The good news!

• Looking forward, the Bureau of Labor Statistics believes that many of the top jobs will be focused in healthcare, where women comprise nearly 80% of the workforce; and that a majority of the jobs expected to add positions are dominated by women.
• More women are graduating from college than men, and it has been shown that the additional education translates to increased earnings.
• Women are often smarter than men about money; they do their homework, set goals, admit when they don't know something and seek help.
• Ethan Harris, head of Developed Markets Economics and Neil Dutta, U.S. Economist have said that; “Women are better educated, more likely to live on their own, have better job opportunities, and will enjoy a stronger earnings potential relative to men.”

But all women will face at least one of four financial situations (single, married, divorced, widowed), and most will face two, three or all four in their lifetime. Because of that, women need to take special care when it comes to their finances. Consider the following:

• Women, on average, live five to seven years longer than men. This means the time horizon you plan for needs to be specific to you.
• Women typically earn less money. For all the improvements with women's rights, the median income of women is still two-thirds that of men.
• Women do tend to save a higher percentage of their paychecks than men, but because they also generally earn less they often end up with less saved for retirement.
• Women tend to be more risk-averse and invest more conservatively than men.
• Older women are one of the fastest growing poverty segments.

Taking charge of your financial future can be both a daunting and liberating experience, but here are a few simple steps to get you started:

Proactively save for your retirement
Today there are more small businesses owned by women than men. Many more women are successfully climbing the corporate ladder and have disposable income to save. Make a commitment to save a portion of each pay on a consistent basis and direct pay increases to your savings plan rather than your spending.

If saving is difficult, take advantage of a P.I.P. (Periodic Investment Plan)
Society pressures us to spend, not save. Consider setting up a periodic investment plan (PIP).* A PIP is an automatic purchase plan, usually of a mutual fund. These can be done on a pre-tax basis with an employer retirement plan like a 401(k) or 403(b), or on an after-tax basis from your checking or savings account. Once you do the paperwork, money is deducted automatically from your account.

*Dollar cost averaging is not a foolproof investment technique. It does not assure a profit and does not protect against loss in declining markets. It involves continuous investment in variably priced units, regardless of price fluctuations. Investors contemplating the use of dollar cost averaging should consider their ability to continue purchases over a period of time, even when prices are low.