What does financial guru Suze Orman advise women to do to improve their personal finances?

Suze Orman sees no difference between the way men versus women should handle money. However, she has seen many women pouring so much energy into family, friends and work that little energy is left for money management. That is why she wrote the book Women and Money.

The disappointing truth is that although women now make up half the workforce and earn half the income in most households, women are twice as likely as men to retire in poverty. And a recent survey reported a whopping 90% of women say they feel insecure about their finances.

Women may have a harder time managing money than men for many societal and cultural reasons. Bad money habits can be generational. In all history, women have generated income and controlled their own money only very recently.

The Achilles heel for many women’s financial stability: relationships. Women are likely to not ask for money if they are a stay-at-home-mom, even though they are doing half the work (or more) of running the household. They also tend to resist saying no to destructive spending by family members.

If you are using a credit card and going into debt to buy things for people, depleting savings to bail others out or co-signing bad loans this is not a way to mend or maintain relationships. It is a surefire way to lose control of your finances.

For wives, the way to improve both your relationship with money and your spouse is to talk about money. Have open, honest and regular conversations about your finances. Not doing so slowly but inevitably weakens and often kills the relationship.

For mothers don’t hesitate to be open and honest about your finances with your children as well. Say “no” to irresponsible spending that you cannot afford. Even if that means student loans or your child getting a job – your financial stability should be your priority.

Resist the myth that there is no connection between money and happiness. Once you have a basic level of love, health and respect – money then becomes a highly influential factor on your quality of life. It is worth the effort to learn money management and do it well.

Rather than a mindset of “do what you love and money will follow”, live by the mantra “sort of your finances so that you can focus on doing what you love”. Your passion should motivate you towards better money habits, not away.

Most importantly do not undervalue yourself. Women are 2.5 times more likely not to negotiate their salaries and are often paid less than they deserve. Stand up, speak out and take credit where credit is due.