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How to Solve Money Problems for Women – 7 Tips

For women, knowing how to solve money problems can be as simple as reading Nice Girls Don’t Get Rich! These money management tips for women are inspired by the smart, financially successful Lois Frankel…

“Many of the characteristics that make women uniquely feminine are the very same behaviors that prevent them from becoming financially independent,” writes Lois Frankel in Nice Girls Don’t Get Rich: 75 Avoidable Mistakes Women Make With Money. “In many ways the greatest gifts women bring to society are, ironically, the ones that cause them to act in ways counter to their own best interests.”

Not only does Frankel list 75 money mistakes women make, she lists about 175 solutions to help women reach their financial goals! Read Nice Girls Don’t Get Rich: 75 Avoidable Mistakes Women Make with Money for details.


And, here are seven money management tips for women, based on Frankel’s info…

7 Tips for Solving Money Problems  for Women

Separate money from friendship or love

If someone you care about is in need, find alternative ways to support him or her – other than giving away your money. Ways to help without offering financial support: help with resume writing, help with networking, cook dinner, babysit, help with paperwork. If you lend money, always write up a contract. To achieve your financial goals, avoid sacrificing your own future to take care of the needs or wants of others. If you do lend money, read Tips for Lending Money to Friends or Family Members.

Learn how to negotiate effectively

Men think of negotiation as fun and exciting; women view it as scary. “Women don’t get as much as men because they don’t ask for it, and they don’t ask because negotiations make them nervous,” writes Frankel. Being uncomfortable with negotiation isn’t an effective way to manage your money. Prepare for every negotiation, whether it’s with a salesman for your car, a raise with your boss, or the amount you and your partner should spend on your next vacation.

Get everything in writing

Another common money mistake women make is failing to get a contract that stipulates the details of a sale, job offer, divorce settlement, family property division, or service contract. To manage your money effectively, make sure every financial transaction you do is in writing, signed by all parties.

Play to win

“If you’re not accumulating the amount of money you need to be financially independent, ask yourself why,” writes Frankel in Nice Girls Don’t Get Rich. “Are you better at playing the role of ‘nice girl’ than you are at playing the financial game?” Men are willing to win at all costs. “Playing like a girl” is a money mistake women make. There’s nothing wrong, illegal, or immoral about walking away a winner. Another way to solve money problems is to learn how to pay off debt with a low income.

Choose a financial advisor carefully

Trusting the wrong person with your investments is a money mistake that affects your whole life. Don’t blindly trust anyone – a partner, husband, child, relative, or your best friend’s stock broker – to take care of your portfolio. When you’re interviewing potential investment brokers, ask for a free consultation, review their charges, and select someone with a broad base of knowledge.

Let go of social pressure

“One of the biggest mistakes I’ve made around money is allowing myself to be bullied into contributing to group gifts at an expense greater than I wanted to spend,” writes Frankel. Social pressure can cause us to spend more than we have. For instance, buying a $100 gift because you know others will spend that amount of money can lead you to spend 10 times as much as you would have without the pressure.

Talk to people who took risks to achieve their dreams

A money mistake women make is striving to survive, not to be wealthy. Frankel encourages women to visualize being surrounded by money. To achieve your financial goals and manage your money effectively, picture yourself not just paying off your Visa bill, but actually having money left over to invest in yourself, your portfolio, or your kids.

For more tips on achieving financial goals, read Overcoming Fears of Investing Money for Women.


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Do you have any tips for solving money problems – or questions about women and personal finances? Comments welcome below…

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1 thought on “How to Solve Money Problems for Women – 7 Tips”

  1. Laurie Pawlik-Kienlen

    Here’s a basic-but-effective money management tip from HowStuffWorks.com:

    Wh­ether it’s alcohol or tobacco, if you use much of either, you know how expensive bad habits can be. Stop smoking and drinking, and put the beer/cigarette money toward your other expenses. You’ll see your bills come down — and feel your health improve — in no time. You’ll also save on health care expenses down the road, and you may become eligible for lower insurance premiums.