A writer for Real Simple’s “Women and Money” column summed up her behavior and that of many other women well when she wrote, “Like millions of other women, I was perfectly happy to pinch pennies and hunt down sales, yet I couldn’t muster the slightest interest in big-picture financial planning.” Early in her career she thought she was doing well by paying bills on time and buying things on sale. Her eyes were opened when a male colleague asked about her 401(k) contributions (she’d made none) and explained the concept of compound interest. The article includes information on thoughts and habits that are barriers to financial freedom. Do any of these issues sound familiar to you?
“Lack of Confidence” You will find that arming yourself with information will help you to feel more confident about financial matters. Even if women have historically been excluded from and put off by the language of the financial world, you can find ways to learn more.
“Sweating the Small Stuff” Pinching pennies and finding bargains are still useful skills, but “experts say that women need to move beyond worrying about nickels and dimes and start thinking big.”
“Waiting for Someone Else” The writer observes that single women take care of finances because they have to and that some married women ignore these matters. Really, women in all kinds of situations tend not to think about long-term financial planning.
“Focusing on Goals and not Numbers” Real Simple advises that you, “Make your financial goals as detailed as possible (including an estimated cost) to increase the likelihood that you’ll follow through with what’s necessary to achieve them.”
We need to persist in pursuing financial knowledge and finding the right guidance to help make our financial goals more than a notion. Fee-Only Financial Planner Claire Emory developed a healthy respect for the independence that smart money management can bring early in life and she is dedicated to helping people, and women especially, take care of themselves and the people they love.