My mother has always said, money and love don’t mix. Not only did she make a valid point. This advice saved me a few times. I’ve made my share of financial mistakes but damage control is possible. Recovery time is different for all of us. If we fill our wallets first, we’ll be able to enjoy our closets guilt-free.
Generally, girls are raised to think about money differently than boys. It’s customary for fathers to teach their sons about finances. Girls, on the other hand are left to figure it out as they go. There is an underlying assumption a man will come along to manage her financial matters, eventually. Hard to believe this happens today. Don’t be fooled – it does. Fortunately, more women are making it a priority to educate themselves about debt, retirement savings and working to create new money-making opportunities. Many passing on the savvy advice to the younger generation of women that follow.
In a recent conversation with girlfriends, one of the ladies in the group asked “Is it okay to have your own bank account once you marry or take on a formal living situation with your partner?”
I’m not an expert. I can only speak from personal experience. As a general rule, a woman should make sure these 4 accounts are in place:
1. Joint Checking account with spouse from which all bills are paid. Both spouses should have access to the funds ensuring a system is set up to secure monthly household payments.
2. Joint Savings or some type of vacation club account where you and your partner can withdraw for big purchases. Whether it’s vacation or new television he’s been trying to convince you is a must have. It’s wise you both contribute towards the things you want. Hopefully, those decisions are also made as a couple.
3. There are two other accounts that women must strongly consider whether single or living with a life partner. You must think about an individual personal and retirement account.
Love is blind but you don’t have to be when it comes to protecting yourself. Love and people are unpredictable. Divorces and breakups happen every day. It’s wise to have a reserve in case it all goes sideways. Putting away for a rainy day will save you some headaches. It might be you never have to use it but it’s there if you do.
We have insurance for life, health, disability, homes, cars and pets. Having money put away to give you peace of mind in case things happen can provide a little sanity. It can also give you options. You never want to feel trapped in a situation because you have no means to take care of yourself.
Stay a few steps ahead in your financial planning. Educate yourself and children about money. We need to be smart about all our life decisions including what comes in and out of our wallets.
Here are some useful tips on finance that can help women at any age. Start today.
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