women

5 Things Every Single Person Needs to Do With Their Money

Denise Hill — Mon, 12 Mar 2018 10:00:06 +0000

The number of Americans who wait to get married — or never get hitched — is growing. In fact, for the first time in history, the number of unmarried Americans almost equals those who are married. The U.S. Census Bureau reports that there were 110 million unmarried adults (age 18 and older) in 2016, which is 45 percent of all U.S. residents over the age of 18.

Living a Sex in the City lifestyle may be alluring, but it also comes with hidden financial pitfalls. This is especially true for singles who have never been married. While divorcees and widows have distinct challenges, there are resources and services out there to assist them through their transition. However, if you are someone who has never been married, you're pretty much on your own.

With that in mind, we've compiled a list of the top things that every single person should do with their finances.

1. Make saving money your top priority

As a single person, you only have one income. You have to pay for living expenses and handle any emergency that arises on your own, so having a true emergency fund is paramount.

Financial experts advise that singles have as much as a year's worth of living expenses put away in lieu of the traditional three to six months' worth. A larger emergency fund will help sustain you for longer during lean times or a job loss. Married couples have the benefit of sharing expenses and may have a second income to help them through difficult times. As a single person, you don't have that luxury.

It is also highly advisable that you begin saving for retirement now. Look for ways to maximize your contributions. Take advantage of things like a company match, and contribute 10 to 15 percent of your pay to your employer's 401(k) or an IRA. Educate yourself on the different types of investments and pay particular attention to index funds, which usually have low fees. (See also: 5 Actions Women Can Take Right Now to Get Their Retirement On Track)

2. Stick to a zero-based budget

As a single, your budget is your financial guide and road map. It undergirds your financial success.

It's a good idea to use a zero-based budget as your cash flow plan. A zero-based budget makes you account for every single dollar you spend before you spend it. It makes you accountable for how you choose to allocate your funds and makes you cognizant of where all your money is going. If you earn $3,000 per month, your monthly budget — including every cent you spend, save, or invest — should be accounted for and should total $3,000.

It's also a good idea to institute a routine system to track your expenses. Every few months, keep an extra keen eye on the dollars that go in and out. This will help you gauge and adjust how much you are spending on things like gas, eating out, groceries, and clothes. It will also show you where you can cut back during lean times or if you want to build a fund for a specific purpose such as a vacation or a new vehicle.

3. Protect your credit and avoid debt

Protecting your credit is very important no matter who you are. When it comes to using credit, make sure you use it responsibly. If you use credit cards, keep your balances low enough that you can pay them in full at the end of each month. You should also strive to keep your credit utilization ratio below the recommended 30 percent threshold. (See also: The Fastest Method to Eliminate Credit Card Debt)

If you do have debt — including the dreaded student loans — prioritize paying it off as soon as possible. And once you've gotten rid of it, only use additional financing for large purchases such as a home or a car.

Another part of protecting your credit is routinely reviewing and correcting any mistakes on your credit report. You're allowed one free copy of your credit report every 12 months from each of the three nationwide credit bureaus: Equifax, Experian, and TransUnion. You can obtain these reports from AnnualCreditReport.com. You can also use free resources such as Credit Karma to check your credit score and monitor your information to ensure it's accurate and that your identity hasn't been stolen or misused. (See also: How to Read a Credit Report)

4. Get disability insurance

Disability insurance is critical for all singles, but especially for single women. A 2012 study from the American College showed that women were more likely than men to have a disability that prevents them from working.

The study also found that women were more vulnerable to experiencing tremendous financial distress if they became unable to work due to a disability. Nearly 50 percent of the women surveyed categorized experiencing a disability as "somewhat devastating" in regards to their family's finances. And 22 percent believed that their savings would last less than a month if they were unable to work.

Regardless of your gender, if you are single and employed, your entire source of income could be in jeopardy if you suddenly become disabled. It is imperative that you have adequate disability insurance (especially if you are a single parent).

If your employer offers both short- and long-term disability, take both. Choosing to forgo disability insurance to save a few dollars a month isn't a gamble worth taking. Sure, you are healthy today, but what if …? Insurance helps you plan for and protect against life's what-ifs. (See also: 4 Things You Need to Know About Disability Insurance)

5. Get an accountability buddy

Discipline is easier when you use the buddy system and when you are required to account for your actions and decisions. Married couples often rely on each other for this, but you can rely on the advice and motivation of a trusted friend or family member. Making good financial decisions is tough. Having someone to help you weigh your options will save you time, energy, and money.

When choosing a financial accountability buddy, choose someone who is financially astute, knows you well, is frugal, and has your best interests at heart. Get someone you know will be brutally honest with you and will make you talk through financial decisions. It should be someone with whom you are comfortable sharing financial intimacy.

This may not be your best friend or the one you go to when your heart is broken. This person should be practical, pragmatic, and analytical. He or she should make decisions from the head, not the heart.

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This article is from Denise Hill of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

5 Actions Women Can Take Right Now to Get Their Retirement On Track

Christa Avampato — Tue, 22 Aug 2017 08:30:10 +0000

I have female friends who range in age from their 20s to their 70s. When I talk to them about retirement, most of them share a striking similarity: They don't think about it until they have to think about it.

Truthfully, we must think about and actively plan for retirement long before we actually retire — decades before, actually. This is true for everyone and it's especially true for women. (See also: 12 Surprising Things Women Should Know About Retirement Planning)

As a woman, there are several actions you can take right now to get your retirement on track.

1. Plan for a long life

There are a number of retirement factors that women must consider more seriously than men. For example, the average life span for men in the U.S. is about 78 years. The average life span for women in the U.S. is 81 years. Since women tend to live longer, they must account for this and plan to have more money saved for retirement. Because of this longer average life span, it's also important for women to consider long-term care, the likelihood of chronic conditions and illnesses related to aging, and disability in their retirement planning. (See also: Is Long Term Care Insurance Worth It?)

2. Don't procrastinate

Several unfortunate facts for working women also increase the urgency and need for deliberate planning in retirement. There is no denying that a wage gap exists for women. Simply stated, women earn an average 20 percent less than men, and this gap exists in nearly every professional field. The gap is wider for women of color and working mothers. In some states, the gap is higher still.

Apart from dealing with a wage gap, women also often leave the workforce early, whether to raise a family or act as caregivers for an aging spouse or relative. These combined factors mean that women quite literally can't afford to waste time in their approach to retirement planning. They must work harder to match the retirement savings of men — in addition to having to save more money overall to support a longer life span. (See also: This Is Why You Can't Postpone Planning for Your Retirement)

3. Take control

Retirement can be, and often is, a complicated subject — so don't feel badly about not having all the answers about what you need to do and when you need to do it. There are people who spend their entire careers learning the ins and outs of retirement planning, and helping people toward a brighter future. The right adviser can be exceedingly helpful and supportive. No matter who you turn to for retirement planning advice, make sure you feel comfortable asking them questions and feel confident in their responses. The important step is to decide to take control of your financial planning. (See also: This Is the Basic Intro to Having a Retirement Fund That Everyone Needs to Read)

4. Create a plan

Now it's time to put an actionable plan in place. Your advising firm can help you set up the best retirement savings strategy, including finding the best possible tax advantages for you. Your workplace may be able to help, too. Some advisement companies also have online portals that give you a snapshot of your accounts, telling you if you're on track or not. These tools are invaluable in your retirement planning. Take advantage of all of them. (See also: How to Face 4 Ugly Truths About Retirement Planning)

5. Track your progress

In an effort to begin your retirement savings early, and to save as much as you can for all the reasons mentioned above, you want to automate your retirement savings whenever possible. For example, your workplace may offer Bi-Weekly deductions from your paycheck that go directly into your retirement accounts. You can personally set regular contributions from your bank account.

To stay motivated, it's important to track your progress. Take a look at your accounts once a month or once a quarter to see your savings growing. What gets measured gets done, and seeing your accounts grow will give you the confidence and encouragement to stay on your plan. (See also: 8 Signs Your Retirement Is on Track)

There's no denying that women face an uphill battle when it comes to retirement savings. With the gender-based wage gap, fewer years in the workforce, and a longer average life span, it's critical for women to start their retirement savings as early as possible and to put away as much money as they can. With careful planning, focus, and diligence, women can rise and meet their goal of a healthy, happy retirement. (See also: How Every Woman Can Take Control of Her Finances)

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This article is from Christa Avampato of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

5 Careers Where Women Earn More Than Men

Brittany Lyte — Thu, 15 Jun 2017 08:00:14 +0000

Men in the workplace make more money than women. It's an unfortunate fact that's probably not earth-shattering to read. According to the most recently available government data, women earned 82 cents for every dollar men made in 2016.

But there are career fields in which women are the top earners. If you're a woman looking to land on the winning side of the pay gap, these are the careers you should choose.

1. Architecture

According to a 2017 Glassdoor study, women with architecture degrees earn $7,000 more per year on average than men. From Denise Scott Brown to Zaha Hadid, women have made their mark in what is still a male-dominated field, erecting soaring towers, museums, college campuses, Olympic pools, and embassy buildings to much acclaim. All told, the gender pay gap in architecture is a rare 14 percent — in favor of women!

Unfortunately, these giant gains for women in the field don't mean that female architects are immune to discrimination.

"It's still largely a white, male-dominated field, and seeing a woman at the job site or in a big meeting with developers is not that common," Yen Ha, a principal at an architecture firm in New York, recently told The New York Times. "Every single day, I have to remind someone that I am, in fact, an architect. And sometimes not just an architect, but the architect."

2. Music

Taylor Swift is the top-earning female artist, with an estimate by Forbes putting her 2016 income at $170 million. But it's not just celebrity female musicians who are raking in the dough. Across the industry, women are out-earning men. The median base pay for a woman who is five years into a music career is $44,020 — that's more than $4,000 higher than the median base pay for a man, according to Glassdoor.

A recent report by Berkeley College of Music stated that an orchestral musician can make up to $143,000 — or as little as $28,000. Other music fields with the potential to pay big bucks include music therapy (up to $135,000), music law (up to $150,000) and orchestral, opera, or choir conducting (up to $225,000).

3. Advertising

Women now make up nearly 60 percent of the advertising industry, earning a median salary of $46,500 at the five-year marker. Men, on the other hand, lag behind with a median income of $43,020, according to the Glassdoor study. This does not, however, mean that women dominate the field completely. According to The 3% Conference, a group that advocates for women to hold bigger roles in creative fields, when it comes to higher power positions, such as that of creative director, women make up just 11 percent.

If you're looking to break into the advertising field, here are a few helpful tips: Start by interning at an ad agency, where you'll learn the ropes and collect contacts who may be willing to help you down the line. Take an entry level position, even if you believe it's beneath you, and work your way up the ladder. Do freelance work, and aim to either earn enough income to make freelance your full-time gig or wow a hiring agency with your talent.

4. Environmental science

The National Science Foundation reports that women comprise a little more than 40 percent of all U.S. graduate students in science and technology. When you tighten this focus onto the environmental sciences, however, the role of women gets even smaller. Women made up nearly 28 percent of all environmental scientists and geoscientists in the U.S. in 2015. Yet while there's plenty of room for women to claim a larger presence in the field, the women who do enter this field have been out-earning their male peers. Five years into their careers, women in environmental science make an average of $47,000, while men earn $44,000, according to the Glassdoor study.

The good news is that green jobs are high in demand. Not only that, but it's now entirely possible to rake in a good deal of money as an environmental scientist. Your best bet is to go for a gig with the federal government. Environmental scientists working for the feds in 2016 earned more than six figures on average, according to data from the Bureau of Labor Statistics.

5. Kinesiology

With a median base pay of $43,000, women are the top earners in the study of the mechanics of body movement. Men in kinesiology earn an average of $2,000 less than women in the field, according to Glassdoor.

Students with a degree in kinesiology have plentiful employment opportunities: professional sports organizations, corporate fitness programs, sports clubs, spas, hospitals, and Olympic training programs, to name a few.

A kinesiology degree can land you a gig in epidemiology, for example, which has a mean annual wage of nearly $78,000, although it's possible to earn more than six figures. Other career routes for kinesiology degree holders include physical therapy (more than $87,000) and occupational therapy (more than $84,000).

This article is from Brittany Lyte of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

6 Inspiring Quotes About Money From Successful Women

Emily Guy Birken — Mon, 08 May 2017 08:00:12 +0000

It's no secret that most people tend to think of finance as a boys' club. But women have been blazing trails, disrupting entrenched ideas and industries, and making serious bank for centuries. It is unfortunate that their words of wisdom have been so often overlooked.

The following quotes from female financial gurus will inspire anyone to improve their lives, their careers, and their bottom lines.

1. "Be thankful for what you have; you'll end up having more. If you concentrate on what you don't have, you will never, ever have enough." — Oprah Winfrey

At a net worth of $3.1 billion, Oprah Winfrey is one of the richest women in America — but she didn't start out that way.

Winfrey was born into poverty and raised until age six by her grandmother before bouncing back and forth between her mother and father. She suffered sexual abuse at the hands of family members, and at age 14, she had a baby who died within days.

Her early life was not characterized by abundance, and yet Winfrey still learned to be thankful for what she had, rather than what she lacked. Her sense of gratitude helped her to focus on building her career rather than feel bitter over her childhood of abuse and neglect.

Winfrey's attitude about the power of gratitude is actually borne out by scientific research. People who are thankful for what they already have are more successful, more emotionally resilient, and often even physically healthier. That's because they recognize there is no way to "have it all." Feeling grateful for what they do have makes it possible to focus on appreciating the life they live right now, while also working toward the life they want to live.

The fact that Winfrey overcame such a difficult, scarring childhood and feels grateful for the goodness in her life is part of what makes her so beloved. We can all learn to appreciate the abundance we already have while we work to build the life, career, and relationships we want.

2. "One thing I've learned is that I'm not the owner of my talent; I'm the manager of it." — Madonna

Madonna may be the original "Material Girl," but the singer, songwriter, actress, entrepreneur, and writer has parlayed her incredible talent into an estimated net worth of $560 million — meaning she never again has to wait for a man to present her with diamonds.

Madonna's description of her talent may sound surprising. If she is not the owner of her own creativity and money savvy, then who is?

As it turns out, Madonna's view of her abilities is reflective of something called the "growth mindset." Rather than viewing her talent as an innate and fixed part of herself, Madonna sees it as something that she can manage and grow. If she believed that she "owned" her talent, then it would be easy for her to rest on her laurels and assume there is nothing new she could do with her music or writing.

But as the manager of a prodigious talent, Madonna accepts the challenge of trying to push her creative boundaries and recreate herself over and over again. This mindset has allowed her to have an unparalleled career that has spanned close to four decades.

That makes it an attitude we should all try to emulate. Whatever abilities we have can always be managed and improved by refusing to see them as static, which can lead to great success.

3. "My best successes came on the heels of my failures." — Barbara Corcoran

Most people know Barbara Corcoran from her role on the show Shark Tank, but the Manhattan real estate investor, who is now worth $40 million, started off as a serially unemployed teacher and sometimes-waitress. After failing at 22 different jobs, she borrowed $1,000 from her boyfriend in 1973, and started a real estate business that she called The Corcoran Group. The boyfriend didn't last, but the business did. It grew to a $66 million company, which she sold in 2001 before embarking on her writing, speaking, consulting, and television career.

Corcoran understood throughout her series of early failures that each of those missteps did not reflect poorly on her. They were simply different options to try until she found the right fit for her career. Since she did not internalize these failures, she was able to take the lessons she learned from them and find success.

We should all take a page from Barbara Corcoran and learn to see each failure as a potential steppingstone to success. Picking yourself up after a failure may be difficult, but that is the only way you will ever succeed.

4. "Some people think luxury is the opposite of poverty. It is not. It is the opposite of vulgarity. Luxury is the opposite of status. It is the ability to make a living by being oneself. It is the freedom to refuse to live by habit. Luxury is liberty. Luxury is elegance." — Coco Chanel

The iconic creator of the Chanel brand, Coco Chanel was born to an impoverished family in France. She died in 1971 with a net worth of $100 million. Her commitment to fashion and luxury made her one of the most influential people of the 20th Century, and her fashion line is worth $19 billion to this day.

Growing up, Chanel knew the deprivations of poverty. This was part of the reason why she was so determined to enjoy luxury throughout her adult life. For Chanel, luxury was not defined by the corseted, heavy dresses that had been haute couture for many years before her own success. For Chanel, luxury in fashion had to be comfortable and true to the wearer. Trying to impress with excess was vulgar, and that was the true opposite of luxury.

By Chanel's definition, luxury is available to anyone, no matter their income. And this is an important distinction to remember as you pursue your own successes. You can easily enjoy the luxurious comfort of being yourself, even if your budget runs more Old Navy than Chanel.

5. "Money doesn't fall out of the sky. We had a business plan, an extraordinary proposal, and it was the right timing." — Sheila Johnson

Sheila Johnson is the co-founder of Black Entertainment Television and current owner of the WNBA team the Washington Mystics. Her net worth is currently estimated to be $710 million — but she wants to make sure that anyone who aspires to her kind of wealth understands what it took to get there.

Johnson is not a multi-multi millionaire by accident. In 1979, she and her husband Robert Johnson created the television channel BET in order to provide a crucial outlet for African American voices in media. They knew exactly what they could offer, and they worked hard to create an excellent proposal in order to secure the funding they needed. They were also lucky to jump on the growth of television programming in the late '70s and early '80s. BET grew to the point where the Johnsons sold the channel in 2001 for $2.4 billion.

Johnson makes it clear that there is no such thing as overnight success. You need to have a plan, you need to time things right, and you need to be able to persuade people to invest in you.

6. "Did we ever plan on being billionaires? No, but we wanted to be millionaires." — Diane Hendricks

With a net worth of $4.9 billion, Diane Hendricks is the richest self-made woman in America. She and her husband Ken Hendricks created the Wisconsin-based ABC Supply Co. in 1982, which sells roofing, windows, gutters, and siding for residential and commercial buildings.

Their success is all the more impressive considering the fact that Ken was a high school dropout and Diane only completed a high school education. The husband-and-wife team built their empire through hard work, financial savvy, and a shared vision. They both wanted to be millionaires and aimed their sights at that impressive goal.

The fact that they were both on the same page in terms of growing their business, along with their lofty goals for their finances, eventually made them billionaires. They did not shy away from wanting financial success, so they were always ready to pounce when opportunities presented themselves.

If you hope to emulate the Hendrickses, you would do well to partner with someone who shares your same goals and work ethic. Your level of success just might surprise you.

Heeding the words of wise women

The rags-to-riches stories of self-made women can offer incredible insight, hope, and inspiration to anyone who dreams of a successful life. Their words make it clear that opportunities are available to anyone, provided you have the drive, the mindset, the gratitude, and the audacity to chase your dreams.

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This article is from Emily Guy Birken of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

Women Pay More for Health Care — Here's How to Pay Less

Mikey Rox — Thu, 12 Jan 2017 10:00:11 +0000

It's no secret that a variety of factors can affect your health care costs. For example, people who smoke usually pay more for health insurance, and an unhealthy lifestyle can increase the risk of chronic illnesses and lead to more trips to see the doctor. But among the many factors triggering higher health care costs, it's being a woman that's perhaps the most obnoxious.

Before the Affordable Care Act, women buying health insurance on the individual market paid premiums as much as 50% higher than men due to gender rating, a practice where health insurance providers charged women more because they were considered a higher risk. Gender rating is now illegal, but this doesn't mean women are saving big bucks on health care costs.

According to data provided by the health care company Vitals, women spend on average 69% more out-of-pocket than their male counterparts for health care. That's a huge difference — even from the now-abolished gender rating system. Considering how women statistically earn less than men in just about every occupation, many women feel the pinch. But the question remains, why do women pay more, and what can they do about it?

Women Use More health Care Services

Compared to men, women typically use more health care services, which could explain higher health care costs. Go figure. They're more likely to ask questions about their health, get routine screenings, and schedule appointments when sick. Being proactive helps women maintain their health, but it comes at a cost.

Additionally, some women experience higher health care costs because of certain procedures, including gynecologic surgeries. Women are also six times more likely to have knee replacement surgery — a cost that can soar up to $65,000 — and women are two times more likely to develop cataracts, which can cost up to $5,000 per eye to correct.

And let's not forget the cost of labor and delivery for women. That's big business with the average national cost for a routine delivery at $8,775, and the average for a C-section at $11,525. (Worse, this number doesn't include prenatal care or post-delivery care.) And even if women have health insurance, high deductibles typically mean paying a large percentage of services out-of-pocket.

Women Live Longer Than Men

Women also pay more for health care because they live on average two years longer than men. That's an extra two years of paying health insurance premiums and out-of-pocket costs for health care services. Even if a woman is healthy during her younger years, she may develop at least one ailment later in life that requires regular doctor visits, especially as she moves closer to retirement age. Studies suggest that a 55-year-old healthy woman retiring today would spend about $79,000 more than a similar man on health care costs during her final years.

How Can Women Protect Themselves From Higher Costs?

When it comes to the cost of health care, it is what it is — but there are plenty of ways for women to prepare and possibly reduce their expense.

Don't Ignore Health Screenings

Preventive care reduces risk factors that trigger many chronic illnesses and can thus lower overall health care costs. Under the Affordable Care Act, you don't have to pay for many preventive care services delivered by a doctor or medical facility within your insurance company's network. These include immunizations, annual physical examinations, colonoscopies, mammograms, and other screenings.

Make Healthy Choices

A healthy lifestyle can also reduce your number of trips to the doctor. Eat a healthy diet of fruits, vegetables, low-fat foods, and lean meats. Exercise for at least 30 minutes three times a week. Apply sunscreen when outdoors to reduce your risk of skin cancer and stay physically fit during your retirement years.

Compare the Cost of Services

To lower your health care costs, compare the cost of services at different facilities. You'll find that some facilities within your insurer's network charge significantly different prices for the same services. For example, an in-network hospital may charge $1,500 for an overnight sleep study whereas an in-network sleep clinic may only charge $600 for the same study.

Don't Underestimate Health Care Costs

Prepare for health care costs now and in the future. This includes having adequate health care coverage to reduce your out-of-pocket expenses — as much coverage as you can afford based on your present health care needs. And while you're saving for retirement, don't forget to plan for future health care costs. Women who live longer than their spouses are left to manage health care costs on their own. Therefore, look into purchasing long-term care insurance. Don't wait until you are ready to retire to buy a policy; it's more expensive once you're at that stage of your life. If you lock in a price while you're young and relatively healthy, however, you'll pay lower premiums over the long-term.

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This article is from Mikey Rox of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

Surprise! There's a Gender Gap in Mortgages, Too

Dan Rafter — Tue, 29 Nov 2016 11:00:09 +0000

The gender gap in earnings is well known. According to a recent report by the Economic Policy Institute, the typical woman can expect to earn 83 cents for every dollar that the typical man earns.

But studies show another gender gap that negatively impacts women: Research published by the Urban Institute in September said that women tend to pay more for their mortgages even though they are statistically more likely to pay their loans on time than men.

The Numbers

According to the Urban Institute, about 15.6% of female borrowers have what is known as a "higher-priced mortgage." Borrowers with such mortgages are charged higher interest rates to borrow their home-loan dollars.

How high these rates are at any given time varies. The Urban Institute uses the same definition of higher-priced mortgage used by the Home Mortgage Disclosure Act: a mortgage loan with an annual percentage rate that is higher than the benchmark interest rate known as the Average Prime Offer Rate. That rate stood at 3.58% for a 30-year fixed-rate loan as of June 20 of this year.

The Consumer Financial Protection Bureau considers a first mortgage loan to be a higher-priced mortgage if its annual percentage rate is 1.5% or more higher than the Average Prime Offer Rate.

The Urban Institute found that while 15.6% of female-only borrowers are paying off higher-priced mortgages, just 15% of male-only borrowers are doing the same. The institute found that male-female borrowers who apply for loans together receive higher-priced mortgages only 7.6% of the time.

Why Are Women Paying More?

Why do single women pay more for their mortgages? It's difficult to tell. It might come down to income. The Urban Institute reported that single female borrowers tend to have lower annual incomes than single males. According to the institute, single female borrowers earned an average of $69,200 a year. Single male borrowers had an average income of $94,700. Male-female borrowers had an even higher annual income of $119,000.

Income is one of the financial factors that lenders consider when deciding who qualifies for a mortgage and what interest rates they pay. Lenders often charge higher rates as a form of financial protection when they worry that borrowers' incomes are lower, because they fear that these borrowers will be less likely to pay their loans back on time.

Borrowers with lower incomes also have less money for a down payment. When borrowers put down less for a house, they are typically charged a higher interest rate, again to make up for the extra risk that lenders take on when loaning them money. Lenders assume that borrowers who put less money down are more likely to stop paying their mortgage loan if they suffer a financial crisis.

But what about FICO credit scores? These three-digit numbers tell lenders whether borrowers have a history of paying their bills on time or if they tend to miss payments and run up credit card debt. Lenders charge higher interest rates to borrowers with low credit scores.

But from 2004 to 2014, the Urban Institute found, female-only borrowers had an average FICO credit score of 711, similar to the average 712 score of male-only borrowers. That score is significantly lower, though, than the 725 average score submitted by joint male-female borrowers.

Credit bureau Experian reported in March of this year that the average FICO credit score for all women is 675, a bit higher than the average score of 670 for men. Women also had 3.7% less average debt than men, according to Experian.

Better Record

Despite paying more for their mortgages, female-only borrowers tend to do a slightly better job of paying them on time than do male-only borrowers. According to the Urban Institute, female-only borrowers had a default rate on their loans of 9.6% from 2008 through 2010. Male-only borrowers had a slightly higher default rate of 9.7% during this same time.

What to Do?

What does all this mean for women applying for mortgage loans? If they are applying for mortgages on their own and want the lowest interest rates possible, they need to make sure that their finances are strong.

This means that their FICO credit score should be at least 740 if they want to qualify for the lowest interest rates. It also means that their monthly debts, including their estimated new mortgage payment, should be 43% or less than their gross monthly income.

Single male borrowers need to focus on the same factors, of course. But the research from the Urban Institute indicates that strong FICO scores and debt-to-income ratios are especially important for single females who want to avoid the financial burden of a higher-priced mortgage.

This article is from Dan Rafter of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

How Every Woman Can Take Control of Her Finances

Carrie Kirby — Tue, 09 Aug 2016 10:30:17 +0000

It may seem patronizing or silly to offer specific retirement planning advice for women. After all, money is money, and compound interest works the same way whether the name on the account is John or Joan. And it's not as if we are living in an era where most women stay home instead of earning an income; today women make up nearly half of the workforce.

But even if I feel like my husband's equal in earning power and investing know-how, the fact is that I am more likely than he is to be among the ranks of the elderly poor. In fact, a recent analysis by the National Institute on Retirement Security found that women are 80% more likely to be in poverty at age 65, and the disparities just get larger as women get older.

There are many reasons why we women may not do as well as men in retirement preparation.

"Women statistically make less than men, so they have a smaller base to work with. And women tend to want to take care of others before themselves," said Sally Brandon, vice president of client services at investment adviser Rebalance IRA.

Then there is the fact that more women take long breaks from full time work to care for children, and are more likely to work part time -— conditions that diminish our likelihood of socking away retirement funds.

So what should women do to avoid having to subsist on Friskies in our latter years? Keep these things in mind.

Find an Adviser Who Listens to You

In my household, I handle our taxes and other finances. It's just not my husband's forte. So imagine my chagrin when I decided to hire an accountant, and he switched my husband's name to "taxpayer" and mine to "spouse" on our IRS forms. He said he did it because the IRS likes consistency — nevermind that we had consistently filed the other way for 15 years at that point!

Other couples I know have met with financial planners who address all their questions to the husband only. That's why it's important to interview a potential adviser before committing. If you visit with your spouse, make sure the adviser addresses both of your concerns. Pay attention to how women working in the adviser's office are treated. And of course, if it makes you feel more comfortable, you can always hire a female adviser or one who specializes in helping women.

Just as important as selecting an adviser you're comfortable with, Brandon says, is signaling to that adviser that "you're a part of that process as much as the person next to you" with your active participation. For instance, Brandon and her husband recently met with an estate planner together.

"I started asking a lot of questions, and by the end, everything was being addressed to both us, and not to just him," she says.

Make Your Retirement a Priority

A survey by financial services organization TIAA-CREF revealed that nearly half of women say they can't afford financial advice, and one in three say they don't have time to seek it. That's another example of women putting the needs of others before their own.

"You get pulled and tugged in so many directions," said Brandon, herself the mom of three.

Because starting early is key to amassing adequate retirement savings, it's important for everyone, including busy mothers, to take the time as soon as possible to set up a retirement savings plan and check up on it regularly.

Save Even If You're Not Working Full-Time

Women are twice as likely to work part time as men, and we are also more likely to take extended breaks from the workplace and have nonlinear career trajectories. If your career has taken this kind of path, it should be incorporated into your planning. Better yet — and I get that this can be tough — evaluate the effect that such a break or shift would have on your retirement before you decide to do it.

One way to keep saving during a break, Brandon suggests, is by contributing to a spousal IRA, which is simply a regular IRA that a nonworking spouse can contribute to in order to keep retirement savings going even during a career break.

Don't Let Divorce Derail Your Future

No one plans for their marriage to end in divorce. Yet, after seeing too many friends and relatives have their finances shredded by divorce, I've come to the conclusion that all married people should be prepared to weather a divorce if necessary.

Statistically, women are more likely to be financially hurt by divorce. We're more likely to have custody of the kids, and many single mothers receive no child support. Anecdotally, I know women who had no credit in their own names until they got divorced and found themselves applying for a credit card with no credit history, or even worse, a credit history that was shredded by the ex's actions.

The first thing women can do to prepare for divorce is the same thing she can do to prepare for successful retirement if she stays married: Understand the family finances. Pay attention and ask questions. Don't leave it all to your spouse.

The next part happens during the divorce: Fight for what you deserve. Divorce attorneys report seeing many women settle too soon in divorces and accept too small a share of the couple's net worth, just to get it over with. Some men bully and harass their wives into giving in, and even use the children against them.

In divorce, as in marriage, remember that as important as the pressing issues of today may seem — the kids' needs, the stress — retirement can last a long time, and it will seem even longer if you have to spend it eating cat food.

What are you doing to take control of your finances?

This article is from Carrie Kirby of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

7 Money Lessons We Can Learn From Beyoncé

Tim Lemke — Wed, 09 Mar 2016 11:00:06 +0000

Beyoncé Knowles is a wealthy person. With a net worth of more than $250 million, she clearly knows a little something about generating and keeping money.

Not all celebrities have the financial wits to keep an eye on their cash, but Beyoncé has not only built an empire, she has also protected it. And her lyrics offer great lessons for women looking to become financially independent.

Here are seven ways that Beyoncé has offered some sound money lessons.

1. Men Don't Have to Be the Breadwinner

Beyoncé's husband, rapper Jay-Z, is very successful in his own right. But rest assured, she doesn't need his income to get by. And many of her songs convey the idea of women being responsible for their own finances. Consider the song "Flawless:" You can have ambition, but not too much...You should aim to be successful, but not too successful...Otherwise, you will threaten the man...I took some time to live my life...But don't think I'm just his little wife.

2. Invest Wisely

Unlike some notoriously spendthrift celebrities, Beyoncé has taken time to think about the future, so she's set financially even if she decides to stop working. "I have a lot of property. I've invested my money and I don't have to make any more, thank God, because I'm set," she told the UK Mirror in 2009. "I'm now able really to be free and just do things that make me happy."

3. Beware of the Moocher

Back when she was a member of Destiny's Child, Beyoncé warned against the partner who casually borrows your money and things. Remember "Bills, Bills, Bills?" And now you ask to use my car...Drive it all day and don't fill up the tank...And you have the audacity...To even come and step to me...Ask to hold some money from me...Until you get your check next week.

4. Know Your Worth

Beyoncé knows how popular she is. Her most high-profile shows have been at halftime of the Super Bowl, the most watched television event of the year. A few years ago, she dropped a new album on Apple's iTunes without warning and made it impossible to buy just a single song. (The album sold more than 828,000 copies in just three days, setting a record.) Now there's speculation that she will drop her next album exclusively on Tidal, a streaming music service that she partially owns.

5. Diversify Your Skill Set

Do you want to make yourself irreplaceable like Beyoncé? Learn more than one skill. Beyoncé is a great singer and songwriter, but she can also dance better than nearly anyone on the planet and has acted in movies and television shows. What's more, she has fashion lines for adults and kids, and makes millions off of endorsements. Her diversity can serve as a lesson to the rest of us, who might benefit from finding different ways to leverage our skills and talents to make money.

6. Financial Independence Is Satisfying

In her song, "Independent Women, Part 1," Beyoncé touts the good feeling of building your own wealth. If you're gonna brag make sure it's your money you flaunt, she sings. Depend on no one else to give you what you want.

7. Capitalize on Opportunities

Ms. Knowles recently released a sexually-charged song called "Formation," in which she talks about taking a man to Red Lobster. Red Lobster then saw a 33% spike in revenue after Beyoncé performed it at the Super Bowl. And the uptick may have been even more had the restaurant not been a tad slow in mentioning the song on social media. You never know when an opportunity will present itself. When it does, be prepared to strike.

Anything else we've learned from Beyoncé? Please share in comments!

This article is from Tim Lemke of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

4 Common Money Misconceptions About Women

Qiana Chavaia — Mon, 29 Feb 2016 10:30:28 +0000

In a decade-long Prudential survey that studied the financial experiences of women, research data showed that since the 2008 financial crisis, women have made significant improvements in their financial behavior. Still, many continue to admit a lack of knowledge and understanding of sophisticated financial products.

That lack of knowledge causes more than 50% of women to rely on someone else to make financial decisions regarding their future. On the other hand, the study dispels several myths about female financial behavior, casting a more positive light on women's money habits.

Here are four common money misconceptions about women.

1. Women Are Impulse Shoppers

One of the most common misconceptions is that women are impulse shoppers. Data from the survey showed that often, the last-minute purchases referred to as impulse buys are made using funds already set aside within a budget. And the majority of respondents (70%) claimed to spend based on need, not wants.

2. Women Don't Know How to Manage Money

Most people don't fully understand money management — but that's a problem for both sexes, and not unique to women. However, a majority of women distrust the process of turning planning over to a financial professional — six in 10 prefer the help of family and friends. This differs from men, who often prefer outside sources of help.

3. Women Don't Understand Retirement Planning

Women's understanding of workplace retirement plans and IRAs showed considerable improvement since the 2008 crisis, up from 47% to 72% of respondents. While many women have more to learn about other retirement products such as annuities, a majority of female respondents have seen progress in their understanding of retirement planning.

As women increasingly become primary earners or amass significant net worth of their own, their financial behaviors and understanding of money management will undoubtedly continue evolving.

4. Women Don't Make Financial Decisions in Their Households

The belief that women don't make household financial decisions is an entirely outdated and erroneous one, according to the data. The survey showed that 95% of women consider themselves financial decision makers, and 85% of married women say they manage the household's financial decisions themselves, or jointly with their spouse. That means today's women are developing (or in many cases already have) a much more thorough understanding of personal finances and investing than earlier generations.

Do you cling to any of these money myths about women?

This article is from Qiana Chavaia of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

5 Reasons Women Might Retire With More Wealth

Amanda Meadows — Thu, 31 Dec 2015 14:00:03 +0000

We hear a lot about how women might be shortchanged in terms of earnings, but there are also plenty of ways women can excel financially. From potentially stronger savings and investment habits, to longer lifespans, women enjoy some serious wealth-building advantages, as well. Here are five reasons women might retire with more wealth.

1. More Women Are Gaining Higher Education

In fact, women are handily defeating men in the college game. Because women are more likely to graduate from college than their male counterparts, they enter the workforce in better shape. Sure, women are more likely to enter lower-paid areas of the education and health sectors, but they are also breaking into business and STEM programs at an increasing rate.

While college loan debt can slow down your plans to save, the correlation between college and increased earnings is still present. The trick is to start investing as soon as you begin to see your margin of expendable income widen, ideally before age 30.

2. Women Are Living and Working Longer

That's right: Women typically live longer, and thus have more healthful years during which they may work. That means continuing to work in later years — when earnings may be higher, and more returns from compound interest on savings enjoyed. It also means a postponed retirement, which allows your investments to grow for longer.

Check out this handy guide to reaching your investing goals.

3. Women Are Better Savers at all Income Levels

The road is full of unexpected hurdles to saving, and expensive emergencies are all but inevitable. The good news for female workers is that women are better at saving than men in general. If that weren't enough, the same study showed that women are also better at managing their 401K accounts than men.

It still takes discipline, however, to work this psychology to your advantage. Make specific goals and stick to them.

4. Forgoing Children Could Mean More Savings

On the fence about starting a family? According to the 2014 census, 48% of women between the ages of 18 and 44 do not have children. Clearly, women are increasingly waiting to have kids, or deferring the option altogether.

Consider that this may mean more money for those women down the line. Delaying kids can mean more time to solidify your career and earnings, amass savings, and reduce debt before the financial pressures of kids arrive. If you are a 20- or 30-something still weighing the options, avoiding the fate of the sandwich generation might be a deciding factor in postponing or entirely forgoing children.

5. Women Are Less Likely to Make Risky Trades

In addition to being better savers, more educated, and having more working years in which to save, women are also less likely to gamble their savings in poor investments. Women are generally more risk averse than men.

That said, there is no reason not to learn how to pick more varied investments and take a slightly higher risk (hopefully for greater rewards) every now and then. Try listening to these great money podcasts to pick up tips and stay up to date with the market.

Women enjoy a variety of natural advantages when it comes to earning and managing money. The key is making full use of them to strengthen your financial roadmap.

Are you taking steps to secure your retirement?

This article is from Amanda Meadows of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

Best Money Tips: Smart Retirement Strategies for Women

Amy Lu — Tue, 29 Dec 2015 20:00:04 +0000

Welcome to Wise Bread's Best Money Tips Roundup! Today we found smart retirement strategies for women, DIY cleaning products that you can make for pennies, and lessons we can learn from Jedi Master Yoda.

The 6 Best Makeup Kits You Can DIY for $50 or Less

Andrea Cannon — Tue, 29 Dec 2015 18:00:02 +0000

Your skin is not the same today as it was when you were a teenager. Your makeup style and skin care needs will also change at different phases of your life. That means your makeup should change as well.

We've created several makeup kits that total $50 or less to help you put your best face forward, at every stage of your life. We've included products that have been selected based on makeup artist recommendations, online reviews, editors' picks, and beauty award recipients. Keep in mind that every person is different and these suggestions are just meant to get you started on the path to finding the perfect makeup kit. (See also: 9 Keys to Creating an Affordable Makeup Kit You'll Love)

1. Teens and 20s

Now is the time in your life when it's encouraged to go bold. Vibrant eyeshadows, eye-catching lip colors, and big lashes are perfect for your youthful look.

At this stage in your life, powder, blush, bronzer, eye shadow, eyeliner, mascara, brow gel or pencil, and lip gloss are all appropriate. You may also want to take advantage of items like acne-fighting concealer, which can cover up acne while preventing future breakouts.

Kit #1 – Total $47.56

Clinique Acne Solutions Clearing Concealer – $18.00

Women's Health recommends this to clear and perfect the skin.

E.L.F. Beauty Book Eye Makeup Palette – $7.00

Teen Vogue recommends the E.L.F. Little Black Book, but this more affordable palette will do the trick.

Almay Amazing Lasting 16 Hour Eye Pencil and One Coat Mascara – $11.44

Teen Vogue recommends this eye pencil because it's easy to use for beginners and comes with a conditioning mascara.

NYX Auto Eyebrow Pencil – $4.27

Teen Vogue loves this product because it comes with a self-sharpening eyebrow pencil on one end, and a built-in brush on the other side.

NYX Cosmetics Butter Lip Gloss – $6.85

This is frequently recommended for beginners because it is easy to apply and can produce dramatic results.

Kit #2 – Total $44.21

Murad Acne Treatment Concealer – $14.53

Dermatologists frequently recommend this to clear and perfect the skin.

Milani Baked Powder Blush – $7.57

Teen Vogue recommends this because it offers great color payoff with each swipe.

Maybelline New York Eyestudio Lasting Drama Waterproof Gel Eye Pencil – $5.99

This brings the drama and is frequently recommended for women in their 20s.

Covergirl Clump Crusher Mascara By Lashblast – $6.65

Teen Vogue recommends this for dramatic results.

Maybelline New York Define-A-Brow Eyebrow Pencil – $5.41

This is frequently raved about online because it's perfect for beginners.

CoverGirl Outlast Lipstain – $4.06

Teen Vogue recommends this for women in their teens and 20s.

2. 30s and 40s

At this phase of your life, it's time to trade in the lip gloss, shimmer powder, and dramatic eyeliner for something a little more mature, such as a lip stain, foundation, and smudgeable kohl eyeliner. Find makeup that improves the condition of your skin while helping to perfect it.

You also want to continue protecting your skin from the sun's harmful rays with things like BB creams and tinted sunscreens. BB cream will offer a number of benefits, and can serve as your sunscreen, primer, foundation, and concealer in one. The Today Show found that a good eye cream, wrinkle treatment, and tinted moisturizer are also must-haves at this stage of your life.

Kit #1 – Total $43.77

Pond's Luminous Finish BB Plus Cream with SPF 15 – $8.15

Teen Vogue recommends this for women who want to protect, preserve, and improve the condition of their skin.

Maybelline New York Dream Lumi Touch Highlighting Concealer – $6.12

Teen Vogue claims noticeable results and simple application.

Maybelline New York The Nudes Eyeshadow Palette – $9.49

The Urban Decay Naked palettes are frequently recommended for women of all ages (particularly at this phase of your life); instead of spending your whole budget on one palette, consider this famous dupe.

Physicians Formula Eye Booster 2-in-1 Lash Boosting Eyeliner + Serum – $7.66

This will enhance your lashes and eyes in one.

CoverGirl Lashblast Mascara – $6.94

This is frequently recommended because it enhances the volume and fullness of dull or flat lashes.

Revlon ColorBurst Balm Stain – $5.41

PopSugar and Teen Vogue like this for the right amount of drama, and a number of the Victoria's Secret Angels also swear by them.

Kit #2 – Total $48.09

Neutrogena Cosmetics Healthy Skin Liquid Makeup, SPF 20 – $11.99

Teen Vogue loves this because the blend of antioxidants will help maintain your skin's youthful look, while SPF 20 will protect it from the sun's harmful rays.

NYX Cosmetics Concealer – $4.75

This is frequently recommended because it can hydrate dry, aging skin while providing medium coverage.

NYX Matte Bronzer – $9.66

Bronzer will help sculpt and define the face at any age. This one is frequently recommended because it is completely matte and offers no shimmer or shine.

Maybelline 24 Hour Eyeshadow – $5.64

Allure recommends this for just the right amount of shimmer at any age.

Revlon Bold Lacquer Grow Luscious Length+Volume Mascara – $4.32

Allure recommends this for lashes that are beginning to lose their volume.

Maybelline New York Eyestudio Brow Define and Fill Duo – $6.99

This duo is frequently recommended because it offers a wax pencil and filling powder in one.

Maybelline New York Color Sensational Vivids Lipcolor – $4.74

The Today Show recommends this because it offers the right amount of drama for all ages.

3. 50s+

You may need a bit more coverage for issues like sun damage and signs of aging. Look for moisturizing items that contain SPF and/or antioxidants to protect your skin. Go light on powders or anything that can settle into fine lines. You should also stay away from matte or shimmery eye shadows because they can make skin appear aged and dry. Try dark brown eyeliner over black for a more sophisticated, sultry look. It's also time to trade in any glossy lipsticks for matte. Eyelashes flatten as you age, so you'll also want to invest in a good eyelash curler and lengthening or curling mascara.

For the most youthful, flawless looking skin, you'll want to use foundation, concealer, blush, and highlighters. In fact, celebrity makeup artist, Joanna Schlip, said that highlighters are the secret weapon for women ages 40 and over because they can provide dramatic effects that mimic a facelift. The Today Show also recommends a good CC cream and wrinkle treatment at this stage of your life.

Kit #1 – Total $48.12

CoverGirl Plus Olay Eye Rehab Concealer – $3.88

Better Homes and Gardens recommends this for women over 50 because it covers dark circles without settling into fine lines.

L'Oreal Paris Visible Lift Line-Minimizing & Tone-Enhancing Makeup – $4.27

This is frequently lauded because it covers imperfections, hydrates the skin, prevents sun damage, and fights the signs of aging.

L'Oreal Paris Visible Lift Blur Blush – $11.39

Better Homes and Gardens recommends this for women over 50 because it blurs dullness, delivers anti-aging benefits, and visibly lifts the skin.

Clinique All About Shadow Quad – $8.99

This can define your eyes without being too matte or shimmery.

Rimmel Scandaleyes Waterproof Kohl Kajal Liner – $4.99

This can be smudged for a more subtle look that instantly adds drama and smokiness to the eyes.

Bare Minerals Eye Care Frame & Define Brow Styler – $9.41

Better Homes and Gardens recommends this for women over 50 because it can help to instantly shape and frame the face and is subtle enough even for sparse brows.

Maybelline New York ColorSensational Lipcolor – $5.19

Better Homes and Gardens suggests this for women over 50 because it is creamy, nourishing, and adds just enough drama.

Kit #2 – Total $45.90

Aveeno Positively Radiant CC Cream SPF 30, Medium Tinted Moisturizer – $13.03

The Today Show recommends this because it will cover up signs of aging while protecting your skin from further sun damage.

Maybelline New York Instant Age Rewind Eraser Dark Circles Treatment Concealer – $6.64

This cult classic will fight the signs of aging, erase the appearance of dark circles, puffiness, and fine lines, and conceal blemishes in one step.

Maybelline New York Dream Bouncy Blush – $6.12

This is frequently recommended because the creamy formula is ideal for dry or aging skin.

CoverGirl Eye Enhancers 1 Kit Shadow – $5.90

This can enhance the eyes, making them appear more sultry, without adding too much shimmer to your look.

Maybelline New York Express Eyeliner – $4.72

Harper's Bazaar recommends this for women over 50 because it is creamy and can provide the right amount of intensity.

L'Oreal Paris Colour Riche Extraordinaire Lip Color – $9.49

Harper's Bazaar suggests this for women over 50 because it will smooth out fine lines on the lips.

4. The Best Products in Each Category

For more affordable, award-winning cosmetics, read our top picks for the following types of makeup and skin care products:

What other items would you include in an age-appropriate makeup kit for under $50? Please share your thoughts in the comments!

Like this article? Pin it!

This article is from Andrea Cannon of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

47 Unique Gift Ideas for Women

Andrea Cannon — Mon, 14 Dec 2015 10:01:02 +0000

Choosing the perfect gift can be difficult, especially when you have someone on your list who "already has everything." That's why we've found some of the best gift ideas for every woman in your life. (See also: 50+ Unique Gift Ideas for Men)

1. How to Find Ideas

If she can't think of any gift ideas, or you don't want to ask, then consider the following sneaky ways to figure out what she has her eye on.

Check Her Pinterest Boards

Pinterest comes standard with boards like "Products I Love" and "My Style," which may contain some gift ideas. However, most women have more than just the standard Pinterest boards, so keep an eye peeled!

Check Her Amazon Wishlist

Amazon wishlists work like gift registries. You can find all of the things she wants in one place and buy them on the spot. If she does not have an Amazon wishlist, ask her to make one. Then, she's guaranteed to get exactly what she wants.

Go Window Shopping

Go shopping together and pay extra attention to what she shows interest in. You may get exact gift ideas, or at least some new general thoughts on what she likes.

Ask Her Friends and Family

When you're stumped for ideas, her friends and family can help. You will also score brownie points for the sentiment.

2. Find Something Meaningful

You don't need to spend a lot of money to give her something meaningful. Some of the best sentimental gift ideas include:

A fill-in-the-blank journal, which is both affordable and a sweet gesture.
Choose a gift that acknowledges a special date, like a birthday girl bathroom set.
Is she a lefty? Give her something to help with everyday tasks, like a simple utensil set.
Custom signs and family matrix clothing are unique, personalized, and affordable.
Choose a personalized tote, monogrammed mug, or notebook with her initial.
"I love you" bean plant. She'll be reminded of how much you love her as the plant grows.
Baking mixes in a jar are a quick, affordable DIY gift that she can enjoy on a busy night. If you include the recipe, it will be the gift that keeps on giving.

3. Unique Kitchen Supplies

Regardless of whether she has a nicely-stocked kitchen or is just starting out, the following items are something almost anyone can use (or replace their current one with):

4. Coffee Essentials

There are a plethora of gifts to help coffee lovers get more from their daily cup of joe. Some of the best coffee-related gifts include:

5. Book Accessories

If she's an avid reader, there are tons of gift ideas you can take advantage of, without having to know her taste in books. Some of the best book-related gifts include:

Gift card to her favorite bookstore
Unique bookmark
Book messenger bag
Book pillows
Four-hour books

6. Appeal to Her Inner Child

To appeal to her free-spirited inner child, consider some of these fun gifts below:

7. Items to Be Careful About

Just as there are gifts that will work for most women, there are also gifts that won't work for most women. Before buying any of these items, make sure to take into account her personal style and taste.

Perfume

Most people are very particular about their perfume or cologne, so it isn't always a simple thing to buy. A perfume sample kit, on the other hand, is a great way for her to find a new favorite scent.

Cosmetics

Unless you know her exact shade and favorite formulas, it's not usually a good idea to buy a woman makeup or skin care products she hasn't specifically asked for. Think about getting her a nice cosmetics storage display case instead.

Jewelry

It can be difficult (and costly) to buy her jewelry. Instead, think about buying her a nice new jewelry box, or maybe a decorative jewelry stand or keepsake box. If you still want to buy her jewelry of some sort, try something unique, like a pearl necklace where she harvests the pearl, or a birth month flower pendant.

Clothing

Unless you know her size and personal style, it can be a risk to guess what clothing and accessories she might like. If you really want to buy her something to wear, consider a kimono robe or some comfy socks she can cuddle up with.

5. When All Else Fails

Still stumped? When nothing seems like the right fit for her, there are some generic ideas that nearly anyone will love. You can still customize the gift and show her that you put plenty of thought into it.

Gift Cards

As long as you choose a gift card to one of her favorite stores and wrap it in a fun way, she'll be thrilled.

An Experience

Instead of giving a gift this year, think about giving her a tour, massage, spa service, cooking class, dance class, or art class. She'll be able to learn a new craft or hone her skills.

Bathroom Essentials

Choose a relaxing bathroom set, manicure must-haves, or an essential beauty kit.

Subscription Boxes

You can choose from food, beauty, and clothing subscriptions, among others. You can also choose from pre-made boxes, or surprise her with one customized to her preferences. You can send her one box or sign her up for ongoing subscriptions so she receives another the following month. (See also: The 10 Best Monthly Subscription Boxes)

Do you have other unique gift ideas for the woman who has everything? Please share your thoughts in the comments!

This article is from Andrea Cannon of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

5 Times Trying to Negotiate Can Backfire

Brittany Lyte — Mon, 31 Aug 2015 09:00:34 +0000

When it comes to negotiating, the worst that can happen is that they'll say no — right? Not necessarily. Read on for our roundup of instances when negotiating can actually backfire.

1. When Your Negotiation Lacks Specifics

Whatever you're negotiating — be it an upgrade on a vacation package, better working conditions, or a pay raise — be sure that your end goal isn't so abstract that it can't be measured. Say you're on the phone with customer service for a boutique hotel that double-booked the room you had been planning to stay in on an upcoming holiday. And there are no more left with the ocean view you had wanted. You've been wronged, however innocently, and now you've got leverage. But what do you hope to get out of it? You need to be able to clearly define your negotiation goals.

Telling customer service that you expect to be compensated for the error lacks specifics. Compensation might mean that the downgraded room you end up with comes with a bottle of champagne and free room service. It might mean a welcome drink in the lobby. It could be an upgrade to the honeymoon suite. Or a night on the house. If you don't specify what fair compensation means to you, you risk being disappointed. When negotiating, your ask should always be clear and measurable.

2. When You Set the Bar Too Low

Fear of failure is one of humankind's biggest self-imposed roadblocks. Sometimes, it haunts our negotiations. If we ask for what we think we can get rather than what we really want, we risk settling for the easier, less controversial negotiation. Setting goals we're confident we can obtain can be helpful. You should never negotiate for something that's downright outlandish.

But when we go in the other direction and set the bar too low, we don't give our dreams a fair shot. So don't make this rookie mistake. Instead, set goals that are slightly out of reach, but not so far out that you can't achieve them. This is good advice for life as well as negotiations.

3. When You're Smiling

A new study examines how the interpretation of facial expressions can impact the outcome of business negotiations. And it's nothing to smile at. "If you come to an agreement in a negotiation and you are really happy, it may not be a good idea to show how happy you are because it might lead the other person to think that you did better than they did," said Peter Carnevale, professor of management and organization at the University of Southern California's Marshall School of Business. "A smile at the wrong time can discourage cooperation."

4. When You're a Woman

Research shows that initiating negotiations when female can backfire. Sad, but true. A 2007 study found that employers are less likely to hire women who ask for raises. Why? Because go-getting women, in some instances, are perceived as demanding and lacking in team spirit. Even when a woman is successful in negotiating a pay raise, it can have negative impacts for her long-term earnings, namely due to the fact that some employers will begin to view her as aggressive, according to research published in 2011. But that doesn't mean women should be less keen on negotiating and demanding what they deserve. To the contrary, they should proactively seek the best terms possible.

Here's feminist businesswoman Sheryl Sandberg's take: Gender biases are rampant in the workplace, but don't give in to them, even if that means you risk taking on negative consequences. "Every woman I know, particularly the senior ones, has been called too aggressive at work," Sandberg said. "We know in gender blind studies that men are more aggressive in their offices than women. We know that. Yet we're busy telling all the women that they're too aggressive. That's the issue."

5. When You're Looking to Settle Your Credit Card Debt

Settling your credit card debt for less than what you owe is likely to hurt your credit score quite a bit. If your credit score is intact, you might want to think twice before opening up negotiations. If your credit card issuer agrees to close your account in exchange for a lump sum, your credit score wouldn't suffer. But that's not standard protocol. Common practice is for the issuer to report the number of days your account was delinquent as well as the fact that your debt was settled for less than the full amount.

When has negotiating backfired for you?

This article is from Brittany Lyte of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

7 Careers That Pay Women More Than Men

Brittany Lyte — Wed, 01 Jul 2015 11:00:16 +0000

The good news is that as the gender pay gap continues to narrow, women are out-earning men in new and surprising fields, helping reverse the stereotype of men as the breadwinners. Clearly, we've got a long way to go to achieve equality in the workplace. But we're making strides. Read on for our roundup of the careers where women are bringing home the bacon. A few of them just might surprise you.

1. Construction Worker

Though they hold only about 3% of the jobs, female construction laborers, construction supervisors, and maintenance painters earn more money than their male counterparts, according to a Forbes analysis of median weekly earnings for full-time workers.

2. Car and Airplane Mechanic

Forbes also found that female car and airplane mechanics earn slightly more than their male colleagues. Caren Goldberg, a management professor at American University, has an inkling as to why: "Researchers have found that both sexes fare better when they are in the minority," she said. "Women who choose male-dominated jobs are likely perceived as 'atypical' or less consistent with the stereotypes associated with women, which are also associated with lower-paying jobs."

3. Bartender Helper

There is perhaps no higher paid bartender than the attractive woman who treats her patrons like old friends. Female bartender helpers earn, on average, about $2,000 more per year than men who pour drinks and collect empty glasses. That works out to $40 a week in extra cash.

4. Teacher's Assistant

Women account for 92% of the nation's teacher assistants, earning a median salary of $474 a week, compared to men's $453. Teacher assistants work under a teacher's supervision to give students additional attention and instruction, a role that's projected to grow 9% — 100,000 more jobs — by 2022. If you like to travel or want to be home to raise the kids, the job comes with perks: About 4 in 10 teacher assistants work part time and get summers off.

5. Nutritionist

Women also earn more than men in higher paying jobs like nutritionists, as well as fields in the life, physical, and social sciences. The median pay for nutritionists of both genders is $55,240 per year — with women earning slightly more than men. Nutritionist jobs are in demand, with a faster than average, 21% job growth rate through 2022.

6. Baker

Baking also helps women bring home the bigger slice of bread. Female bakers earn 104% more than male bakers, taking home $18 more than men in median weekly earnings. Employment researcher Laurence Shatkin tells Forbes that baking is essentially a production job with odd hours, and women may have more flexibility to work higher-paying night or early-morning shifts.

7. Computer Programmer

Female computer programmers earn a median of $62,000 a year, and those in the top 10% of the field make a salary of $111,000. Other perks include standard 40-hour work weeks and often, the option of telecommuting. Another bonus: To start, computer programmers usually need no work experience and no specialized certification beyond a bachelor's or associate's degree. That bodes well for women who want a well-paying career but don't want to shell out the money it takes to become a doctor or attorney.

Do any of these careers interest you?

This article is from Brittany Lyte of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

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