What Stay-at-Home Moms Need to Know About Money

“Parents” magazine has a good article for every stay-at-home mom (and working moms too) about what we must know about our money. The article is a quick read, but has several key points:

• Know your worth
• Stay in the loop
• Have a spending plan
• Make sure you’re insured
• Keep money in your name
• Stay marketable

But, the most important piece of advice is a quote they hightlight in the second page of the article:

“If you’re a stay-at-home mom, you shouldn’t hesitate to insist on having an equal say in financial matters. Taking care of yourkids and the household is just as important to your family’s economic health as your husband’s job is.”

This is true of working moms too — we must be an active participant in our family’s financial plans. Women need to become knowledgeable about our finances so we can participate and know where our money is going and how we are going to save for retirement. I’m going to keep preaching this until the cows come home. Until I see the cow, I’ll keep sending the message to women about becoming knowledgeable about money. Hurray to those of you who are there already — you are the model for the rest of us to follow.

• Read the full article at Parents.com.
• Balancing Motherhood’s posts about women and finances

It’s Not Too Late — Or Too Early To Plan For Retirement

In a few of the women’s magazines that I read recently, I found financial-based ads targeted at women. Even a pamphlet of sorts has been inserted in more than one of the titles I read.

I tore out one from Wachovia because it has a lot of valuable information in it. The ad says:

“91% of women say their most important financial goal is not outliving their savings.

So there’s a problem when only 12% of them are confident they’ll be able to do it. “

This is key — I believe women are interested in their financial future, but let their spouse take most of the control. That, or they are just overwhelmed with the task, afraid they will never be able to afford to save enough. They shut down and don’t do anything — or don’t do enough.

The Wachovia brochure that accompanies the ad, titled “A Woman’s Guide to Her Financial Future” acts as a personal questionnaire, asking women to “sum up how you feel about retirement,” and “picture yourself 10 years from now. What are you doing?” There’s also a checklist of what you’re currently doing financially toward your future. It’s broken down by age: “in your 20s and 30s, in your 40s and 50s and in your 60s and 70s,” and gives great reminders of what you should do at each stage in life.

Of course Wachovia is doing this to get your business, but I’m glad that someone is doing this for women. While we flip through photos of the latest fall fashions we can be reminded that we are in control of our financial future and need to move on it now.

If you are interested in more about the brochure of Wachovia you can contact them at: wachovia.com/women or 866-244-8698.

Read my past posts about women and finances.

Editors note: I was not paid to write about Wachovia. I only write about topics I feel are relevant; if they include a product or company it’s solely because I feel it’s warranted in the post.