Women share 10 financial choices that helped them become empowered and self-sufficient

Being financially prudent pays off in the long run 

With inflation and the cost of living increasing every day, many individuals are looking to make smart financial decisions to increase or supplement their income. The most well-known ones are stocks, bonds, real estate, mutual funds and crypto-currency. While all these options may seem like there are many easy ways to get more money but that is not the case. For many people these schemes can seem confusing. However, worry not as the women of Reddit have shared 10 of the best financial decisions that they made:

1. Shifting to a better job

I asked my old job for a raise as I was well underpaid for the work I was doing. They told me how valuable I was, but that they couldn't just raise my pay. So I applied for jobs and was offered a job at a different agency. To get me to stay, my old job suddenly found the money to be able to give me a raise, but it was too late. I accepted the offer (slightly less than what my old job was offering me to stay) and got a 10% raise within my first year, as well as a ton of praise for my hard work. Now I make more than I would have if I had stayed. I'm also much less stressed and have so much more freedom. u/Vavagrl

2. Putting life insurance money on a Certificate of Deposit

Putting my dads life insurance money in a CD. My dad passed in 2019 and we got about $65k each (two sisters and I ) in life insurance. During that time I had a job but, due to my alcoholism I was fighting, I lost it shortly after he passed. I didn’t work due to my addiction from 2019- January 2021. My fiancé, boyfriend at the time, suggested I put half the money in a CD so I couldn’t touch it without penalty. To this day, I still have $30k in that CD that collects about $1,200 in interest a year. I am the ONLY one out of my sisters who has any of that money left. I’m also 3 years sober so that money can now be used for adulting like a house down payment or a car loan instead of alcohol. I like to think he would be proud of me. u/Gottech1101

3. Investing in real estate

Buying property the moment I could afford the deposit. It seemed like a bad time to buy but I did it anyway. Best thing I ever did financially for sure. u/brooksblues. 2nd this! My husband and I bought our first home when we were engaged. Some thought we were rushing it or wasting money. Ended up selling that home and making 50k. Put that right into our now forever home. Again, people thought we were stupid. Now with the market and rates where they are at. We have a steal on our hands! u/Phospherus2

4. Getting a scholarship

Doing my Bachelor's degree at a university where I had a scholarship that covered all my tuition, and moving in with my grandma for a few years during that time. I worked during the summers and part-time during my semesters, and not having any huge expenses like rent or tuition allowed me to actually build up a bit of savings instead of a bunch of debt. u/Ewace246. Similar here. I did my degree while I was working a well-paid (but dull) job. I was able to pay most of my tuition upfront and didn't accrue a debt. I didn't go to university until I was in my late 20s. u/Lalala_mimimi

5. Studying abroad

I am American/Canadian and I went to graduate school in France. My 'tuition' (a tax, really) was 250€ a year and the government provided a stipend for students that covered half of my rent. I stuck to a strict budget and had some savings (a meager $4k) but was able to graduate with only a few thousand dollars in credit card debt, which was mostly due to food and train tickets. Given the cheap cost of living and many free activities in France, I had a wonderful time regardless of being on a starvation wage. Now I have an international degree, no debt, am bilingual, and have a global experience that has opened doors on several continents. I’d do it all again in a heartbeat. u/YetiPie

6. Networking with the right people

After I received my Ph.D. I was slated to become an assistant professor. Then, a rather odd man asked me out to lunch. He owned a business dealing in commercial AI (my field) and wanted to 'pick my brain' on a few of the contentions in my dissertation. We got to talking. His passion for the field was similar to mine. Lunch turned into dinner, then after dinner drinks...not many. The next morning, I received an email offering me the position of Director of Research and Development at his company, starting at 2X what an assistant professorship offered, Greedy me, I jumped at the offer and ended up in a job that produced more than I thought it offered... an opportunity to explore the outer boundaries of my passion... and his. u/dal-Helyg

7. Not being afraid to ask for a raise

I was left mentally scarred from my old job when I asked for a raise. My old boss told me that all the overtime I was working was equivalent to a raise. I eventually got burnt out and was subsequently let go. 3 months into my current job, I asked my boss to match my old pay (I accepted the job in exchange for a small pay cut and a flexible schedule). I had a bullet-point list of all the things I had undertaken since starting, the time put in to help them, etc. My boss said 'all you had to do was ask'. They gave me a 12% increase. u/RewardNo3000

8. Taking the time to learn about finances 

Learning how finances actually work. I think a lot of women (myself included until I accidentally ended up in a personal finance-adjacent job) see personal finance as a douchey bro thing, and depending on what they're talking about or how they're talking about it, it totally can be. But we all owe it to our future selves to maximize our ability to save money, ESPECIALLY us women. It is so much easier to get out of a bad relationship, or deal with a partner suddenly becoming disabled (or dying) when you have at least a few months' expenses in a high-yield savings account, know how to use credit/debt to your advantage, and have made regular contributions into a retirement account. u/bzoooop

9. Putting extra cash away

Buying nonperishable items in bulk/before I need them because they're on sale. Also, got myself out of the 'paycheck to paycheck' life when my bf and I would PUT AWAY extra money in each paycheck. Like, if he'd have $200 extra that isn't immediately needed for bills that cycle, he puts away $100. I ended up getting 4 months ahead in my savings before I left my last job and ended up needing that money. But it was GREAT to have - so now we're just trying to get back to that level. Slow and steady. u/ChamomileBrownies

10. Getting job experience 

Stopped pursuing the next stage of my education. I got my undergrad debt-free thanks to family and academic scholarship. I was planning to take out loans to complete the next stage of my education to go into the field I wanted to. Life got in the way and I ended up deciding not to pursue that route and get different job experience. I’ve since realized that I would have HATED that job path, and was only following it to finish what I’d started. Really grateful I was able to do that without taking on a bunch of debt in the process. u/gcot802