, May 6, 2011 8:28 am
A recent survey by TD Ameritrade indicated that 33% of married female breadwinners are responsible for paying the bills, doing a budget and generally knowing just how much it takes to run a household every month. That survey says only 22% of married men are still performing those tasks. As more and more women are earning their own money and becoming financially self-sufficient, they’re taking the lead on the decision-making. Perhaps it’s because we’re more likely to have a long life expectancy. Here’s some tips:
* Organize Your Records. Make sure you can find your bills and pay them on time. Avoid late fees. Whatever system that works will make it easier
* Learn To Budget. It’s a lot easier when you’re single. But once you have a partner, spouse and/or children, things can get more complicated. You have to have a budget to make sure you’ll have the money to pay for summer camp, college expenses and doctors visits. The more children you have (I’m excluding a husband) then the more moving parts you’ve got to keep an eye on
* Set Financial Limits. If you bought everything your kids wanted, you’d never have enough money. So, make sure you can cover the basics. Keep your spending at the supermarket in line. There will be times you just can’t buy that new Xbox. But there will be other times when you can compromise with your kids. It’ll be a constant juggling act
* Plan Long Term. Obviously, you’ve got to prepare for today’s expenses, but you’ve got to also plan for tomorrow’s. Saving for college, retirement and looking at your estate planning documents like a will, durable power of attorney and healthcare proxy
So, make your list and work your way through it. And welcome to the team as the quarterback! Until next time, here’s to good planning!