Women when it comes to your money
there is no time for complacency
March 8 is International Women’s Day. A day set aside annually for more than 100 years by countries and women’s organization around the world to celebrate the social, economical and political achievements of women. And we are delighted to join in the celebration!
However, as we celebrate one of the realizations is that despite the inroads made by Bahamian women – they still seem to be complacent when it comes to relationships and money matters.
Bahamian women for the most part seem to still be comfortable having their money managed by the men in their lives and seem to still think that men are the answer to their financial woes.
This is a grave mistake and I want to say that it is important for you even if you are married to a money management expert who provides for you and doesn’t have a sweetheart (as far as you know) on the side to become involve and understand what’s happening with the money in your house because if something happens to him you won’t have the slightest idea of what to do.
And if he does turn out to be a devil because of your hands off approach you won’t be able to find all the money which will result in you getting the shorter end of the stick.
So my warning to you is no matter how confusing, complicated or boring you feel money management is, not learning about money and investing is the most devastating things you can do and a sure bet to ruining your future. And whether you believe it or not, no one can manage your money as good as you can.
Money Tips for women
The good news is that it does not take a lot of effort for you to manage and make your money grow. If you are guilty of this mistake here are eight simple steps to get you on the right track:
- Get involved in your family’s finances. Talk with your spouse and find out how your husband is managing and investing the money.
- Get your spending under control. If you are in a financial hole just stop digging – Make it a family affair. Taking Control of Your Money Workbook can help.
- Begin setting a little money aside. Every woman should have a little money on the side so if you’re sitting there rolling your eyes at me because you can’t find any money to save then find out where your money is going and plug the money leaks and tighten up your spending. You should do this as soon as you get your first job. The idea is to get into a routine of saving.
- Set a money goal. Set a saving target to aim for. “I would like to have $1,000.00 saved by the end of 2013.”
- Learn about your company’s pension plan. If you are offered a pension plan at work, TAKE IT! Have as much deducted from your check as possible.
- Find out about Individual Retirement Accounts. If your company has no plan, start an Individual Retirement Account and have an amount deducted and deposited to this account every pay.
- Learn about investment. You don’t need to know everything about investing; you can start by learning as much as you can about one instrument, i.e. Certificate of Deposits or mutual funds and gradually expand into stocks. But start investing right away to get compound interest on your side.
- Continue to educate yourself! Taking Control of Your Money workbook can help.
So if you have read this article you have already taken the first step to getting involved and taking control of your money because this is no time for complacency!
People can only give good advice but it’s up to you to use your hands to get results.” – Glenn
Got a question about your financial or retirement planning any question at all go ahead and just call Glenn directly at 1-(242)-327-2453 or email: firstname.lastname@example.org
Copyright © 2013 – Glenn S. Ferguson