Ten Financial Tips for Women

• Qualities such as assertiveness and optimism lead to smarter money choices.
• Experts believe there is a correlation between a woman's belief about money and her spending habits.

There has been a ton of research around women and finances. One study, conducted by the National Center for Women and Retirement Research, showed a direct correlation between a woman's personality characteristics and her financial habits. The study also revealed that some unique qualities, such as assertiveness, openness to change, and an optimistic outlook, tend to make smarter money choices.

Money, in general, is an emotionally charged subject. Some experts say women's beliefs about money and their emotional attachments strongly influence how they spend and handle money. If you're not where you want to be financially, do a quick assessment of what drives you emotionally when it comes to money. Then, try to figure out the roadblocks that keep you from becoming financially independent.

Women can be financial rock stars.

Here are ten tips–not in order of importance–that can aid you on your journey to becoming a financial rock star.

(1) Don't rely on someone else for your future financial security, whether it is a spouse, significant other, or family member.

(2) Set financial goals and track your progress along the way. You can break things down, such as:

• Quick Win: a goal you can accomplish today, tomorrow, or within the next 1 or 2 weeks 
• Big Win: goals you can achieve within 1-month, 3-months, 6-months, or one year.

(3) Investing is risky but worth considering. Don't let the fear of losing money, failure, or the unknown stop you from investing. The stock market, in the long run, is your friend.

(4) Consider taking on some DIY (do-it-yourself) projects around your home by fixing some minor issues yourself. For reference, YouTube has many DIY videos that can assist you. If you're still not comfortable with how to complete a do-it-yourself task, you can always ask a friend or family member to help out.

(5) Build a substantial emergency fund. It is recommended to have at least 3-months saved up. Although three months is good, 6-months is even better.

(6) Focus some attention on your retirement savings. A rule of thumb is to put away 10% of your earnings each year.

(7) Be involved in the day-to-day of your family's finances. Talk about money with your spouse or significant other.

(8) Pay yourself first! Since you pay your bills every month, you should be one of those "bills" that get paid. Not rewarding yourself can add more stress to your financial journey. 

(9) Having a day job is great but think of other creative ways to earn additional income.

Recommended Read: Ten Clever Ideas to Start Making Passive Income

(10) Get your debt in check. Don't spend money you don't have, including abusing credit cards. And, if you have student loans, know that you may have them for a while unless you're working in a position that receives bonuses or commissions or you receive a windfall of money.

The correlation between marriage and money for women.

In addition to the ten tips provided, a bonus tip is to marry well. Believe it or not, this is a financial strategy women should acknowledge. As the saying goes, "Love doesn't pay the bills." Financial incompatibility and money disagreements are the top reasons couples get a divorce.