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5 Steps to help empower women for financial success

October 16, 2020

It's been more than 40 years since the Equal Credit Opportunity Act (ECOA) was passed, protecting women and other minorities from discrimination by creditors and banks. The main result of this landmark act? Access to credit cannot be denied on the basis of sex or race. 

A lot has changed since then, and women's finances have made major strides. In fact, 42 percent of small businesses are owned by women in 2019--a fact worth celebrating as we enter National Women's Small Business Month this October. 

But there's still more work to be done to help women in financial awareness and most importantly—long-term success.  

Steps to achieve financial success

Understand your debt

If you want to overcome your debt, first you have to understand it. From student loans and medical bills, to credit card debt or car loans, debt can be a heavy burden to bear that keeps you from pursuing your dreams. 

  • The snowball method: Popularized by financial guru Dave Ramsey, the snowball method tells you to pay off your smallest debt first. Once paid off, you can roll over that payment amount to your next smallest debt. The idea is to give you a psychological boost, and to increase your payoff power with each debt you roll on to. 
  • The avalanche method: Instead of looking at loan amounts, the avalanche method targets the highest interest rate debts first. This helps you maximize your payoff dollars and eliminate your debts from the highest interest rates down. 
  • Debt consolidation: If your interest rates are sky-high but your credit is good, debt consolidation could be exactly what you need. With the right debt consolidation loan, you could decrease your overall interest rate and simplify your life by reducing your lenders down to one. 

Check your credit report

Think of checking your credit report like going to the doctor: you hope nothing's wrong, but when you discover a problem you get to work fixing it right away! 

Here are some ways your credit report can help you better manage your finances. 

  • Know your score: Certain credit monitoring sites let you see your score in real time. Knowing your score means you can understand if you need to improve any aspects of your credit usage. Maybe it's time to layoff credit card applications or reduce your debt-to-income ratio. Your score is used for everything from getting approved for lines of credit to calculating car insurance premiums—staying on top of it is important! 
  • Discover late payments: Paying bills can sometimes feel like a balancing act, and it's always possible that you miss a payment somewhere. Your credit report will highlight any accounts that are delinquent or have gone to collections. Stay on top of these so that your score isn't negatively affected in the long run. 
  • Find fraudulent activity: A regular review of your credit report should help you identify any fraudulent activity under your name and social security number. Keep an eye out for accounts or purchases that you don't recognize so that you can take swift action in correcting it. 

Don't just save—invest 

Despite the opportunities that policies like the ECOA are meant to encourage for women and other marginalized groups, women still earn less than men. According to PEW, women earn 80% of what men earn on average. 

When it comes to savings, that gap is amplified by compounding interest. And although some studies show that women have more success with investing, the main problem is that women just aren't investing enough. In 2018, NBC reported that women were investing 40 percent less than men. This means that that 20% pay gap is being amplified by lost interest on investments. Your dollar will go farther with low-cost investment funds than it would with a standard savings account or CD, according to recent data from the FDIC and Goldman Sachs.

So if you're only focusing on savings accounts, consider this your green light to start investing. If you have a 401k option available to you, an easy step to take is to max out your annual contributions. 

Set clear goals 

Retirement doesn't have to be your own financial goal. Goal setting can help you visualize what exactly you hope to achieve, which in turn makes it easier to commit to changes in your money management. Just make sure that your goals are tangible. Think dollar amounts, timelines and success markers. Maybe you want to buy a new home in the next five years or start a brick and mortar business the year after next. Knowing your goals is an important first step for planning to achieve them. 

Speak with your banker 

You might have some goals in mind, or funds that you've heard family and friends talk about for investing. But actually taking action can feel overwhelming. Fortunately, a trusted banker can help you plan for your goals. 

Choosing to work with a local bank means that your banker will understand where you're coming from. You can turn to your banker for advice on making a financial plan or investing options, or just to talk through some of your financial goals. 

The bottom line

Women have come a long way in the world of small business and finances in the United States. But to get ahead in the game, it's important to develop a solid understanding of where you stand and where you want to go. With the right information and help at your side, your financial goals are well within reach. [cite::171::cite] [cite::172::cite]


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