According to a report in USA Today, it is predicted that 80% to 90% of women will be solely responsible for their finances at some point in their lives, either because of divorce or other circumstances. Which begs the question – are you ready?
If you are like the majority of women in the United States, the answer is probably “no.” So what can you do to prepare? It’s easier than you might think:
• Get involved in the conversation – Many women manage the family budget and daily expenses, but are not comfortable discussing investing or retirement planning, instead leaving it to their spouse or significant other to manage. Instead, become part of the conversation so you have an understanding of the investment choices that are being made on your behalf.
• Get educated – A wealth of information on managing your personal finances is available at your fingertips through sites like Fool.com, Dummies.com or Money.com. Subscribing to magazines like Money, Kiplinger’s Personal Finance or Smart Money will provide a monthly refresher, and reminder to keep your finances front and center.
• Get organized – Work with your spouse or significant other to create a master information kit for each of you with all your vital information including, but not limited to, bank and investment accounts and other important financial details.
The truth is, while it’s increasingly important for women to take control of their finances, basics like becoming more organized and educated are good ideas for everyone.
Think you are financially savvy? Try this quiz on HuffingtonPost to find out!