Us girls need to look out for each other, especially when it comes to our finances. Because money and financial education can be a very male-dominated space, so taking the time prioritise our financial well-being is vital to ensure we are taking care of ourselves.
I’ve compiled a list my top 10 most important money tips for young women. Because taking care of your financial well-being is something we all need to prioritise more.
Why is Financial Independence Important for Women?
Financial independence is all about having enough money and financial skills to look after yourself. It is particularly important for women because we are often the first to make sacrifices in our career or finances. Money and financial abuse is used against women far too often. Additionally, a lot of resources and financial education is not designed for women. We’re constantly fighting an uphill battle when it comes to financial independence and literacy.
Your financial well-being directly impacts your quality of life. So creating and pursuing your money goals is one of the best things you can do for yourself.
What is Financial Literacy?
Becoming financially literate can sound daunting or challenging, but it doesn’t have to be. Financial Literacy is really just money skills. So concepts like budgeting, investing, and saving are really important.
Is It Important to Learn Money Skills Young?
Becoming financially literate and developing some strong money skills while you are young is so important to effectively set yourself up for financial success.
When you are equipped with financial literacy from a young age, you can avoid financial mistakes like getting into excessive debt. These poor money choices have potential to majorly impact your financial well-being. So being aware of potential financial impacts from a young age is really important to set yourself up for the best quality of life. Not to mention beginning investing from a young age, and learning budgeting basics.
10 Money Tips for Every Young Woman Should Know:
1. Start to Grow Your Financial Literacy Now
I think that building your financial literacy and money skills can always be valuable. Even just listening to a podcast on financial independence and well-being can make a really big difference in your relationship with money. Because being educated and confident in your money skills sets you up for a lifetime of success.
2. Avoid Bad Debt
Of course, getting into debt can be really taxing on your financial well-being. However, I do think there is a difference between “good debt” and “bad debt”.
Good debt: debt that will give you a return on your investment (e.g. university fees or home loan)
Bad debt: debt that won’t make you a return in the long run (e.g. car loans or credit card debt)
3. Don’t Lend Your Friends Money
This one might be controversial, but I wouldn’t lend my friends money. I think it makes for a weird relationship dynamic, and you might never get that money back.
4. Look for a High Interest Savings Account
Whether or not you are investing, a high interest savings account can be a great asset when taking care of your financial well-being. A high interest savings account is where you get paid a certain amount (comparatively high) for having your savings in an account, based on your interest rate.
5. Don’t be Afraid of Investing
I wanted to invest for a long time before I actually put any money in. The whole concept felt quite daunting, and honestly quite scary. Investing can be a very male-dominated space, so look for financial education you’re comfortable with. You don’t need to invest thousands of dollars if you’re just starting out, so there is no reason to avoid it.
Plus, investing from a young age allows you to make the most of compound interest, which could make you a lot of money in the future. Check out my post on investing for young women if you would like to learn more!
6. Think About What You Actually Value
When you take a step back and consider what you actually value, you get a better understanding of how you want to spend your money.
For example, I know I value travel and experiences. But, I was spending a lot of my money on things like takeaway and clothes, even though they don’t really align with my personal values.
So take a step back, and redirect your money into the things that you really do value.
7. You Don’t Have to be Rich to Have Fun
Spending time with friends or loved ones can feel really expensive, but you don’t always have to go out to eat or do to expensive activities. You can pack a picnic and head to the beach, or even invite your friends over for board games and pizzas.
8. Cheap Clothes Doesn’t Always Mean Less Money
This was a very hard one for me to learn. But constantly buying yourself cheap clothes doesn’t always mean you’re saving money in the long run. Especially when it comes to timeless basics like a pair of jeans or a white tank top. Spending extra money might seem like a waste of money But if the cheap version is only going to last you a few months, it might be worth investing in better quality clothes.
9. Learn How to Budget
Budgeting can seem pretty work intensive, but it really can be as simple as you want it to be. Just have a look at your income and compare it to your expenses. You might want to go further and break down your expenses, and see where you want to cut back if necessary.
Budgeting is a simple tool to take care of your financial well-being. And learning how to budget effectively not only is great for your pocket, but also gives you great insight into your spending habits.
10. Maintain Non-Negotiable Financial Expectations
When taking care of your financial well-being, some things can come naturally to you. Establishing these as non-negotiable expectations of yourself can really maximise your finances.
For example, I previously had a passive income of about $15,000 a year. Because I hadn’t set my budget to reflect this extra money, I made it a non-negotiable to immediately transfer this to my high interest savings account.
If you have a side income you can dedicate to your savings or investments, or even just a particular amount you want to save each week, making it a non-negotiable for yourself can be really helpful. This is a great way to see dependable results in your financial journey.
The truth is, no one else is going to prioritise your financial goals for you. But by starting small—learning to budget, avoiding unnecessary debt, investing early, and setting clear money boundaries—you’re laying the foundation for lifelong financial success. Whether you want to travel the world, buy your first home, or simply feel confident that you can support yourself, it all starts with the money habits and mindset you build today.
Disclaimer: The information in this blog is for educational purposes only. I am not a financial advisor.
