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Money on Her Terms: How Women Gain Financial Freedom – Anytime, in Any Life Stage

Updated: Aug 19


Including books, podcasts & tools for your journey


Author:Elisa Krahl


Why this matters

Women today still face significant financial disadvantages. On average, they earn less, take more career breaks, and end up with 30–40% less retirement savings than men. And yet, women live 5–7 years longer. That means: more years, less money – unless something changes.

Financial freedom is not about luxury. It's about autonomy, peace of mind, and the power to choose. But many women still believe: “I’ll think about money when I have more.” The truth is though: Time beats timing.

And on to the next myth: women aren’t interested in finances. European women invest on average 29 % less of their income than men, but nearly two-thirds say they plan to invest more over the next year.I think, it’s not disinterest – it’s the result of exclusion and a lack of access to financial education.”


An excursion to the unknown story behind the real inventor of Monopoly – the No. 1 game about money

The world-famous board game Monopoly – often seen as a classic of capitalist strategy – was not invented by a Wall Street banker or a wealthy entrepreneur. It was created by a woman.

In 1904, the American game designer Elizabeth Magie patented The Landlord’s Game, a teaching tool to highlight the dangers of monopolies and unchecked capitalism. Her game had two rule sets: one showing the consequences of greed, the other promoting fair wealth distribution. It was meant to educate – especially those left out of economic power structures.

Two people play Monopoly at a wooden table, holding red wine. The board shows game cash, cards, dice, and pieces.

Years later, a man named Charles Darrow would take a modified version of her game, rename it Monopoly, sell it to Parker Brothers, and become famous as its "inventor." And Magie was almost erased from history, as many other women. 


Why does this story matter? Because it mirrors what many women still experience when it comes to money: being underestimated, excluded, or told it’s “not for them.” Not only in money-related topics, but also in science etc. women’s achievements have been ignored, forgotten or belittled. This effect is called the Matilda-Effect.

We’ve all heard the narrative: “Women aren’t good with money.” “Investing is too risky, too complicated.” “That’s something my partner handles.”

But women are not only capable of managing money – they are statistically more consistent and thoughtful investors. And financial freedom isn't about getting rich. It’s about having choices, security, and independence – at any life stage. And there is no big sum of money you need to start with it.


Mindset first: What keeps you from taking charge?

As we started, we already uncovered a few myths. These cultural narratives hold them back. In relationships, financial responsibility has often been delegated to the partner – which leads to disempowerment later. Also, the subject is not taught in school and through that, many women believe, they do not have the time to get into the endless depths of how to deal with money. But the basics are not as hard as many may think.

Others feel guilty spending or investing for themselves. An Allianz study (2020) found that 43% of married women don’t manage their own finances – and many regret it later.

Ask yourself: What are you losing by not taking control? And what could you gain?

You don’t need to be perfect. You just need to start. And here is how.


No matter your life stage: the foundations are the same

A. Budgeting & conscious spending

  • Know your numbers: income, expenses, and those hidden leaks.

B. Emergency fund & safety nets

  • Aim for 3–6 months of expenses. This is especially important for mothers and single women. Having an emergency fund can reduce financial stress by up to 60%.

C. Debt management

  • Learn the difference between good debt (e.g. investing in education) and bad debt (e.g. consumer debt).

  • Use the snowball or avalanche method to pay it off. Consider, whenever possible, paying in rates, because the money you haven’t spend yet, you can use to invest.

  • Control your cash flow before you grow your cash.


Build & grow: Long-term wealth strategies

A. Investing

Forget the myth that women are bad with money. A Fidelity study (2021) showed that women outperform men by 0.4% annually – because they invest more steadily and avoid speculation.

  • Start with ETFs or index funds.

B. Retirement planning

  • Don’t rely on your partner or state pensions alone.

  • Combine workplace retirement plans with private savings.


    Hand places coin into smiling blue piggy bank on white table. Background is teal. Two coins lie on the table. Mood is cheerful.

    ETFs like the MSCI World or the MSCI ACWI are also considered a strong method for your retirement, if you are invested for over 20 years. If you are invested shorter, it can be a little riskier (meaning that the yield rate may not be as high as 7% but 5-6 but may still make sense for you next to your partner or state pensions.

The longer you are invested, the better: The best day to start investing was yesterday. The second-best is today.


Navigating unique scenarios

A. Financial independence in marriage

  • Know where the money is.

  • Use both joint and personal accounts.

  • Build your own credit score and backup plan.

  • Make sure to get money (from your partner) you can manage, if your partner brings it home while you are doing unpaid care work.

B. Single and independent

  • You have full control – which also means full freedom.

  • Surround yourself with support networks, not dependency.

C. Married with children

  • Teach money early – even to toddlers.

  • Plan for childcare, education, and your own pension.

D. Single mothers: Strong, smart, and solo

  • As a single mom, you're the CEO of everything – income, kids, and care work.

  • Start small: an emergency fund, automated savings, and clear priorities.

  • Time and money may be tight – but consistency beats perfection.

  • You don’t need to do it all. You just need a plan.

Did you know? Many single women are more financially secure than married ones who relied on their partner. Divorce, separation, or loss can hit hard if you’re unprepared. Read about how to return back to work after having a baby in this article. 

Remember, a partner is not a financial plan.

Self-care includes financial care.


Practical first steps


Hands counting dollar bills over a table with a planner and pen. A smartphone lies nearby. Warm, neutral colors dominate the scene.

Start now, not someday. Here's how:

  • Track your money with an app, journal, or spreadsheet, for example BlueCoins, Money Manager or Finanzguru (if you are located in Germany) or in excel.

  • Open a brokerage account and automate a small investment of about 25€/month.

  • Read one finance book or listen to a money podcast this month (recommendations below).

  • Schedule a monthly "money date" with yourself. Think of setting a “micro-goal” each date. E. g., save your first €100 for your emergency fund or open your first ETF savings plan with €25/month. Start small, build confidence.

  • Audit your subscriptions. Netflix, gym, apps, magazines – cancel anything you no longer use. Then, redirect that money to savings or investing.

  • Do a “money detox” week: This means spending only on essentials for 7 days. No takeout, no impulse buys. Just observe and reflect. Invest what you wanted to spend but did not mean to.

  • Link money to your values. Ask yourself: Does this purchase align with who I want to be?This helps you stop guilt-based or status-driven spending.


Freedom is possible now

It’s never too late, and never too early.

Your financial independence is not selfish – it’s essential. You don’t need a big salary. Just a bold start.


Remember:

  • Time in the market beats timing the market.

  • Start before you're ready.

  • Money is a tool, not a taboo.

  • Financial independence is the most radical form of self-care.


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Resources to use:


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