MONEY Matters for women

GUEST BLOGGER: KATHY RIGGS

• Women generally have huge hearts and can sometimes those hearts lead their financial decisions. Even the most educated and most successful women can let their hearts influence their financial decisions in a way that is not beneficial for their long-term success. Here are some examples:
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• ​​1). Children ask for money for the latest thing(s), and mothers usually say yes. When we spend too much money on our children, they may not learn important money management lessons themselves and we may not have enough for other important goals such as retirement or debt reduction.

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2). Women who allow their husbands to handle every aspect of financial decisions may find themselves in crisis when a spouse is injured, they are divorced, or widowed and discover they are unprepared to manage all facets of their financial life.
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3). Single women – those who never marry or who are divorced – are often uncomfortable with finances and may even be bored with financial matters. Still, they are anxious about being financially secure now and in the future. ​  

As women, we need to completely understand our financial life and be honest with ourselves and others in our relationships. We are generous with our love, time, and money and we shouldn’t stop being kind, generous people, but we must be sure that our acts of generosity are not depleting our financial future and retirement plans.We must learn to say “NO” out of love, not out of fear. Your act of charity should never put you at financial risk.
 
Women need to set financial limits. Our goal should be to raise financially independent, successful children. While it may seem reasonable to help a family member, continuing to pay expenses for grown children will not help them become financially successful adults. It might feel like tough love, but in the big picture, it truly helps everyone.
 
Make financial decisions that support your financial goals and secure your financial future by taking time to think through the situation and process the outcome. Lead with your head, not your heart. Being financially smart will help you secure your goals and achieve financial success.
 

Adapted from the March 2019, Smedley Financial Services “Money Matters Newsletter”. Featuring Lynette S. Watts, Premier Client Specialist.