CINCINNATI — In honor of Women's History Month, we went to experts to get practical, actionable steps women can use at every stage of life to stay on track with their financial goals.
NerdWallet personal finance expert, Kimberly Palmer, said understanding differences between men's and women's financial journeys is the first step toward getting ahead.
"First of all, (women) are much more likely to take on caregiving responsibilities for both young children and also for aging adults, and that means that we sometimes take breaks from the workforce or have a lower income for a period in order to juggle those caregiving responsibilities," Palmer said.
Palmer said women also earn less on average compared to men due to the gender wage gap.
According to the U.S. Bureau of Labor Statistics, women working full-time earn about 81-82 cents for every dollar men make.
Ask for the raise — the worst they can say is no
One of the most direct ways to close the wage gap starts with a single conversation: negotiating your pay.
Palmer said women tend to be more hesitant to ask, and that hesitation has real financial consequences.
"You do want to embrace opportunities when you feel like you deserve to be earning more," Palmer said. "The worst that can happen is that someone says no to you."
Palmer said it's often a good idea to make your case and practice ahead of time, to make it easier when you're actually making the request.
WATCH: Experts share advice for women to stay on track with their financial goals
Your 20s: Build habits that will pay off for decades
Early in your career is the best time to lay a strong financial foundation — even when money feels tight.
"In your 20s, it's all about building good financial habits that will serve you for the rest of your life," Palmer said. "You want to get in the habit of saving and set up a budget for yourself. So when you get your paycheck, you are putting part of it into savings, paying off any debt that you have."
Palmer also said it is important to build credit early.
"When you're young, you don't have a long credit history, which means it can be harder to apply for financial products like credit cards and loans. And so you want to pay your bills on time every month in order to build that credit history," Palmer said.
And even though retirement might feel far away, Palmer said starting early is one of the most powerful money moves you can make.
"It's actually a really good idea to open up a retirement account and start contributing because that will make it easier to save as much as you need to by the time you're done working," Palmer said.
Tackling debt head-on
Eastgate resident Atiana Anderson is putting these principles into practice. She's told us she's working toward a $10,000 savings goal by the end of the year while also paying off credit card debt.
When asked what tools she's using to get out of debt, Anderson had a specific method to share.
"I am using the debt snowball, which I'm starting with my lowest credit card," Anderson said.
The debt snowball method involves paying off your smallest debt first, then rolling that payment into the next smallest, building momentum as you go.
Your 30s and 40s: Protect what you've built
As your income and assets grow, so does the need to protect them.
Palmer said your 30s and 40s are about protecting what you have and what you're growing. She said it's important to have the insurance you need, like renter's insurance, homeowner's insurance, life insurance or disability insurance.
"Those are ways to protect your income or replace it in case anything happens," Palmer said. "And then you also want to continue contributing to your retirement accounts, because that will just make sure that it's there for you when you're ready to retire."
Planning a career break? Don't take a break from your money
Whether you're stepping away for maternity leave or to care for an aging parent, Palmer said staying financially engaged during a career break is critical.
"When (women) do take breaks from the workforce, we want to make sure we're not taking a break from managing our money," Palmer said. "You actually do want to continue contributing to your retirement if you can, and that's through household income."
Staying connected professionally is just as important.
"Just make sure you're maintaining your network connections, reaching out to professional contacts, even considering doing a side gig or side hustle, freelance work, just to make sure that when you are ready to return to the workforce, you're ready to," Palmer said.
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Your 50s and beyond: Max out and get your paperwork in order
As retirement gets closer, Palmer said it's time to shift into high gear on savings — and take care of some important financial housekeeping.
She said you want to max out your retirement savings as the time to retire nears.
"You also want to take care of some important financial paperwork. So, for example, you want to be sure you've done all of your estate planning documents, updated beneficiaries, just to make sure that's all squared away," Palmer said.
One size does not fit all
Palmer's overarching message: your financial plan should be as unique as your life.
She said there is no "one-size-fits-all" when it comes to money.
"It's so personal. And so when you're thinking about your own financial goals and your own challenges, you really want to think through what makes sense for you," Palmer said.
She said that, depending on your situation, the blanket financial advice might not apply to you.
"Sometimes you have to pick a plan that really works for you that is customized to your needs at your current life stage," Palmer said.
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