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Personal Finance
24 Financial Tips for Young Women

Harrine Freeman -- Millennial women seek quality, worth, performance, and substance. They prefer quality over quantity and research purchases thoroughly before buying. Here's what every woman can and should know when it comes to managing her own finances.

The country is still feeling the effects of the recession. The most unemployed and underemployed are new college graduates earning approximately 8% less than college graduates 10 years ago. Unfortunately, many do not ask for a raise which directly affects their economic status. However, millennial men frequently ask for a raise and usually get it.

Entrepreneurs are a vital component of America's global economy. They create 90% of the jobs in America. They create innovative solutions, creativity, marketing and technology to propel their businesses.

According to Fleishman Hillard study titled Women, Money and Power, millennial women are more concerned about the economy which affects how they spend their money. Seventy-one percent agree, "Life is more complex today than it was before the recession," and 75% agree, "I shop differently now than I did before the recession." Millennial women seek quality, worth, performance, and substance. They prefer quality over quantity and research purchases thoroughly before buying.

According to Edward Jones, 51% of millennials usually don't invest in a 401k or retirement plan. Millennial women are delaying marriage and starting a family to get their finances in order.

Women must plan for the expected and have a contingency plan. They must identify possible scenarios that could occur and develop solutions on how to deal with them. More than 80% of millennial women will at some point in their lives have sole responsibility for their finances. Every woman can and should know how to manage her own finances.

Millennial women need to become empowered with financial knowledge which will help them make the best financial decisions throughout their life. Here are 24 ways for millennial women to manage their finances.


1. Create a budget or spending plan to control spending. Make your budget flexible to accommodate for unexpected expenses and include savings goals. Include monthly expenses and debt plus your monthly income.
2. Create an emergency fund to cover monthly expenses for 9-12 months.
3. Balance your checkbook and write down every transaction, including check card transactions and trips to the ATM.
4. Reduce spending by 30-50%. Spread spending for large purchases over several months to ease the burden. Buy more needs vs. wants and reduce your credit card debt.
5. Set short-term and long-term goals such as paying off a bill and saving for a down payment on a house.


1. Pay down debt and get current on late accounts. Keep debt (excluding rent/mortgage) at 15% or less of your net monthly income.
2. Keep credit card balances at 20% or less of the credit limit.
3. Pay more than the minimum monthly payment.
4. Pay back student loans. Consider using student loan forgiveness programs.


1. Pay bills online.
2. Use direct deposit for paychecks.
3. Open a checking account with overdraft protection.
4. Save, save some more, and save some more.

Estate planning

1. Create a will to begin setting up estate planning.
2. Create a medical directive to identify your medical wishes.


1. Max out your tax advantaged retirement plans. Commit to saving a set percentage of your income, so when your income increases, your contributions will also increase. Contribute 70% stocks, 30% bonds.
2. Control your risks through diversifying and investing in various mutual funds that are a combination or low, medium and high risk to limit your losses.
3. Focus on long term growth. Leave your money untouched for the next 5 to 10 years to see the benefits of your money growing.
4. Invest as much as you can in tax-deferred retirement plans, such as 401(k) plans. Your money will grow faster and you can afford to invest more now because you won't have to pay taxes on the money until you retire.
5. Once you have decided how much to invest in each type of asset, rebalance often to your original percentages, particularly after a large market shift, upward or downward.


1. Develop a support network (friends, family, church members, join support groups and a financial professional, etc.) to get advice, support and encouragement.
2. Think rationally and without emotion. Calm down and think logically about how to deal with your finances.
3. Don't blame others for your financial mistakes. Take accountability and responsibility for your actions.
4. Plan for the future and always have a plan A, B and C.

Source: Ezinearticles

Harrine Freeman is an authority on personal finance with over 10 years of experience under her belt. Freeman is a financial counselor, CEO of H.E. Freeman Enterprises and Author of How to Get out of Debt: Get An "A" Credit Rating for Free, a self-help book on credit repair that provides consumers with a step by step plan on how to get out of debt, increase their credit rating and plan for the future. She has impacted the lives of thousands of people in the United States through public speaking engagements and financial counseling. She is called upon by business owners, CEO's, celebrities, students, teachers, sororities, fraternities, displaced workers, veterans and families. She helps client's prepare for financial freedom, by providing useful advice, resources and the tricks of the trade to ease concerns and really steer clients in the right financial direction. For more information on her credit management services, visit

© 2015 Harrine Freeman

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