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The Future is Female: Financial Tips for Women in a Changing Economy

Women are stepping into their financial power like never before. In this live Cultural Coins panel recorded for Women’s History Month, four women in finance share practical financial tips for a changing economy: Jessica Henderson, CPA and financial planner at South Bay Financial Partners; Shahara Wooten, an engineer turned Certified Financial Planner who works with STEM professionals; Dr. Dominique Reese, CEO and chief financial coach at Reese Financial Services; and Chioma Deere, Esq., an estate planning attorney in West Palm Beach, Florida.

Key takeaways

  • Look back at the last 30 days of spending before you build a budget.
  • Starting late is common. What matters is starting now.
  • Spend on what you value, not what you think you “should.”
  • Estate planning is for everyone, and it’s a form of self-care.
  • Before kids, set clear goals and put protection in place.

Financial tip for women: try a 30-day look back

Many of Dr. Dominique’s clients earn between $50,000 and $150,000 and still struggle to save, even for an emergency fund. Her fix is the 30-day look back. Print your bank statements and review every dollar that came in and went out last month. Add up each category, then ask whether it’s a habit you want to start, stop, change or continue.

“Money is behavioral,” she says. If you did it last month, you’ll likely do it again unless something changes. Spending $600 on dining out plus $400 on groceries is $1,000 a month on food. Seeing it is what makes it possible to redirect it. The result is a budget built on real data, not numbers pulled out of the sky.

Shahara adds a warning about “sneaky leaks,” like food delivery instead of meal planning, and store texts designed to give you FOMO. “People find excuses to spend,” she says. “It’s time to find excuses to save.”

It’s not too late

Shahara hears from women in their 20s through their 50s who feel like they’re starting late. Her answer: you’re not the only one. Get your mindset right, look at your leaks and your goals, and use your time well from here.

Jessica encourages women to question their “shoulds.” Living in an affluent neighborhood can create pressure to keep up with the Joneses. Instead, decide what you value and tell your dollars where to go. That plan also keeps you grounded when the news gets scary. “Money is a tool,” the panel agrees, not the goal itself.

Estate planning tips for women: it’s self-care

Chioma sees many women who are caregivers, or the family member everyone will lean on when someone gets sick. Estate planning, she says, is less about death and more about protecting your life, your family and the money you worked hard for. Dr. Dominique adds that it isn’t only for people who’ve hit a certain level of wealth. As a single mom, her urgency came from one practical question: who would take care of her son?

The core documents the panel recommends:

  • Health care surrogate or proxy: someone you trust to make medical decisions if you can’t. It doesn’t have to be your spouse or a relative.
  • Power of attorney: someone to handle your finances, like paying bills or selling a house.
  • Living will: your wishes for end-of-life care.
  • Will: who gets what, who’s in charge and who will care for your minor children.
  • Trust: once funded, it can keep your family out of probate court, which is public, slow and expensive.

Do this today: the panel suggests logging in and checking the beneficiaries on your bank, savings and retirement accounts. Adding a payable-on-death beneficiary takes minutes.

Before you have children

An audience member asked what to do before starting a family. The panel’s answers:

  • Know your cash flow and how it will change. Jessica has seen clients buy a home, then have a baby, and underestimate the combined cost.
  • Set goals now. “Money management is time management is calendar management,” Dr. Dominique says. Children can delay goals or make them cost more.
  • Protect your income with disability and life insurance, and consider long-term care coverage.
  • Dream first. Shahara’s “SMARTY possibilities” adds a “why” to SMART goals. Ask yourself why five times until you reach the real reason.

Why financial tips for women matter: women are the wealth builders

Women often outlive their spouses and end up managing the family’s wealth. The panel’s message: protect it, but also enjoy it. Negotiate your salary, especially early in your career. Give yourself permission to take care of you. And if you get stuck, reach out to a planner, attorney or accountant who can help you build a plan.

Want more conversations like this? Watch more Cultural Coins episodes.

This article is for education only and isn’t financial, tax or legal advice. Talk with a qualified professional about your situation before making decisions.

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