Female and Financially Savvy.

• Author: Ross, Tia
• Position: DOLLARS & SENSE

IT IS DIFFICULT to believe that women still are fighting for equal pay. On the plus side, though, within the last decade, more than 40% of small business owners were women, giving them the opportunity to work for themselves and earn as much money as their male counterparts. Moreover, wives and mothers control 80% of household spending. Still, women from all walks of life often fall through the gender pay gap, especially those who are mothers.

Women make 80 cents to every dollar of their male counterparts; for mothers, the gap is even wider. A National Women's Law Center fact sheet shows that more than 24,300,000 women with children under 18 make up 15.8% of the workforce--and they make 71 cents to every dollar a father earns. Most married women have the luxury of maintaining a two-income household, whereas single mothers have to budget a stifled income.

In discussing money management matters with our daughters, it is imperative that we provide them with the guidance they need as they transition into different stages of womanhood.

* Confidence. As simple as it sounds, some girls just are not confident in their abilities, or their power as women. It is important to teach them how to make well thought out decisions with confidence and stick by them. However, confidence does not come without knowledge. Discuss creating a savings account, budgeting for the future, making wise investments, and having the keen eye to know when you are being taken advantage of.

Whether it is getting their first credit card or buying a new car or home, being knowledgeable about life-changing purchases can ensure that they will make the best decision that suits their lifestyle--and will not regret it later.

* Negotiation. Lack of knowledge is not the only way someone is able to take advantage of you as a woman. Intimidation and fear of being perceived as pushy or arrogant by male peers or superiors also prevents many women from vocalizing their worth. Of course a woman's dignity cannot be measured in dollars and cents, but the results from the work they yield can.

If you are a woman who is just at the entry point of your career, or you are applying for a new position at the company you already are a part of, it is critical that you learn how to barter. Sixty-eight percent of women do not negotiate their salaries when going on job interviews, compared to 52% of men. Being afraid to ask for more, especially when you are deserving, will have you miss out on thousands of...