Financial health rarely gets talked about, and even less so for women. Yet it matters almost as much as physical health. Money buys options. Being financially secure makes it easier to leave a job that is not working, or to take a chance on something new. It can even be what lets someone walk away from a relationship that has turned harmful. Women still tend to start from further back, though. The gender pay gap sat at around 13 percent in 2025. Career breaks, caring roles and part-time work then feed into an even wider pension gap later on. None of that is fixed overnight. A clear-eyed look at your own finances, though, is something you can do this week. This is the second part of our life spring clean series, after health and before happiness. In this article, we explore a simple way to get your finances into shape.
Where Should You Start?
Start with an honest audit. Think of it as the financial version of a general check-up. You cannot plan anything until you know exactly where you stand, and you probably will not enjoy the first look. A spreadsheet helps, but use whatever works for you. Begin by listing every account you hold:
- Current accounts
- Savings accounts
- Overdrafts
- Credit cards
- Store cards
- Loans, including mortgages and car payments
Then write down exactly what you have and what you owe, down to the penny. Next, map your money in and out each month:
- Income after tax, student loan and pension deductions
- What you save
- Credit card bills
- Loan repayments
- Other bills
- Food and drink
- Entertainment
It is tedious, but this is the part that matters. Then look at your debts more closely. For each one, find the interest rate, paying special attention to anything that compounds, and the repayment period. With all of that in front of you, you will know one thing for certain. Either more comes in than goes out, or the other way around.
If you are in the red, take a breath. The point is not to panic but to take charge, starting with not adding to the pile. If you are in the black, that is a relief, though it is only the beginning. One of the biggest risks women face later in life is having too little put by for the unexpected. That might be bereavement, divorce, losing work or simply reaching retirement short.
How Do You Get a Grip on Spending and Debt?
Start with the most expensive debt. Stop using store cards, where the interest can be punishing. If you cannot clear them straight away, move the balance onto an interest-free or low-interest option. Do the same with any high-interest credit card debt. Then stop using the cards and pay the balance down while the interest-free window lasts. If there is still a balance when that window closes, move it again to another low-rate deal.
Alongside that, trim your spending so the debt comes down faster and no new debt creeps in. Set a realistic budget and cut back where you can. Do not go too hard, though, or you will give up. Build in small rewards for hitting a goal. If you do need to borrow, look for a low-interest loan or overdraft. A credit union can be a gentler alternative.
How Can You Bring in More?
The other half of the equation is income. Start where you already are. See whether there is room to earn more in your current job, through extra hours, more responsibility or a promotion. Check that you are being paid properly for what you do, especially if your role has quietly grown. Make sure, too, that you are not paid less than male colleagues for the same work. If the pay will not budge and the work no longer suits you, a better-paid move may be worth considering.
In the event that none of that is possible, a side project can help. If you can write, design or make something, there are plenty of freelance platforms to sell those skills on. You could take on consulting in your field, or start something small. Whatever you choose, keep your tax in order and make sure it does not breach your work contract. Done well, a side project can bring in money and a real sense of freedom alongside it.
How Do You Build a Cushion for the Future?
Saving sounds dull, and it can feel impossible while you are paying down debt. It still matters. People often fall back on credit when something unexpected lands and there is nothing set aside. A small buffer keeps you out of deeper debt later. How much depends on what is left once your living costs and debt repayments are covered. Once your debt repayment is covered, try to spare a little beyond it. Putting aside a quarter to a third of that is a sensible start. As the debt shrinks, push more towards savings.
Retirement is the long game, and it is where many women come unstuck. Check that you are enrolled in a workplace pension, and look for any gaps, perhaps from study or time out of work. You may be able to top those up with voluntary contributions. It is also worth taking stock of any investments or assets. For pensions and bigger decisions, free and impartial help is available from MoneyHelper, the government-backed service. Independent financial advice can also be worth its weight when the stakes are high.
None of this is glamorous, but a steady financial spring clean can help you buys you peace of mind and choice. To complete the lief spring series, checkout our spring clean for your health and happiness.
We cannot balance your books or sort your pension. For the money side, the right place to turn is MoneyHelper or an independent adviser. We can however help with your skin and hair needs. At City Skin Clinic our doctors treat concerns like hair loss, acne, hyperpigmentation and skin ageing with personalised topical treatments. To access our service, book a virtual video consultation or use our online consultation form. The journey to great skin and hair starts here.
This article is intended for general informational purposes only and is not financial advice. Always consult with a qualified and licensed independent financial advisor for any concerns or questions you might have.
