3 Financial Tools Every Woman Should Know About

Existing as a woman comes with unique challenges that don't affect men, or at least not to the same degree. And, unfortunately, that doesn't stop at your bank account. So it's important for women to take the necessary steps to ensure their finances are as secure as possible.

Here are three tools that can help.

1. For finance beginners: The CFPB's financial education resources

You might be new to the world of finance or didn't get the opportunity to learn until now (if so, you're not alone: studies have shown that women tend to have less financial knowledge than men). In this case, the Consumer Financial Protection Bureau (CFPB) is a great resource to start learning financial literacy. It offers a wide range of educational resources that can help you understand specific financial topics, like housing, loans, and savings accounts, or navigate that part of your life based on specific circumstances, like being a new immigrant or developing a disability.

Managing money isn't always an easy task, especially if your life circumstances change substantially. So it helps to have a wealth of knowledge to fall back on when that happens.

2. For investing newbies: Roth IRAs

Most people know that an important part of managing your personal finances is carving out funds for retirement. But women, as a group, tend to outlive men (in fact, 85% of those who live to age 100 are women). Add to this the fact that women also tend to experience more medical illnesses than men, and one thing is clear: It's even more expensive for women to retire. Because of this invisible pink tax, it's vital to put away as much money for retirement as possible.

You may only be contributing enough to your 401(k) to get your employer match, which is a solid strategy because it ensures you're not leaving free money on the table. But it probably doesn't come close to the $23,000 annual contribution limit. Upping your contribution amount can help.

But then there's the problem of taxes -- since 401(k)s reduce your taxable income now, that means you'll have to pay taxes in retirement. A Roth individual retirement account (IRA) is a way around that. It allows you to pay taxes on that money now, so when you're retired, that money is tax free and you get to keep it all. That can be especially helpful if you are lucky enough to make it to an old age.

3. For all: Emergency funds

Whether you're single or have a partner, it's important to save money. That's especially true for women, who earn an average of 82% of what men earn, according to the most recent analysis from the Pew Research Center, and are therefore more at risk of falling behind financially.

As a general rule, it's best to save three to six months' worth of necessary expenses. But a key distinction for women is that it's vital to have at least some of that money in a separate account that's only accessible to you if you're with a partner. There's no way to know what will happen in the future, but by making sure that you have access to emergency cash that is yours alone, you'll have the freedom to make the best decisions for yourself should your life change in an unexpected way.

It's also the best way to protect yourself against financial abuse, which happens in 99% of domestic abuse situations, according to the National Network to End Domestic Violence.

Money can be used to create a life you love, but it can also be a tool to protect yourself and those you love. So it's important to not only learn about the ways it can help you, but also take steps to implement those ideas in your daily life.