Financial Wisdom for Women

I was reading some articles for my post today and came across one titled “Three Finance Tips for Women” by Michael Kelly.  In it the author shares the following tips:

  1. Don’t Become Dependant
  2. Make a Money Goal
  3. Be Prepared for a Disaster

The first one, don’t become dependant to me is debatable.  I rely on my husband and depend on him, after all that’s what marriage is all about.   I don’t have a problem with having our own separate checking and saving accounts as long as it’s not in secret.  I believe there should be no secrets in a relationship. When you get married you become one, for the good and the bad.  The best scenario is for finances to be discussed before marriage and which one of the two is strongest in the management of the finances. An agreement should be reached where no major decisions are made without discussing with the other partner, especially where money is concerned. 

Secondly, make a money goal is critical.  Without goals you have no sense of direction, a compass if you may, they steer you in the direction you should go.  Goals are a motivation, it’s what keeps you moving forward and determines your drive  We should all have short term (12 months)  and long term goals ( 5 to 10 years) as individuals, as a family and as professionals and of course where money is concerned.  The author suggests that we set goals on a monthly basis so that it’s easier to track.  Whether it’s to become debt free, build up an emergency fund, buy a new car, a house or take that vacation you always dreamt of we should all set a money goal.  One of the things I discovered this year was that I had developed a debt mentality.  If I wanted something and I didn’t have the cash, I’d buy it on credit.  I realized I was wrong.  Instant gratification is not a good thing and only creates problems down the line.  Instead of buying on credit (which is what has put this nation in the bind it’s in) we should save and buy things cash.  Imagine if all of your purchases were done with cash! Wow, your credit would be healed because you would not be using credit, you’d save money by not having to pay all those interests and you would be in control of your finances, that’s financial freedom.

The last tip is to be prepared for a disaster.  Life happens to all of us and it would be great if when it does happen we have money put away to help us deal with the matter.  It’s bad enough dealing with the situation (death, illness, car problems, etc) let alone not having the money to handle it.  You don’t need to start big.  Start where you are, whether it is $100 a month or $5 a month, the important thing is to start now.  Sometimes we think it’s all or nothing and that’s not the right way to see some things.  We can start small and build from there.

I’m no financial expert and can only share from my heart and my life experiences.  I am expecting 2010 to be the best year ever and I’m preparing for it.  You can’t wait till you’re successful to set goals and prepare yourself for success; you must have a plan before it happens.  We are 2 months away from saying goodbye to 2009, I encourage you to set your goals for the New Year and remember to dream big and aim high, sky is the limit.  Don’t let success catch you by surprise.  Make 2010 your best year too!!!

To read the article in it’s entirety you can go to

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  • "I decided to open a shoe store for women with big and/or wide feet where they could shop with pleasure, would not have to sacrifice fashion for comfort and walk out with their head held high."