Women are the most powerful market on the planet, yet the financial industry has historically underserved us—leaving $700 billion on the table. With women leading the largest wealth transfer in history, becoming financially fearless is no longer an option; it’s a necessity. We are a mother-daughter duo who created Purse Strings to empower women with financial knowledge and tools. After two decades in the industry, we’ve seen firsthand how women’s needs were overlooked. Personal experiences—divorce, watching older women struggle financially—made it clear the system wasn’t built for us. We are committed to helping women gain control over their financial futures. Here’s how:
1. Estate Planning: A Love Letter to Your Family
Estate planning isn’t just for the wealthy—it’s for anyone who wants to protect their family. Without a will, the state decides who cares for your children if something happens to you. Adults of all ages also need powers of attorney to ensure trusted individuals can make medical and financial decisions if they’re incapacitated. If your child goes off to college and has a medical emergency, you may not have access to their records without these documents. Partner with an estate planning attorney to safeguard your family’s future.
2. Protecting Your Family: The Safety Net Everyone Needs
Life throws curveballs, and the right insurance can mean the difference between financial security and crisis. Stay-at-home moms often overlook life insurance, yet their contributions—valued at over $200,000 annually—would be costly to replace. If you’re the primary breadwinner, disability insurance ensures you can keep up with mortgage payments and expenses if illness or injury prevents you from working. Regularly review your coverage to keep pace with your family’s needs.
3. Women Have Less for Retirement—Your Actions Now Matter
Retirement planning isn’t optional. The biggest regret among women? Not investing sooner. Time is money—every year you delay, you miss opportunities. Stay-at-home moms can leverage spousal IRAs to build independent savings. Those in the workforce should maximize 401(k) contributions, employer matches, and IRAs. A Certified Financial Planner (CFP) can help tailor a strategy. Remember, you can borrow for many things—but not retirement. Start now; your future self will thank you.
4. Emergency Funds: It’s Not If, But When
Unexpected expenses—car repairs, medical bills, family emergencies—are inevitable. Relying on credit cards only adds stress. A high-yield savings account (HYSA) with three to six months’ worth of expenses is a financial lifeline. This isn’t a luxury; it’s a necessity. Start building your fund today so you’re prepared when life throws a curveball.
5. You Are Your Best Investment
As Clare Boothe Luce said, “A woman’s best protection is a little money of her own.” Investing in yourself extends beyond finances—it’s about personal growth, education, and self-care. Women often put themselves last, yet we are the backbone of families and communities. Prioritizing lifelong learning, networking, and self-care strengthens everything we touch. By nurturing yourself, you become a stronger leader, partner, and contributor. Taking care of yourself isn’t selfish—it’s essential.
Join our community of over 7,000 women. Follow us on social media, get resources at pursestrings.com, or listen to our podcast “Women and Money: The Sh$%t We Don’t Talk About."
Investing in yourself extends beyond finances—it’s about personal growth, education, and self-care.