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Women earn less than men, putting us at an immediate financial disadvantage. But read on to learn how you can cope and set yourself up for financial success. 

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While 2023 has surely been the best year to be a woman (so far, that is), I have to believe that better days for us are ahead. The gender pay gap persists — according to Pew Research, we were earning an average of just $0.82 per $1 earned by a man as recently as 2022. More depressingly, that’s only a gain of $0.02 since 2002, when we earned an average of $0.80 on that same $1.

There are a few moves you can make to fight the gender pay gap, including improving your negotiation skills and supporting legislation to increase the federal minimum wage. But beyond looking at the bigger picture and working toward equality for all, you can also polish your individual personal finance habits. Work on these ones in particular, and you just might find yourself among the ranks of highly successful women.

Focus on career growth

First and foremost, if you’re hoping to improve your financial status, it’s extremely important to invest in yourself and your career. Thankfully, it’s easier than ever to do this, and for less money than you may be thinking. You can get a free month trial of LinkedIn Learning; this is likely a good place to start for shoring up skills that can help you get a job (or a promotion at your current job). If you’re in a creative field (such as graphic design), Skillshare might be worth a look — the first week will be free, and you might be able to snag a discount on a year’s subscription.

It’s also worth focusing on and improving your soft skills — think communication, time management, and the other qualities that make you easier to work with. The Department of Labor calls soft skills “the competitive edge” when it comes to getting hired, so their importance can’t be overstated. And finally, if you’re hoping to work remotely (and honestly, if you can do your job from anywhere, it’s so worth it), there’s a set of abilities to master for successful remote work, including IT troubleshooting and taking more initiative.

Save for emergencies

If you want to be a highly successful woman, you’ve got to have a way to pay for unplanned bills and emergency expenses that doesn’t involve going into debt. I lived without emergency savings for the vast majority of my adult life, and it’s a terrible feeling when you have to pay to get your car fixed or for a trip to the doctor and know you’ll be paying interest on the original charge because you had no way to cover it besides borrowing money.

What’s the solution? An emergency fund with cash that you can tap in a pinch. It’s a good idea to aim for enough money to cover three to six months’ worth of bills, but that’s not going to happen overnight — it could take you years to save that much. You can make it easier by aiming to save any amount — if it’s just $50 per month, that will still help build a cushion against future unplanned bills. And store your cash in a good high-yield savings account — these are paying upward of 4% APY right now. You might also consider automating your savings contributions, as a lot of people find it easier to save if they don’t have to think about it or take the action directly.

Invest for the future

Finally, highly successful women are focused on the future, and setting themselves up for a comfortable existence down the road. According to research from The Motley Fool about women and investing, we actually earn higher returns on our invested dollars, but despite this, we lack confidence in our abilities and have less knowledge about investing. And it’s absolutely crucial for our future wealth and opportunities that we put our money to work for us now.

You don’t have to be a Wall Street genius or spend all your time researching companies to be a successful investor. Instead, have a look at our favorite brokers for beginners, and pick an investment account that is easy to use and flush with educational resources. And if you haven’t opted in for your company’s 401(k) plan, hop to it. This is especially true if your company will match a portion of your contributions — it’s difficult to beat free money! If your company doesn’t offer this, you can open an IRA account on your own. Opt for a Roth IRA if you want to forgo tax savings now in exchange for tax savings later.

Contrary to what you may have been told, it’s not “selfish” for any woman to look out for herself and her financial interests. In fact, it’s absolutely vital. Make the above moves to become a highly successful woman.

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