Celebrate Women’s History Month by Making These 4 Money Moves

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I am woman, hear me roar — about boosting your financial security. Keep reading for money tasks for March and beyond. [[{“value”:”

March is Women’s History Month, and as such, it’s a great time to reflect on your personal finances. A survey from Northwestern Mutual from last year found that just 51% of women feel confident or very confident about their finances — and only 43% feel financially secure. Does this describe you? Here are four ways to improve your financial picture this month and into the future.

1. Earn interest on your savings

Let’s start with an easy one. What’s the APY (annual percentage yield) on your savings account? If it’s anywhere close to the average (just 0.46%, according to the FDIC), you can do so much better right now. The APYs on our favorite high-yield savings accounts are more than 10 times higher, and opening a new savings account is a lot easier than you might think.

Online-only banks offer the best rates, and you can open an account in just a few minutes. Depending on how much you have in savings, earning 4.5% or 5% on your cash could represent a nice little windfall every month — and that means your savings grow even faster.

When the Federal Reserve cuts the federal funds rate (which is expected to happen later this year), savings account rates will most likely fall. So if you’re hoping to keep that APY longer and you have money saved that you won’t need for a while, consider certificates of deposit (CDs) as well.

2. Ask for a raise — or investigate your options

The gender pay gap is alive and well, but it has slightly narrowed — according to data from the U.S. Census, in 2024, women are earning an average of $0.84 for every dollar earned by men. That figure is lower for women of color, and the average falls to $0.78 when you include seasonal and part-time workers. This is not ideal, but there are ways you can advocate for yourself and improve your salary situation.

How long has it been since you got a raise in your current job? If your company doesn’t offer them regularly, ask for a meeting with your boss to state your case — and don’t forget to provide evidence of your worth in the process. If you saved your employer money, landed a new client, or went above and beyond in any way, highlight that.

And if your employer brushes you off, consider putting out feelers for a new work situation. I hate to say it, but you’re more likely to earn more by switching jobs than getting a raise at your current one. And if you’ve long been dissatisfied in your field, changing careers is also an option to consider working toward.

3. Become an investor — or up your contributions

Did you know that women are better investors than men are? Given how much investing content is created by and geared toward men, this may be surprising. But investing research from The Motley Fool found that we achieve higher returns, despite our lower numbers. In 2023, 68% of us were investing for retirement, compared to 77% of men.

Why are we better at investing? In short, we’re more conservative and less impulsive — so we take on less risk and tend to leave more of our money in investments with long track records of success. However, studies have shown that we are less confident in our investing abilities than men are.

So this Women’s History Month, make it a point to dig into investing, and especially doing so for your golden years. If you have an employer-sponsored retirement account, like a 401(k) plan, are you contributing enough to earn the full employer match? It’s worth putting at least that much in, because your employer’s addition is like free money for you.

And if you don’t have access to an employer account, there’s a rainbow of IRA options out there for you. The nice thing about an IRA is that you’ll have a much wider choice of investments than you generally get with an employer-sponsored account.

4. Get professional money guidance

If you don’t earn much, you might assume that you don’t need to talk to a financial advisor. But letting a neutral party take a peek at your money situation can offer you an eye-opening perspective. Financial advisors are perhaps best known for giving guidance about investments, but you can also learn about managing debt, creating a budget, and planning for tax obligations from them.

To find a good one, ask friends and family for recommendations, or take a peek at the National Association of Personal Financial Advisors. You can verify an advisor’s credentials for investment advice by plugging their name into the Financial Industry Regulatory Authority (FINRA) BrokerCheck database.

Women have made great strides toward financial equality in the last several decades, but there’s still plenty more work to do. So take the time this month to sit down and reflect on your money worries, as well as your money wins — and consider making the above moves to give yourself every advantage available.

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