Worrying about finances, especially in this pandemic is not something uncommon. And if you are a woman, do not think that you are alone! According to a report published by Bank of America, 58% of the men rate their financial status as good and when compared with women, only 41% of the women rate it good. Moreover with the amount of work you have, taking care of your finances might be on the bottom of your list! With these 4 smart moves, the scenario is going to change and you will be able to gain financial independence! 

Credit Score

Firstly, you need to understand why credit score is so important in determining your financial status. It is an indicator of how consistent you are with paying your debts and managing your money. There are many ways to check your score and if you are having a low score, it is time to take hold of your finances. Now what if you do not have a credit score? It is very simple to get one! Just follow these steps:

Apply for a credit card from a reputed bank.

Use your credit card for buying monthly necessities.

Most importantly, repay the full amount spent within a fixed date, preferable within the first week of every month. 

Negotiation

It is no secret that when it comes to male counterparts, they seem to get paid more. This is also supported by the report published by Bureau of Labor Statistics which states that for every dollar a man makes, a woman makes only 81 cents. If you ever fall a victim of this situation, never let go of what you deserve! Negotiating might seem difficult, but these tips might help:   

Most important, know your worth and your work’s worth! Prepare a list of achievements to support your view.

Before agreeing to a specific salary, always look up the salary offered for the role in various websites.

Set the minimum amount under which you are not going to work.

Student Loans

According to the American Association of University Women’s report, women hold two thirds of the student debt. Women are associated with the role of a caregiver- be it an elderly family member or a kid, women are often compelled to leave their work due to the lack of a proper caregiver. This results in a debt that you had intended to clear! Chalk an effective plan and look for other options, such as part time jobs to clear your debt.

Retirement

Having a retirement plan will always prove to be beneficial in the long run. If you do not have an employer sponsored retirement plan, take things in your own hands! The best option is to open an Individual Retirement Account. Upping the pre-tax contribution in your Health Savings Account you help you in your future even if you shift to another plan. 

Having money in your hand will always act as a strong supporting pillar! Not only it will help you in your retirement but will secure you a comfortable life!