Women face unique challenges when it comes to financial planning. They still face a gender pay gap, and they tend to save and invest at lower rates compared to men. For these reasons and more, women are far more likely than men to feel stress surrounding financial planning.

But taking charge of your finances can help you make the most of your money—and it may alleviate some of the stress that comes with financial uncertainty. Among the 9 in 10 women who reported feeling financially stressed in Fidelity's 2024 Women's History Month Study, taking financial action made the biggest difference in decreasing stress levels and increasing financial confidence.

To commemorate International Women's Day on March 8, Experian rounded up seven actions women can take right now to help take charge of their finances.

1. Boost Your Earning Potential

Women in the U.S. earn 16.8% less than men in comparable positions, according to the U.S. Bureau of Labor Statistics data from the fourth quarter of 2024. If you compare women's median weekly earnings ($1,083) with men's ($1,302), the median gender wage gap translates to $219 per week, $11,388 per year and a hypothetical $455,520 over a lifetime if these numbers stayed constant over a 40-year career.

Maximizing your income is key to closing this gap, and the effect can be exponential. A higher salary becomes the basis for bigger raises (based on a percentage of income) and creates a salary history that can help you justify a bigger leap in earnings when you get a promotion or change jobs. More money can also improve your standard of living, allow you to save and invest more, and prepare for financial emergencies.

How to Start

You have several options for boosting your earnings, such as asking for a raise at work, finding additional sources of income, starting a business and more.

• Negotiate a salary package or get a raise at your current job.
• Update your resume for your next job hunt and use pay transparency to size up salaries.
• See which states have the lowest gender pay gaps.
• Find a side hustle to generate additional income.
• Consider the value of going back to school.
• Get a business loan to start or grow your own business.

2. Plan for Emergencies

Even with the best-laid plans, plenty of things can go wrong. When they do, having an emergency fund and a plan in place can help you avoid turning a life emergency into a financial one. Setting aside three to six months' worth of expenses in emergency savings helps ensure your finances aren't derailed by a medical emergency, unexpected home repair, sudden job loss, car accident or other crisis.

To calculate the amount you need, add up your basic monthly living expenses. These include any must-haves, like your mortgage or rent payment, transportation costs, food, utilities and insurance. Aim to stash away at least three months of these expenses, though you may need more (around six months) if you're the breadwinner or a single parent.

So if you typically spend $5,000 a month on living expenses, then you'll set a goal to save between $15,000 and $30,000.

How to Start

Start by building up emergency savings, but also consider putting together contingency plans so you'll know what to do if you suddenly lose your job, suffer a medical emergency or find yourself in a domestic crisis. In many emergencies, having good insurance coverage helps.

• Create an emergency fund and decide where to keep it. Savings accounts that you can access easily tend to be a good option. Consider high-yield savings accounts, which offer interest rates up to 10 times higher than traditional savings accounts.
• Choose the best health insurance, auto insurance and life insurance for your needs and budget.
• Take these steps if you get a large medical bill.
• Know what to do if you lose your income.
• Make a plan to pay for major home repairs; learn more about home equity loans and home equity lines of credit (HELOCs), which can be valuable tools.
• Have a plan to defend against financial abuse.

3. Build Credit

Your credit history can influence many parts of your financial life. A solid credit history is often necessary for borrowing money, renting an apartment, getting an insurance policy, applying for some types of jobs and more.

Having strong credit gives you better options in all of these financial matters and can even help you save money. For instance, qualifying for a 6% mortgage rate versus a 7% rate on a $500,000 home saves you $95,000 in interest costs over 30 years. You can redirect the savings to other important goals, like retirement and wealth building.

If your partner has credit accounts solely in their name, those accounts won't help (or hurt) your credit. Over time, you may become credit invisible, where you lack a credit history and credit score altogether. This status may impact your financial options, so it's important to open your own accounts and take steps to keep your credit healthy.

How to Start

• Establish credit in your name by opening an account or becoming an authorized user.
• Regularly check your credit report, and check that the information is accurate and up to date.
• Pay all your bills on time to build a good payment history.
• Improve your credit utilization by paying off debts and keeping your revolving credit balances such as credit cards under 30%.
• Monitor your credit score and take steps to improve it.

4. Begin Investing Early

Investing can help you grow your money to meet long-term goals like retiring or building wealth. Because returns are typically higher for investments than for traditional savings, investing can help you maximize your money to compensate for wage gaps. It can also help make up for career gaps if you pause work to care for kids or other family members—which is a role women are more likely to step into.

Start investing as early as possible to maximize your earnings and ride out dips in the stock market. A $10,000 investment in 2025, for example, is worth more in 2055 than $20,000 invested 10 years later: $109,357 versus $98,536 assuming an annual return of 8%.

Even if you start small, learn the basics of investing and consider starting sooner rather than later.

How to Start

Many people begin investing through a 401(k) or other retirement plan at work, which is a great place to start, especially if your employer matches your investment up to a certain amount. But opening your own account through a brokerage firm or investment app is easy and fast.

• Choose an IRA, Roth IRA or brokerage account to get started.
• Find out how women can overcome investing disadvantages.
• Consider finding a financial advisor for personalized investing advice.

5. Pay Off Debt

Paying off debt offers immediate wins, starting with improved credit and savings on interest charges. It also helps free up room in your budget so you can devote money to important financial goals like saving and investing.

If you have credit card balances, student loans, personal loans or any other high-interest debt, make a plan to pay it off. It can take several months or years, but becoming debt-free is one way to reduce stress and plan for the future.

How to Start

Make a list of your debts, including the type of account, the interest rate, minimum monthly payment and come up with a systematic plan to pay it off.

• Learn how popular strategies for paying off credit card debt work.
• Use debt consolidation to streamline your debts and potentially lower your interest costs.
• Maintain good credit so you can access loans and credit cards at the best rates.
• Repair your credit if you've had a setback.
• If you're feeling overwhelmed, get more information about nonprofit credit counseling.

6. Actively Manage Your Money

Playing an active role in your own finances is essential, even if you work with an advisor or manage money with a partner. It's the best way to stay engaged and aware so you can meet goals, respond to challenges and take advantage of opportunities to improve your financial health.

According to a 2023 Fidelity study, these are the top five financial stressors facing women today:

• 40% think they should be doing more with their finances.
• 39% stress about saving enough to retire.
• 37% worry about paying off debt.
• 29% are concerned about the cost of health care in retirement.
• 24% are stressed about how to invest their savings to reach financial goals.

In each case, being an active financial manager puts you in the driver's seat. You may not have instant solutions for big-picture issues like saving for retirement, but understanding your own financial position, setting goals and taking action are the skills you need to be an effective money manager.

How to Start

Master the basic skills of money management and take an active role in planning and decision-making.

• Be a budgeting whiz. It can help you in every phase of life.
• Get comfortable talking about money, especially with the core people in your life. Make money part of your dating conversations.
• Whether or not you have joint checking, regularly check in on family finances (as well as your own) if you're married.
• Plan for a long retirement. Women outlive men by around five years, on average.
• Learn how to manage credit in a divorce and, if necessary, survive as a single mom.

7. Protect Yourself From Fraud

Falling prey to scams can be devastating for your finances and mental health. In 2023 alone, Americans reported losing $10 billion from fraud, according to the Federal Trade Commission.

While you can't do much to prevent data breaches and some forms of identity theft, there are ways to safeguard your financial and personal information.

How to Start

• Take steps to avoid financial scams and fraud.
• Consider limiting access to your credit reports. You have the right to add a credit freeze or credit lock, which can protect your credit and information.
• Regularly monitor your accounts and look for signs of identity theft.
• Keep your financial and social media accounts safe online.

The Bottom Line

Taking charge of your finances can be daunting: There's a lot to learn and a lot to manage. You may want to take advantage of financial planning resources that offer fresh tips and strategies for women looking to manage their money, generate income, save and invest.