In my first article I said we would discuss the "need to know" regarding finances.  I am not an expert in financial planning.  What I've learned has been through the "school of bad decisions" so this column will not discuss stocks vs. bonds but rather the wife's need to know and understand where the couple's money is invested.  Know what institutions hold your investment, your account numbers, and any contact names and numbers.  If you husband has a will and/or life insurance, know where the paperwork is located.

All of these issues became important to me when one of our employees, a 40-year old mother of two, suddenly lost her husband.  Getting ready for a dream vacation, he had a heart attack and died.  She had the terrible grief for herself and her children to handle but soon realized she knew nothing about the family finances.  Her husband handled everything.  She didn't even have a credit card in her name.  She knew he had a good job because she had a pretty home and a good life, but was devastated over what would happen now.

This may seem like a rare situation, but it isn't.  With the hectic pace of family, career, and everyday life, it seems many very smart women delegate all financial responsibility to the husband.  Ladies, don't!!  It is your money and your life, too!  If, as a couple, you choose for your husband to make all the financial decisions, fine, but at least know where you can get your hands on the paperwork.

The other area you should understand is income vs. expenses.  If your husband says "Honey, we need to cut down on expenses"--understand why he's saying that.  Perhaps you really didn't need those great shoes or that dress that made you look so slim.

Always when looking at your finances, understand "worst case scenario."  What if one person loses his job, or there is an unexpected illness or emergency?

So, moms, whether you earn an income outside the home or contribute by running the home full time, know your finances.

Good luck!

I wish for you everything you wish for yourself.

Buddee

 

By the way, if you have any questions, or have ideas for something you’d like me to write about, email my daughter and she’ll tell me (I’d say to email me, but…well…let’s just say I’d won’t be giving advice on how to use a computer.)

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