Dealing With Debt And Getting Ahead

It is safe to say that, in America, debt is a national crisis that many of us choose to ignore. However, this is an issue that women cannot afford to avoid. The negative consequences of the national debt are amplified for women because of the gender pay gap.

According to the Institute for Women's Policy Research, women are paid 80 cents for every dollar a male counterpart makes. Minority women take home even less with African-American and Hispanic women taking home 60 and 53 cents for every dollar respectively. The gender pay gap is more than a political talking point or a way to draw sides in a debate on the equality rights of women. It is a real-world issue where women are taking on more debt to advance their careers and taking home less money at the same time.

Currently, women are carrying two-thirds of the $1.5 trillion student loan debt and 60% of the $1.03 billion credit card debt. This debt is fueled in part by the Pink Tax. Yes. Women are charged up to 13% more for daily self-care products from shampoo to razors to clothes in order to conform to social norms about the appearance of successful women. It's clear from women's overall financial state that we need to do better when it comes to being financially responsible, demanding better pay, and avoiding the pitfalls of sleek gender-based marketing.

Here are a few steps you can take right now to regain control of your bank account and financial future:

Negotiate your worth.

Women fall into the trap that their work and skills will speak for themselves when it comes to being recognized for raises and promotions. To get the salary you deserve, you will have to be more vocal about your skills and your added value to projects. You will need to demand more pay.

Manage your debt and expenses

Avoiding debt, or not knowing your current living expenses, does not make them magically go away. Many women are living day to day, paycheck to paycheck, and are clueless with how much they are spending each month. If you don't have a system to check in with your finances on a regular basis, it will lead constant overspending, more debt, and increased stress. To get ahead, take 1 hour each month to have a financial review to stay on top of the amount of debt that you have, and create mini-plans to improve monthly.

Stop paying the Pink Tax.

Great marketing has a way of making us separate from our hard-earned dollars quickly. Gender-based marketing has done an exceptional job of making us spend more on basic daily needs when it comes to grooming, gadgets, and clothing. Start looking beyond the pink and pastel packaging for basic everyday goods that are used by all genders. Reduce your monthly expenses and save on items such as deodorant, soap, razors, haircuts, by doing a bit of internet research on the actual differences between the items that are offered to women versus to men.

Despite the debt numbers, women have a major impact on the economy. We control more than 60% of personal wealth and, in some cases, out earn our male spouses. The gains are much needed, but what if we worked toward the shared goals of ending the gender pay gap and being smarter consumers? We'd achieve the economic influence we need to get the financial security we deserve.

Phylecia Jones, Budgetologist & Solopreneur Money Management Expert www.keepupwithmrsjones.com