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What All Women Should Know About Personal Finance

Cypress Wealth Services

October 2020

Things have drastically changed for women in the past few decades. Women now make up 50% of the workforce, (*1) and they are also starting to play an increasingly important role in managing their household’s finances. (*2)  Gone are the days when husbands were the only ones in control of the family’s finances.

It’s good news that women are starting to take ownership of their finances, because they tend to face financial challenges not often faced by men and they usually spend fewer years in the workplace because of time spent raising children or taking care of elderly parents. Because women generally live about 6-8 years longer than men(*3) women have fewer years to save a higher percentage of their income, so they can fund their longer retirement.

And those are just the normal challenges. Now, thanks to the impact of the COVID-19 pandemic, women are facing higher unemployment numbers (*4) and tough career decisions as they try to juggle working from home and facilitating the education of their children who are learning at home due to school closures. (*5)

Doesn’t seem fair, right?

That’s why women need to be even more informed about their financial opportunities and how to maximize what they have. Here are a few key principles all women should know about personal finance to succeed.

Have A Plan For Spending And Saving

To reach your financial goals, you need to track your spending. Even if you have a high net worth, you may be surprised at how much more you could save if you cut unnecessary purchases. It could potentially equate to thousands more by the time you retire.

While it’s estimated that 85% of women make the primary decisions about their family’s day-to-day finances, that number drops down to 58% when it comes to making decisions about longer-term retirement and investment planning. (*6) Since having a long-term plan impacts short-term decisions and behaviors, women need to be involved in all aspects of a household’s finances.

If you’ve left budgeting or planning up to your spouse or partner until now, set aside one night a week to go over the details and get on the same page. It could save you a lot of heartache and frustration down the road should something happen to your spouse or your relationship.

Find More Ways To Save

Once your budget is solid, start looking for opportunities to save more money. There are typically two ways to do this: decrease spending or increase income. The most effective way is a combination of both. 

Small everyday purchases add up to a large amount of money over time. Think about ways you can decrease spending without depriving yourself. Could you make your own coffee throughout the week instead of grabbing a cup on your way into the office? If you want to increase income, could you ask for a raise at your current job, rent out your spare bedroom, or start a side job?

Whatever you do, make sure you take advantage of your retirement plan. Whether it’s an employer-sponsored plan or a personal plan, contribute as much as you can—especially if you’re near retirement. You’ll thank yourself later.

Invest With Confidence

Investing is a great way for women to close the gender pay gap and save extra money for retirement. Did you know women typically have a 0.4% higher return on investments than men? (*7) It’s true. But women are also more likely to keep their money in a low-risk savings account than in investments because their earned dollars are more precious to them. Breaking this cycle and having a strong investment portfolio gets you one step closer to reaching your financial goals—and living your dream life in retirement.

Find A Trusted Partner

Given the right tools and education, women can succeed in reaching every financial goal they set for themselves. It may be overwhelming at first, but the more you know about investing and the more you do it, the easier it becomes. The best way to gain momentum in reaching your financial goals is to seek help from a professional.

At Cypress Wealth Services, we can help you build a financial plan and investment portfolio that works for you. Want to learn more? Call our office today at 866.888.6563 to get started.


About Cypress Wealth Services

Cypress Wealth Services is an independent RIA firm providing financial planning and investment management to high net worth individuals, families, business owners, and institutions. Cypress Wealth Services comprises professionals with diverse backgrounds and extensive experience and qualifications. Cypress Wealth Services is uniquely qualified to serve a broad range of client needs, and their experience and expertise act as a foundation for their client service process. The firm uses The Second Growth, which focuses on efficiently protecting, growing, and transferring to their loved ones the wealth and legacy a person has already built. With offices in Palm Desert, CA, Tustin, CA, and Anchorage, AK, the firm serves clients across the country in Wealth Management Services, Fiduciary Services, 401(k) Design and Management, Investment Reporting Services, Financial and Retirement Planning, and more. For more information, visit or call 760.834.7250.



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