Women and Money: Education and Work

Gone are the days where women were expected to quit their jobs after marriage and spend their lives raising children. Today, many women are staying in the workforce – and in many cases, women are the primary bread winners in the family.

In order to help women achieve their personal and financial goals, Consolidated Credit has created a special section dedicated to women. Our advice will help you build a foundation for success that will guide you throughout your life.

And, as always, Consolidated Credit is ready, willing and able to provide assistance for a variety of financial situations. If you have questions about debt, credit or how to maintain your financial health, call us today at or fill out a Free Debt Analysis online.

Phase 1: Education

FACT: More Canadian women than men have a post-secondary education (source: CBC)

Heading off to college or university is an important moment in the lives of women. Making good decisions during this period of life can lead to a lifetime of financial success.

Here are some tips to help you while you study –

  • Budget – Being in charge of your own finances for the first time makes having a budget extremely important. Take a look at our Budgeting Section for helpful tools.
  • Eat healthy and save money – Cooking at home is one way to make both your body and bank account a little bit healthier. Shopping at discount supermarkets and limiting eating out to only very special occasions will help you stick to a budget.
  • Avoid credit temptationCredit card companies are notorious for setting up booths on university campuses to try to entice young students. At this point in your life, avoiding credit card debt is the best way to stay financially healthy.
  • Bills, bills, bills – It’s nearly impossible to avoid bills in this day and age. Cable, Internet and cell phone bills can be hard to keep track of and pay on time. To help you with this, utilize automatic payments directly from your bank account. Paying on time and in full will help you avoid any late fees and save you money.
  • Being frugal is in – Learn to enjoy the thrill of saving money. Whether it’s sourcing out great finds at the local thrift store or researching how to make your own soaps and perfumes, you’ll be saving money and crafting your image at the same time. Before you know it, your friends are going to be asking you for your secret – it’ll be up to you whether you share it or not!

Phase 2: Work

FACT: 57.9% of Canadian women are working, compared to 61.8% of men (source: Employment and Social Development Canada)

After you’ve put on your graduation gown, walked across the stage and tossed your hat high in the air, it’s time to start “real life”. Getting a high-paying dream job right away is not necessarily going to happen, so it’s important to have some financial strategies that will help you through any situation you face.

Our working life tips should be a good start –

  • Negotiate – Too many individuals neglect to negotiate their salary with their employers. Before signing a contract, clearly state your skills and value to your new company and see if it’s possible to negotiate an increase.
  • Keep budgeting – Hopefully, you got through school with the help of a detailed budget so you should keep it up. Your finances may get a little more complicated with the addition of work, a car, rent, etc. but a solid budget will help you stay on track.
  • Think of the future – We know it is coming, so why do so many of us choose not to plan for the future? Women should be thinking of their career path and making decisions with that path in mind. In addition, saving money for things like future car repairs, your first house or even retirement is a good idea.
  • Emergency fund – A job loss or reduction in income is often out of your control and can happen at any time. To ensure that you are prepared for a small financial crisis, try to save 4-6 months of expenses.
  • Check your credit – Did you know you can request a copy of your credit report free of charge? Just visit the websites of Transunion or Equifax and make a request. You should keep track of your credit at least annually to ensure there are no mistakes and you haven’t been the victim of fraud.
  • Pay off debt and avoid new debt – If you graduated from university with a mountain of student debt, your first goal is to start eliminating it. At the same time, avoid taking on any new debt by living within your means and only buying what you can afford. This way, once your student debt is gone, you’ll be debt free!

For financial tips for women, check out our page – Financial Milestones for Women.