Women & Money: From College to Coupledom

How to achieve financial independence and ensure you keep it long-term.

Establishing financial stability and good credit as early in life as possible makes it easier to move forward in your life. For most of us, the move towards financial independence starts in school. Even in high school, many parents start to help their children become financially independent with assistance like their own bank accounts, mini-budgets and even credit cards. From those first steps towards independence, through the start of your career and on into marriage, the more steps you take early to establish a solid financial footing, the better off you’ll be.

Of course, not every financial life proceeds forward in the same way, you may do these stages in a different order. For instance, you may get married early and both enter the workforce immediately to start building a life together. If this is the case for you, tweak the advice and tips found below as needed to fit your situation. If you run into trouble or have questions, call us at to let a certified credit counselor review your situation and help you make a plan that works for you. You can also complete an online application to request a confidential debt and budget analysis at no charge.

Financial Stage 1: Student life

Financial life stage 1The first stage for most women after they leave their parents’ home is to head to college. During the years in school, students tend to control at least some of their own financial destinies. As you move through school, you generally become more and more financially independent until you graduate and truly strike out on your own.

These tips can help you get through your college days without debt problems or financial distress:

Feminine Facts

For 2014 high school graduates, 72.7% of women went on to college, versus 64% of men. [1]

Financial Stage 2:  Entering the workforce

Financial life stage 2Once you finish school and start to focus full-time employment, your financial plans need to evolve in order to set a solid foundation for the future. The more positive steps you take for your finances now, the easier it will be to reach your financial goals in the future.

These tips can help you establish a solid financial foundation as you enter the workforce:

Feminine Facts

Women made up 53.7% of the workforce in 2015, and only 5.2% of the unemployed labor force. [3]

Financial Stage 3: Merging your finances

Financial life stag 3Achieving financial stability on your own is tough enough, but once you bring another person with a different set of philosophies into the mix, it can get even more complicated. Although you may reap the benefits of another income, if you partner has financial issues they can potentially drag you down, too, if you’re not careful.

These tips can help you be successful as you hitch your financial wagon to your partner:

Feminine Facts

Couples who disagree about finances at least once a week are 30% more likely to get divorced that couple who disagree only a few times a month. [3]

Continue to next financial life stage for women

Sources:
[1] http://www.bls.gov/news.release/hsgec.nr0.htm
[2] http://www.bls.gov/cps/cpsaat03.htm
[3] http://www.divorcesource.com/ds/main/u-s-divorce-rates-and-statistics-1037.shtml

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