A Woman’s Wallet – Get Smart With Your Money
What’s in your Wallet? Plastic or Cash? Many women have no idea about their finances. They have no idea where their money goes and on what it has been spent on. It is time for women to become financially fit and concerned about their finances. It is not uncharacteristic for women not to get serious about their money until a serious event occurs in their lives – a loss of job, a sickness in the family, divorce, or the nearing of retirement.
Why is it that it takes such events to bring about the seriousness of a woman getting her money straight? Could it be that she is waiting on “prince charming” to take care of her? Could it be that history states that a woman does not need to know or worry about all things financial because that is a mans job? Or could it be that messages received she has received from the media and history tells her that women are just not good at numbers.
Perhaps it is one of these or all of these, but any one of these can be debilitating to women taking control of their financial lives. Before 1975, woman had to have her husband as a cosigner before she could get a credit card or conduct a financial transaction.
Stop making excuses – take charge!
So how can women begin to change their view on finances. First women can begin to stop making excuses. The first key to success of any plan is to acknowledge that you have a problem and need help. If you your money is kind of funny – acknowledge that!! And stop being in denial.
Secondly, formulate a budget.
Yes, a budget!!! With all success, you must have a plan. You must know where you have been, where you are trying to go, and what it is going to take to get there –you can not simply do this in your head. You must put it down on paper; only then does it become reality. There are many financial resources just for women that provide valuable instruction on constructing a successful budget. Women must put as much time into budgeting and planning for their financial future as they do planning and getting in shape for their marriage future. You can not count on a husband to do what you can not do. What if your potential mate is horrible with money – then what. (will come back to this in a later segment)
Thirdly, Spend with in your means.
GET RID OF THE CREDIT CARDS!!! We have all heard this, but it is true. If not used properly, Credit Cards are an evil beginning. You must think of credit cards as taking a loan. If this is the first time you have heard this – please stop and let what I just said soak in. Every time you charge on a credit card, you are taking a loan. GET RID OF THE CREDIT CARDS!!! We have all heard this, but it is true. If not used properly, Credit Cards are an evil beginning. You must think of credit cards as taking a loan. If this is the first time you have heard this – please stop and let what I just said soak in. Every time you charge on a credit card, you are taking a loan. A $50.00 dinner out, charged on a credit card with an APR (annual percentage rate) of 18% will take over three years to pay off if only minimum payments are made. To top things off that $50 dinner could end up costing you over $80 because of accrued interest. If it is your practice not to pay charge card purchases off within the month that they are made, you are essentially giving money away. Would you normally take out a loan to have dinner? No you would not, but most of us don’t think of it that way. It is amazing the cost that you begin to incur when you carry debt on items that you have charged. Credits Cards can be good when used properly and for emergencies, but most of us do not use them for that intended purpose. One of the best things you can do for yourself – if you have not already is to get rid of BAD Debt – Consumer Debt/Credit Cards.
Financial Freedom has so many benefits and just beginning with these three steps will get you on the road to becoming financially fit and independent – which is really what every woman truly wants. We all want to be free to really live our lives in the manner that we would like to. Being Free of Bad Debt and planning can allow that. It can allow you to possibly quit your job and pursue your real dream – whatever that is.
June 11th, 2007 at 9:14 am
The reasons why many women do not save are primarily:
Women do not make enough money to save comfortably; if you can only save $10 a paychek without starving[ you are not inclined to save; and to spend any bonus cash on junk as a relief from the otherwise unremitting deprivation.
Women are conditioned by the culture to spend, spend, spend; fashion is the number one oppressor of women: women are conditioned to look good, have the latest fashions, perfume, and jewelry; and all of this takes lots of cash that could otherwise go into savings
Women’s clothes are much more expensive than men’s
As caretakers, women must spend on children, relatives, pets, friends, their own health care, etc.
Women did not get financial advice from their parents because they probably thought it would be a waste of time
It has very little to do with waiting for prince charming; as many women have resigned themselves to the single life dispite the struggle
Until women overcome the oppression and negative conditioning of a highly misogynistic and materialistic culture aimed largely at women; women will remain enslaved; its that simple; women must create independent identities for themselves based on practicality and sensibility to make the most of what they have. copyright Merl Elton
January 6th, 2009 at 7:25 pm
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