Tuesday, March 3, 2009

Personal Finance for Moms

I've seen several articles lately about how women are far behind men when it comes to saving for retirement.

When you consider that women live longer but earn less income throughout their lifetime, it makes sense that we need to be more proactive about understanding our financial situation and planning for the future.

There are a lot of great personal finance and retirement resources available, including some of my favorites:

Get Rich Slowly
The Motley Fool
CNN Money

These cover a lot of general financial and investing information, but the problem I see with these sites is that they seem to be mainly geared toward middle or upper class working men.

Don't get me wrong, men need to understand personal finance and save for retirement too! But being a woman and mom presents its own set of requirements and challenges for personal financial management and planning for retirement.

To me, the only personal financial "guru" I've found who consistently acknowledges and discusses women's needs is Suze Orman (http://www.suzeorman.com/) ... and I don't know that I can whole-heartedly endorse all of Suze's advice.

Whether you work outside the home or not, your family finances ARE your business. With all the other tasks moms tend to shoulder, it can be easy to just leave the personal and family financial management and planning to your spouse.

However, it is particularly important to have communication between husband and wife on both general and specific family financial issues. Both parties need to be fully informed, even if one or the other is the primary caretaker of the finances.

In this series, I'll explore what personal finance and retirement planning means for moms. Whether you work outside the home, work at home, or are a full time mom, this series will touch on information you need to know and a plan for actions you can take.

Complete Series: Personal Finance for Moms
1. Intro
2. Understanding Income
3. Understanding Expenses
4. When Expenses Exceed Income
5. Build Your Credit History
6. Beyond the Basics
7. Your Safety Net
8. Investing and Retirement
9. Resources

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