Monday, June 3, 2013

The Relationship between Women and Money

Last week news broke that women are now not only the primary caregivers in the family … but also the primary breadwinners. Nearly 30 - 40% of American household’s contain Mom/Wife as being the primary earner for her family. With the salary increase among females … also comes financial responsibility. And that is kind of scary. At least it would be in our household.
Information for this post is sourced from Genworth Financial in partnership with the SheHeard Influencer Network.

My husband and I have a difference of opinion when it comes to spending our money. Not enough that it’s a strain on our relationship … but one that causes us to discuss our budget on a bi-weekly basis. He thinks we can do without the fruit snacks, I say he needs to spend a couple days with two growing boys who want snacks all day long and get sick of apples and grapes. My husband would rather try to get over a sinus infection on his own. I’m all about high-tailing it to the doctor to get a prescription to feel better the next day! Evidently, we’re not alone.

Women differ from men in many ways including their attitude toward money. Because of this, it’s having a growing effect on the trillion dollar financial industry as the earnings power of women increases in the workplace.

So what is it that we (women) want? I know for me, I want financial "peace of mind." I want a greater voice when it comes to big-ticket purchases. And I stress the link between my personal life (marriage, children, careers) and financial advic.

I call malarkey when my husband says there is no way we’ll ever make it to Disney World because I’d rather buy lattes and new shoes. But he forgets that the amount of money he spends on energy drinks and at the liquor store … adds up. We’ve since cut out those things in our lives because we’ve realized that, unfortunately, our salary is staying the same, while costs keep rising. It just really took some willpower on both parts – but I’ll admit, especially from me.

Here are my suggestions on how we can take control of our money now:
  • Start saving on a regular basis. In otherwords, create your own savings account, in your name only, and start putting away money every month.
  • Start a 401(k) if your employer offers one. It’s the best thing you can do for your future!
  • Join forces with other women. Start an online group and give other women credit for using coupons, opening a savings account, re-evaluating their budget, etc.
  • Don't fall victim to money guilt. Whether you have more money or less money than your friends and/or family do, don't hide behind that guilt. Instead, recognize your emotions and change your behavior.
  • Expect more of yourself. You'll set a good example for your children, your family, and your friends. Because when you help yourself … you are actually saving every person that you love. You're honestly helping them … rather than pretending to help them.
HEY LADIES … we are a very important and valuable part to the economy! We just need to gain the knowledge and confidence to manage our money better to help create a secure financial future for ourselves, and for our families.

I'm not done talking about women and money. It's something I'm learning to get a grip on right now as well. So check back in a month from today and I'll talk some more about it.

As a woman, how do you manage your money? Do you feel your are financially comfortable about the future for not only yourself, but for your family?

Disclosure: This post was inspired by Genworth Financial. All opinions are always 100% my own. For more information about money management, budgeting, life insurance, etc, visit the Genworth Financial website.

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