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Women and money - a love/hate relationship
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As women we often have a love/hate relationship with money. We love to have it when we want to buy something, but we hate to the whole idea of managing it, and we are quick to get all too comfortable with either ignoring it or leaving it to others to manage for us—a spouse, a professional, or even a family member. But if the recent financial crisis has taught us nothing else, it has showed us that you need to know what is going on with your money at all times. So the time has come for many of us to reverse our money management strategies and take control.
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Taking control does not necessarily mean that you do it all by yourself or if you are married that your take over everything, but it does mean that you become involved in the management—from spending, to saving, to investing—and that you accept responsibility for the final decisions because, after all, you will have to live with the results. Whether you feel good about the idea of managing your money or you have a sinking feeling in the pit of your stomach, its time to put all that aside and take the plunge.
So why is it so important for you to start minding your money now? Well it has always been important, but it is very important today because the way you manage your money during this crisis can set the tone for your life for many years to come. And, because as women we also face additional issues and challenges:
- First, we typically earn less than men, on average 23% less, and the fact that many of us cycle in and out of the workplace (taking time off to raise a family or care for elderly parents) means that our pay may suffer even more.
- Second, as a result of earning less, our retirement benefits (like Social Security and pensions) are less because these benefits are generally based on the salary you earn.
- And third, we tend to live longer than men, typically five to seven years longer.
In summary, we have less money to work with and we have to make it last longer. But probably the biggest challenge we face as women is a lack of financial education so that we know what to do to manage what we have. Many of us were never taught basic money management skills and we sometimes don’t know what we don’t know. In fact, some of us think that managing money should be intuitive and we blame ourselves because we don’t know what to do. But all of this is fixable once you become aware that a problem exists. You can learn to be a good money manager, even a great money manager, and the tools you need are all around you—from the internet, to books, to classes, to the Women and Money articles published by yours truly so keep reading and return often.
In the meantime, you can get started by taking stock of what you have, and by examining your goals and developing a priority list. For specific strategies to follow to get started managing your money, read my next article, “Strategies to Take Charge and Take Control.” “Remember, if you don’t mind your money, someone else will and then they will control your future!” ps
For more info: Visit www.MindingYourMoney.net and become a part of the Minding Your Money Club (it's free!) or send your questions directly to Patricia at ps@mindingyourmoney.net.
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