Women and Their Personal Finances

Studies have been showing for some time now that women are more insecure than men are when it comes to personal finances. This insecurity can keep women from taking charge of their finances. Women do need to be in charge of their own finances and understand how it is they work. It does not matter what your age is, what your background is, how much you make, or what your financial knowledge currently is, you must take charge of your finances now.

If you are in a relationship but are not hands on about your finances, you could end up in financial trouble. When you are part of a couple, you must make sure to work on your finances with your husband. You can work together to make sure the finances are taken care of. There are very good reasons for doing this. For instance if your husband leaves you or dies, you do not want to find out that you are in over your head with debt.

When it comes to retirement accounts, it is okay to have a shared retirement account, as long as you also have one just for you. This way if your husband was to leave you, you will still have money for retirement. I am not saying that it will happen, but the truth is that we cannot predict the future and that is just one of many possible scenarios.

All married women should have their own checking accounts. Just like before, you do not know what will happen in the future and if your husband leaves you or dies you will need access to money right away. It can take some time to get the money out of your husband’s accounts that do not have your name on them if they die. You should also have a joint account. This is the best way to ensure that you will have access to money to pay your bills if something happens to your husband.

Not very many women have much financial education. You can somewhat blame your parents for this one ladies. As a parent it is their job to prepare you for the real world, finances need to be included in these lesions. Every woman needs to take responsibility for their own finances though, and get the education that they need. You may know more about one area of finance than another so you may not need to take a class in that area. As far as the financial areas that you do not know much about, it is your responsibility to make sure you get educated.

Women need to take responsibility for their own finances. We can blame our parents saying they never taught us. However, that is the past and what is done is done. We need to focus on the now and the future. So if you do not have the financial education you need now, get it for your future.

Related Blogs