Financial Planning Guide for Women

The Complete Financial Planning Guide for Women: 9 Steps to Whole-Life Wealth

ByMary Beth Storjohann

Rethinking Wealth for High-Achieving Women

If you’re like most successful women, you’ve mastered complex challenges in your career, built meaningful relationships, and created positive impact in your community. Yet when it comes to your finances, you might still feel that nagging uncertainty: Am I doing this right?

You’re not alone. Research shows that 38% of women report stress as the leading emotion when managing household finances, compared to confidence for men. And despite earning well and making smart decisions in other areas of life, only 49% of women feel knowledgeable about building wealth, compared to 66% of men.

At Allora Wealth, we believe wealth isn’t just about the numbers in your portfolio. True wealth is about having options, feeling secure in uncertainty, and aligning your money with what matters most to you. It’s about creating a financial foundation that supports your whole life—not just your retirement account.

This comprehensive guide walks you through nine essential steps to building whole-life wealth. Whether you’re navigating a career transition, managing family responsibilities, or simply craving more ease in your financial life, these strategies will help you move from financial stress to empowered decision-making.

What Is Whole-Life Wealth?

Before diving into the steps, let’s clarify what we mean by “whole-life wealth.”

Whole-life wealth is a holistic approach to financial planning that considers:

  • Your values and what truly matters to you
  • Your life stage and unique circumstances
  • Your career, health, relationships, and personal growth
  • Your short-term needs and long-term vision
  • The legacy you want to create

It’s not about achieving a specific net worth number or following a one-size-fits-all strategy. Instead, it’s about creating a financial life that gives you the freedom to make choices based on what’s best for you and your family—not what you can afford.

Now, let’s jump into the Financial Planning Guide for Women explore the nine steps to get there.

Step 1: Clarify Your Vision & Define Success on Your Terms

Why This Matters

Without a clear vision, it’s impossible to know if you’re making progress or just staying busy. Your financial plan should support your life vision, not the other way around.

The Challenge

Too many women are chasing someone else’s definition of success—the lifestyle they see on social media, the path their parents expected, or the benchmarks society sets. But financial success is deeply personal. What looks like abundance to one person might feel constraining to another.

According to recent research, 55% of women wish they understood more about their finances but don’t know where to start, compared to 49% of men. This knowledge gap makes it more difficult for women to achieve life goals like saving for retirement, reducing debt, and balancing daily expenses.

Action Steps

Create Your Whole-Life Vision

Set aside 30 minutes of uninterrupted time to ask yourself:

  • What would have to happen in the next 3, 5, and 10 years for me to feel truly satisfied?
  • What does financial freedom look like for me specifically?
  • How do I want to show up for my family, career, and community?
  • What would I do if I knew I couldn’t fail?

Use the SMART Framework

Transform your vision into actionable goals that are:

  • Specific: “Save $150,000 for a home down payment” vs. “save for a house”
  • Measurable: Track your progress with concrete numbers
  • Attainable: Stretch yourself, but stay realistic
  • Relevant: Align with your values and life stage
  • Timely: Set deadlines that create healthy urgency

Journal Prompts for Clarity

  • What does “enough” look like for me financially?
  • What financial fears am I carrying that might not be serving me?
  • If money weren’t a factor, how would I spend my time differently?
  • What legacy do I want to create for my family?

The Bottom Line

Your financial goals should be as unique as you are. Take the time to define what success actually means to you—not what you think it should mean.

Step 2: Align Your Spending with Your Values

Why This Matters

When your spending aligns with your values, money becomes a tool for creating the life you want rather than a source of guilt or confusion. This isn’t about restriction—it’s about intention.

The Reality Check

You probably know where most of your money goes. But does your spending reflect what you say you care about most? Many successful women find themselves unconsciously overspending on things that don’t truly matter while underinvesting in what does.

Data shows that only 38% of women have three or more months of savings set aside, indicating that daily spending often crowds out intentional saving.

Action Steps

Conduct a Values-Based Spending Review

For the next month, track your expenses through this lens:

  • Does this purchase support my goals and values?
  • Am I spending on things that truly matter to me?
  • Where am I unconsciously overspending?
  • What expenses bring me genuine joy and fulfillment?

Create Your Intentional Spending Plan

Rather than a restrictive budget, create a plan that funds your priorities first:

Your Income Sources:

  • Primary salary/business income
  • Investment income
  • Rental income
  • Other income streams

Essential Fixed Expenses:

  • Housing (mortgage/rent)
  • Insurance premiums
  • Loan payments
  • Utilities and subscriptions

Values-Based Variable Expenses:

  • Family experiences and travel
  • Professional development
  • Health and wellness
  • Charitable giving
  • Personal growth and hobbies

Journal Prompts

  • What does my current spending say about my priorities?
  • Where am I spending money out of habit, stress, or societal pressure rather than intention?
  • What would I spend more on if I felt financially secure?
  • How can I make my money work harder for what I value most?

The Transformation

When you align spending with values, you stop feeling guilty about expenses that matter and gain clarity about what to cut. This creates more resources for your true priorities without feeling deprived.

Step 3: Build Your Financial Infrastructure

Why This Matters

Mental bandwidth is your most precious resource. By automating the basics, you free up energy for higher-level strategic decisions and reduce decision fatigue around money.

The Systems Approach

You’ve mastered complex projects at work—now apply that same systems thinking to your finances. The goal is to create automated progress toward your goals without constant attention.

Research on retirement savings shows that automatic enrollment increases participation by 50-67 percentage points, demonstrating the powerful impact of automation on financial outcomes.

Action Steps

Automate Your Financial Life

Set up systems that work without constant attention:

  • Pay Yourself First: Automatic transfers to savings and investment accounts
  • Retirement Contributions: Maximize employer matches and set up systematic increases
  • Bill Payments: Eliminate late fees and mental energy spent tracking due dates
  • Investment Contributions: Dollar-cost averaging into diversified portfolios

Optimize Your Account Structure

Create a strategic account architecture:

  • High-yield savings for emergency funds and short-term goals
  • Tax-advantaged retirement accounts (401k, IRA, Roth IRA)
  • Taxable investment accounts for medium-term goals and additional wealth building
  • Separate accounts for different goals (vacation fund, home down payment, etc.)

Schedule Annual Financial Check-Ins

Set quarterly reviews to:

  • Rebalance investment portfolios
  • Adjust savings rates based on income changes
  • Review insurance needs as life evolves
  • Update beneficiaries after major life events

Journal Prompts

  • What financial tasks am I currently doing manually that could be automated?
  • How would it feel to have my money working for me while I sleep?
  • What financial decisions am I avoiding because they feel overwhelming?
  • What part of managing money stresses me out the most—and what would it feel like to hand that over to a system or support team?

The Freedom

Strong financial infrastructure means you’re no longer managing your money day-to-day—it’s managing itself while you focus on living your life.

Step 4: Strengthen Your Safety Net

Why This Matters

Security isn’t just about having money in the bank—it’s about knowing you and your family are protected no matter what life throws your way. A strong safety net gives you the confidence to take smart risks and the peace of mind to sleep well at night.

The Foundation of Financial Confidence

High-achieving women often protect everything except themselves. You have insurance for your car and home, but what about your ability to earn income? Your family’s financial future if something happened to you?

The statistics are sobering: 42% of Americans don’t have an emergency fund, with the number rising to nearly half of women. Among those who do have emergency savings, the median amount is just $500, far below the recommended 3-6 months of expenses.

Action Steps

Build Your Emergency Fund

Target 6-9 months of expenses if you’re the primary earner, 3-6 months if you have dual incomes. Start with $5,000 and build from there. Research shows that having at least $2,000 in emergency savings leads to 21% higher financial well-being scores.

Review and Optimize Insurance Coverage

  • Life Insurance: Ensure coverage reflects your current income and responsibilities
  • Disability Insurance: Protect your ability to earn income (often overlooked by high earners)
  • Property Insurance: Adequate coverage for home and valuables
  • Umbrella Policy: Additional liability protection for high-net-worth individuals

Update Estate Planning Documents

  • Will and trust documents
  • Power of attorney (financial and medical)
  • Beneficiary designations on all accounts
  • Guardianship provisions for minor children

Journal Prompts

  • What keeps me awake at night financially?
  • How would my family be affected if I couldn’t work for six months?
  • What would happen to my children and assets if something happened to me?
  • Where do I feel most financially vulnerable?
  • What would bring me the most peace if something went wrong?

The Peace of Mind

When your safety net is strong, you can pursue opportunities and make bold moves from a place of security rather than fear.

Step 5: Tackle Debt Strategically

Why This Matters

Not all debt is created equal. The goal isn’t to be debt-free at all costs—it’s to use debt as a tool that serves your long-term wealth-building strategy. Strategic debt management frees up cash flow for investing and gives you more flexibility to pursue opportunities.

The Strategic Perspective

Some debt builds wealth (mortgages on appreciating property, business loans with positive ROI), while other debt erodes it (high-interest credit cards, depreciating auto loans). Understanding the difference helps you prioritize.

According to recent data, 36% of U.S. adults have more credit card debt than emergency savings, creating a cycle that makes wealth building significantly more difficult.

Action Steps

Inventory Your Debt

List all debts with:

  • Outstanding balances
  • Interest rates
  • Minimum monthly payments
  • Tax implications (if any)

Distinguish Between Good and Bad Debt

Strategic Debt:

  • Mortgages on primary residence
  • Investment property loans
  • Business loans that generate income or tax benefits

Consumer Debt (Eliminate First):

  • Credit cards
  • Personal loans
  • Auto loans

Choose Your Payoff Strategy

Avalanche Method: Pay minimums on all debts, put extra money toward highest interest rate debt. This saves the most money over time.

Snowball Method: Pay minimums on all debts, put extra money toward the smallest balance for psychological wins. This builds momentum.

Choose the method that matches your personality and motivation style.

Journal Prompts

  • How is my current debt serving or limiting my goals?
  • What debt am I carrying out of convenience versus necessity?
  • How would it feel to eliminate my high-interest debt completely?
  • What has my relationship with debt looked like—and what do I want it to become?

The Liberation

Strategic debt management isn’t about restriction—it’s about freeing up resources to invest in your future and creating more options for yourself.

Step 6: Understand & Grow Your Net Worth

Why This Matters

Your net worth is your financial scoreboard. It helps you track your own progress over time and make informed decisions about spending, saving, and investing. It’s also crucial for major financial decisions like buying a home or planning for retirement.

The Complete Picture

Net worth isn’t just about what you own—it’s about how all the pieces of your financial life are working together to create stability, freedom, and future possibility.

Research indicates that women have significantly lower retirement savings than men, with an average of $62,000 saved compared to men’s $132,000 among those without a financial advisor—highlighting the importance of intentional wealth building.

Action Steps

Calculate Your Net Worth

Formula: Assets – Liabilities = Net Worth

Assets:

  • Cash and savings accounts
  • Investment accounts (401k, IRA, taxable accounts)
  • Real estate (primary residence, rental properties)
  • Business interests
  • Valuable personal property

Liabilities:

  • Mortgage balances
  • Student loans
  • Credit card debt
  • Other loans

Track Your Progress

Update your net worth calculation every 6-12 months. Look for trends:

  • Is your net worth growing consistently?
  • Which assets are appreciating fastest?
  • Are you taking on debt faster than building assets?

Optimize Your Asset Allocation

Ensure your investments align with your goals, timeline, and risk tolerance. Consider working with a fee-only financial planner for personalized guidance tailored to your situation.

Journal Prompts

  • How do I feel about my current net worth trajectory? Is it growing in a way that supports the life I want, or am I standing still or slipping backward?
  • What assets am I not optimizing that could accelerate my wealth building?
  • Where might I be too conservative or too aggressive with my investments?

The Clarity

Understanding your net worth removes the mystery from your financial situation and helps you make confident decisions about your future.

Step 7: Design for Optionality

Why This Matters

Life rarely goes according to plan. The goal isn’t to predict the future—it’s to create enough financial flexibility that you can adapt to whatever comes your way. Optionality gives you the freedom to make choices based on what’s best for you and your family, not what you can afford.

The Power of Options

Financial freedom isn’t always about retirement—it’s about having choices. Creating space in your financial plan allows you to say yes to what lights you up and no to what doesn’t.

Action Steps

Build Multiple Income Streams

Consider diversifying beyond your primary career:

  • Investment income (dividends, interest, capital gains)
  • Rental property income
  • Consulting or freelance work
  • Business ownership
  • Royalties or licensing

Maintain Liquid Assets

Keep some money accessible for opportunities:

  • Real estate investments
  • Business opportunities
  • Family emergencies
  • Economic downturns (buying opportunities)

Create Flexibility in Your Fixed Expenses

  • Avoid lifestyle inflation that locks you into high expenses
  • Consider whether you’re house-rich but cash-poor
  • Evaluate subscription services and recurring expenses annually

Plan for Major Life Transitions

  • Career changes or sabbaticals
  • Starting a business
  • Caring for aging parents
  • Going back to school
  • Early retirement or semi-retirement

Journal Prompts

  • What life changes am I considering that would require financial flexibility?
  • How much financial cushion do I need to feel comfortable making a major change?
  • What opportunities am I not pursuing because of financial constraints?
  • How can I create more optionality in my financial life?

The Freedom

When you design for optionality, you’re not trapped by your financial obligations—you have the freedom to pivot, explore, and pursue what matters most.

Step 8: Plan for the Unexpected & the Inevitable

Why This Matters

No one wants to talk about estate planning—until they need it. This step ensures your family is protected, your wishes are honored, and your legacy is intentional. Comprehensive planning gives you peace of mind and protects your loved ones from unnecessary stress during difficult times.

The Protection

Estate planning isn’t just for the wealthy or elderly. If you have assets, people who depend on you, or specific wishes about your care and legacy, you need an estate plan.

The reality is stark: only 32% of Americans have an estate plan in 2024, a 6% decline from 2023. Among the most common reasons people don’t plan? 43% say they “haven’t gotten around to it,” while 35% believe they don’t have enough assets.

Action Steps

Complete Your Estate Planning

Work with an estate planning attorney to create:

  • Will: Directs distribution of assets and names guardians for minor children
  • Revocable Living Trust: Avoids probate and provides privacy
  • Financial Power of Attorney: Names someone to handle financial decisions if you’re incapacitated
  • Healthcare Directives: Documents your medical wishes and names a healthcare proxy

Review Beneficiary Designations

Update beneficiaries on:

  • Retirement accounts (401k, IRA)
  • Life insurance policies
  • Bank accounts with payable-on-death designations
  • Investment accounts

Create a Family Financial Emergency Plan Document

Include:

  • Location of important documents
  • Account numbers and contact information for financial institutions
  • Names and contact information for your financial team (attorney, accountant, financial planner)
  • Instructions for accessing digital accounts
  • Emergency contact list

Journal Prompts

  • What would happen to my family if I were suddenly unable to manage our finances?
  • Have I clearly communicated my wishes for end-of-life care?
  • What financial information would my family need access to in an emergency?
  • How can I make this process easier for my loved ones?

The Peace

When your estate plan is in place, you can stop worrying about the “what ifs” and focus on living fully in the present. Research shows that 71% of Americans say having a well-thought-out estate plan would help them feel like a good spouse or parent.

Step 9: Invest in Yourself & Your Future

Why This Matters

Your financial plan isn’t just about money—it’s about you. Your career, health, growth, and joy are all critical elements of whole-life wealth. In a rapidly changing economy, continuous learning and adaptation aren’t just nice-to-have—they’re essential for long-term financial security.

The Ultimate Investment

The best investment you can make is in yourself. Your skills, knowledge, health, and relationships create opportunities that compound over time.

Data from Northwestern Mutual shows a compelling case for professional guidance: Americans who work with a financial advisor expect to retire two years earlier and have saved twice as much money ($132,000 vs. $62,000) compared to those without an advisor.

Action Steps

Assess Your Professional Development Needs

  • What skills or certifications would make you more valuable?
  • Are there industry conferences or training programs worth attending?
  • How can you stay current with trends in your field?
  • What relationships should you be building or maintaining?

Invest in Your Health and Well-Being

  • Regular healthcare (preventive care saves money long-term)
  • Mental health support
  • Physical fitness and nutrition
  • Stress management and sleep optimization

Consider Your Long-Term Career Strategy

  • Are you in a field with growth potential?
  • Should you be building a personal brand or side business?
  • What would you do if your industry were disrupted?
  • How can you create multiple ways to monetize your expertise?

Build Your Network and Influence

  • Maintain relationships with colleagues and mentors
  • Consider taking on leadership roles or board positions
  • Share your expertise through speaking, writing, or teaching
  • Connect with other professionals in your field

Journal Prompts

  • What investments in myself would pay the biggest dividends?
  • How am I staying relevant and valuable in my field?
  • What would I want to be known for professionally?
  • How can I better monetize my expertise and experience?
  • What legacy do I want to leave through my work?

The Compounding Effect

Investments in yourself create returns that multiply over time—increased earning potential, more opportunities, better health, and greater fulfillment.

Your Next Steps: From Overwhelm to Empowerment

You don’t need to tackle all nine steps at once. Start with the area that feels most urgent or exciting to you. Maybe it’s clarifying your vision, automating your savings, or finally updating your estate plan.

The key is to begin. Every step you take moves you closer to the financial confidence and peace of mind you deserve.

Remember:

  • Progress over perfection: Small, consistent actions create lasting change
  • You don’t have to do this alone: Consider working with a fee-only financial planner who understands your unique challenges
  • Your plan should evolve: As your life changes, your financial strategy should adapt too
  • You already have what it takes: You’ve built success in other areas of your life—you can do this too

Getting Started Today

Choose one action from this guide and commit to completing it within the next week. It might be:

  • Scheduling a financial review with your partner
  • Setting up one automatic transfer
  • Updating a beneficiary designation
  • Booking a consultation with an estate planning attorney

Frequently Asked Questions About Whole-Life Wealth

Q: How is whole-life wealth different from traditional financial planning?

Traditional financial planning often focuses narrowly on retirement savings and investment returns. Whole-life wealth takes a holistic approach that considers your values, life stage, career, health, relationships, and the legacy you want to create. It’s about aligning your money with what matters most to you across all areas of your life.

Q: Do I need to be wealthy to benefit from these steps?

No. Whole-life wealth is about creating financial alignment and security at any income level. While some strategies (like estate planning) become more complex as wealth grows, the fundamental principles apply whether you’re just starting your career or approaching retirement.

Q: How long does it take to implement all nine steps?

This varies based on your starting point and complexity of your financial situation. Some steps (like automating savings) can be completed in a few hours, while others (like comprehensive estate planning) may take several weeks. Most people can make significant progress within 3-6 months when working consistently.

Q: Should I work with a financial professional or do this myself?

This depends on your comfort level, time availability, and financial complexity. Many successful women find that working with a fee-only financial planner saves time, provides expertise, and offers accountability. Look for someone who specializes in working with high-achieving women and takes a holistic approach.

Q: What if my partner has different financial values or goals?

This is common and workable. Start by having open conversations about your individual visions and values. Look for areas of overlap and compromise. A financial planner can facilitate these conversations and help you create a plan that honors both partners’ priorities.

Q: How often should I revisit my financial plan?

At minimum, conduct a comprehensive review annually. However, you should also review your plan whenever you experience a major life change: career transition, marriage, divorce, birth of a child, death in the family, inheritance, or significant income change.

The Whole-Life Wealth Mindset

Building whole-life wealth requires more than just following steps—it requires a mindset shift. Here are the core principles to embrace:

1. Money Is a Tool, Not a Goal

Money’s purpose is to create options, security, and the ability to live according to your values. Focus on what your money enables rather than the money itself.

2. Perfection Is the Enemy of Progress

You don’t need a perfect plan executed flawlessly. You need a good plan implemented consistently. Start where you are, use what you have, and adjust as you learn.

3. Your Financial Life Is Uniquely Yours

Stop comparing your situation to others’. What works for your colleague, sister, or friend may not work for you. Define success on your own terms.

4. Financial Confidence Comes from Knowledge and Action

The antidote to financial anxiety isn’t ignoring your money—it’s understanding it deeply and taking strategic action aligned with your goals.

5. Wealth Building Is a Marathon, Not a Sprint

Sustainable wealth comes from consistent habits compounded over time, not from dramatic gestures or perfect market timing.

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