2. Get advice.
Sometimes it's hard to talk to other people about our money, even to those who are closest to us. But money is like anything else in life, it's important for us to learn from each other and to share our experiences. Financial advisors are trained to give financial advice and can be helpful. Some are geared specifically towards women. But don't forget that you know best what's good for you. Watch for biased advice. Financial industries may earn money from the financial products they sell you - some financial advisors earn straight commission from these products rather than charge you fees. Be aware of the personal interests of the person(s) giving you advice. Ask them to state their biases and assumptions up front so you are aware of them.

3. Start early
Start saving as early as possible in life. Money will compound much more over 35 years than over 15 years. Saving early will also set you on a good path for saving throughout the rest of your life and increase your confidence that you can do it. But however old you are, it's never too late to start saving.

4. Keep out of debt
Debt can be a serious impediment to one's ability to save and can easily spiral out of control. If at all possible, keep out of debt or use debt to buy something that will increase in value such as a house. Remember that some interest rates are much higher and therefore more dangerous than others. Try to avoid the high rate charge accounts and pay them back as soon as you can.

5. Put money into RRSPs
RRSPs (Registered Retirement Savings Plans) and RRIFs (Registered Retirement Income Funds) are savings programs that are specifically designed to provide income in retirement. Their major benefit is in deferring taxes. Within certain limits, income tax is not paid on money put into an investment in your RRSP or on the earnings it generates, until assets are withdrawn. This deferral can continue for a long time, because it can run from the date you put the money in (say age 25) to the date the money is withdrawn (say age 75), a compounding period of 50 years! RRSPs are an important program available for women who may not have access to employer-based plans. More on RRSPs.

6. Get insurance
Insurance is especially important in situations where one or more family member is dependant on the income of another. For example, for women with young children who are relying on their partners' incomes while they stay home to raise their children, the death or disability of a wage-earning spouse could mean bankruptcy. Single women without children tend to have less need for insurance. When buying insurance, distinguish clearly between buying protection against loss of income (often best achieved through term insurance and sometimes by a group plan at your place of work), and paying into a savings program (often done in a whole life policy). If what you need is protection, don't put your insurance dollars into a savings plan. As retirement approaches, reduce your insurance.

7. Own your own home
If at all possible, purchase your own home. Houses are a generally a solid investment increasing in value over the years. Ideally, they will also provide you with a place to live for many years, a benefit not included in your taxable income. If you have always assumed that you could never afford to own your own home, ask about home ownership programs for low-income people available in your community. You may be eligible.

8. Start low-risk and maintain balance
If you choose to invest money you have saved, start with low-risk investments. If you can tolerate the risk, move gradually into higher-risk investments. Work towards a balanced portfolio, probably leaning heavily towards the low-risk end of the spectrum. Avoid 'flavour of the month' investing. Most good investments show their best returns over time despite monthly/annual ups and downs. Be sure there is always some money that can be accessed in case of emergencies. Reduce the risk as you age.