Guest Column: Taking charge of your financial future: Budgeting tips for women to empower your life

Published by Macey Shofroth on March 3, 2025March 3, 2025

By Heather Kriener

As the financial literacy director for the Iowa Department of Insurance and Financial Services, I’m proud to lead initiatives like the SmartHer Money program, which empowers Iowa women to make informed and confident financial decisions. My passion for financial literacy stems from my early career work with survivors of domestic violence.

For nine years, I advocated for women fleeing violence, many of whom did not have enough money to afford even one night of safety in a hotel, let alone rebuild their lives. This experience taught me an invaluable lesson: Financial independence is often the key to safety. It’s the safety to leave an abusive relationship, to break free from a job that no longer serves you and to take control of your life. That’s why budgeting is so essential for every woman — whether you’re aiming for safety, freedom or simply the ability to live life on your terms.

Start with the basics: Track your income and expenses
When we talk about financial security, the first step is always budgeting. It’s easy to lose track of where your money is going, and even easier to feel like things are out of control. The good news? By starting with the basics and tracking where your money flows, you’ll gain a better understanding of your finances and see exactly where changes can be made.

Once you have a handle on your spending, look for opportunities to cut back. The key to successful budgeting is consistency, so find a method that works for you — whether it’s a simple spreadsheet, an app or another system — and make it a regular habit that fits your lifestyle.

Need help getting started? We offer free online resources and budgeting templates at smarther.iowa.gov to help you organize your finances and start tracking today.

Set practical goals for your future
Now is the perfect time to reflect on your financial habits and set clear goals for the future. Here are some practical tips to help you stay on track:

Eliminate waste and cut costs
Once you’ve tracked your spending, you’ll likely spot areas where you can reduce waste. Consider these tips to cut unnecessary expenses:

• Save on energy: Switch to energy-efficient LED light bulbs, seal drafty windows with caulk and make sure your furnace and refrigerator filters are replaced regularly to improve appliance efficiency.
• Cut food waste: According to the USDA, the average household of four loses $1,500 to uneaten food annually. Planning your meals ahead of time helps avoid overspending at the grocery store and reduces unnecessary trips that can lead to impulse buys.
• Review subscriptions: If you have memberships or subscription services you rarely use, it’s time to cancel them.

Set savings goals

• Set “SMART” goals: Be specific, measurable, attainable, relevant and time-bound when setting your savings goals.
• Break larger goals into smaller steps: If you’re saving for a big goal, such as your child’s college education, break it down into smaller, manageable goals. For example, the large goal might be: “I will save $10,000 in a 529 plan for my child’s college education by the time they graduate in 2035.” Smaller steps to reach that goal might include: “I will put $1,500 from my tax return into an ISave 529 account for my child by April 2025,” and “I will decrease my monthly grocery expense by $50 per month by March 31, 2025. I will reallocate the $50 saved monthly to my child’s college fund.”

Use tools and resources

• Take advantage of financial tools and calculators available on smarther.iowa.gov to plan for retirement, track compound interest and set long-term goals.

Consistency and planning: the keys to financial success
The journey to financial freedom and security doesn’t happen overnight. But with consistency, planning and a clear focus on your goals, you can take control of your finances in 2025 and beyond. Financial security isn’t just about the money — it’s about creating the space to live life on your terms, to leave situations that no longer serve you, and to take that next big step toward a future that’s entirely yours to create.

By following these budgeting tips, you’ll build a strong foundation for your financial future and gain the freedom and safety that comes with being in control of your finances. As we jump into 2025, let’s commit to being proactive, setting goals and taking actionable steps to empower ourselves financially. Your future self will thank you.

Heather Kriener is the financial literacy director for the Iowa Department of Insurance and Financial Services, focused on promoting financial stability and preventing financial exploitation. She holds a bachelor’s degree in health promotion from the University of Northern Iowa and began her career advocating for victims of domestic violence. Heather’s work in victim counseling, empowerment and program supervision has led to her current role, where she empowers Iowans through education and protects individuals from scams and predatory practices.