kim Scouller

* Forbes, “Living Paycheck to Paycheck Statistics 2024,” Emily Batdorf (Apr 2, 2024). https://www.forbes.com/advisor/banking/living-paycheck-to-paycheck-statistics-2024/