Family Business
Why is it that women tend to let the husband “run the financial things” of their lives? Over the years, I have noticed this occurring with great regularity; and when my single female clients get married, they hand over the reigns to their retirement savings to their new spouse. I’m not judging, mind you, because I did the same thing! However, my husband and I made sure that we had regular “business meetings” about our financial situation.
I have always been involved; and I am being educated on the process he uses with each meeting. I have seen other clients with the similar practice in place. These “Business Meetings” help both parties stay connected with financial status and financial decisions. In this ever changing landscape of our hectic lives, it’s important to have one person in-charge….but, both need to take the responsibility of knowing what is going on. Scheduling a regular meeting where you both come together to discuss your financial matters such as where important papers are located, the current financial status of all accounts.
Other topics such as what needs to be improved upon in financial matters or planned for due to financial changes would be an important part of a Family Business meeting. I also encourage parents to include children in the meeting; talking only about things that are age appropriate. I don’t mean to tell kids about your money – I just mean to have a part of the agenda show children what the meeting is about and why have the meeting. Then, the kids can go back to being kids – but, the conversation about the meeting and about the financial matters that pertain to them will make an impact on their future financial health.
Financial discussions are difficult to have; we are not used to talking about money. But, the more we understand the management of money – the healthier we will all be in the daily practice of putting it to work on-going and for our future. I think we could make a crusade of helping families across this country take control of the finances, rather than being lead around by debt, frustration. I imagine what a beautiful thing it would be to finally put aside the practice of having “more month at the end of the money.”
The Women Who Invest Blog is an empowerment resource for women who are interested in finance. As a woman in finance, I want you to know that you are not alone. I'm here to cheer you on, celebrating every win.
Women Who Invest is an ongoing blog series written by Toni Whaley. Read more about Toni here.