and Their Money
The topic of women and
money come up a lot and so much has changed over the
years. Women are getting smarter about how the save,
spend and invest their money. Here is a great resource
about women and money.
Gone are the days of June Cleaver or Carol Brady when
the woman's job was to stay home to care for the
children and the home; but not to worry about the
finances. That task was left up to the husband.
While we still have many stay at home moms who do care
for the children and the home; they are also taking a
more active role in the family budget. Whether a single
mom, working mom or SAHM, it is vitally important for
all moms to develop their Money Smarts.
For the single moms, if you don't budget, save and
ensure you're ready for a crisis – then who will?
Working moms work equally has hard (some may argue
harder) as her spouse; and the stay at home mom has
added responsibility of managing the family finances.
Agreed that many are struggling to make ends meet;
however if you can't measure it, you can't manage it.
This simply means you need to have a good grasp of
income and expenses. You know what they say about those
who put their heads in the sand (consider what part of
your anatomy is left sticking up in the air!)
What will you do if you need a new furnace? Or is you or
your spouse becomes incapacitated and unable to work? Do
you have a savings account? Will you be surprised when
you learn you can't afford to get the brakes replaced on
The first step is to get it on paper (or on hard drive).
Whether you use an Excel spreadsheet, Quick Books,
Quicken, or any other software program, just keep track.
Keep track of every dime you bring in and every dime you
spend. The latter will be more difficult, especially if
you're not accustomed to writing everything down.
Calculate ALL of your expenses. Don't forget property
taxes, trash removal, insurance payments, gym
memberships, school lunches, oil changes and even
clothing allowances. Most people know how much their
mortgage or rent payments are, and have an idea about
utilities but that's about the extent of it. It may be a
rude awakening when you learn how much income is needed
to take care of all your expenses.
It's easy to get overwhelmed with this process if you
are not used to exercising your budgeting and saving
muscle. Treat your Money Smarts muscle as you would any
other muscle. If you haven't exercised your body in a
while, you'll want to start out with baby steps. If you
make small incremental improvements, you're much more
likely to stick with it in the long run. If you decided
to go gung ho and do it all at once, you'll pull a
muscle and want to slide back to your old ways.
It's important to recognize why it is so important to
you and your family to have a good grasp on budgeting,
saving and striving to get those ends to meet! You can
Resource Info to be Included:
Mom's Money is a weekly podcast brought to you by five
real life moms who are determined to learn how to make
money work for them instead of the other way around.
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