|Women's finances: Embrace the power of the purse|
|Friday, 23 July 2010 12:57|
Every woman should have a healthy relationship with money, but the reality is that many women still heavily rely on men to handle their finances. Now is the time for women to break out of the traditional role and take action to gain financial independence.
Personal finance expert Suze Orman shares advice on what every woman should carry in her purse, and the financial knowledge she should carry with her at all times.
Reading materials: Once a month, read a financial newspaper or magazine, such as the Wall Street Journal, Kiplinger's or Smart Money. No need to read cover to cover, just flip through to get a feel for current financial trends. You might be surprised by what catches your eye.
Debit card: These days it often makes more sense to pay your bills with a debit card online - a service that should be free. If you're worried about safety, don't be. Banks spend a lot of money to ensure that their networks are secure. In fact, paying your bills online may prove to be safer than mailing a check because the electronic payment is automatic. All your transactions are recorded and can be verified 24/7, allowing you to track debits and credits at your convenience. Remember, organization equals control.
"Milk money": Save a lot and indulge a little. Even in tough times, there will always be expenses that may be outside your budget. To cover these purchases, consider taking on a side job that can provide supplemental earnings opportunity. Direct selling opportunities, like Avon (www.avon.com), can provide additional income based on the amount of time you can commit. For as little as $10, you can get started with a company that works for women because you can choose when, where and how much you want to work, while having the flexibility to work a full-time job and care for your family.
Family photos: Keeping your family close in view - whether in your wallet photo flipbook or on your phone - serves as a daily reminder of your loved ones and what you can impart to them. Admittedly, sensible financial management is not something we are all born with, it must be learned. Feel confident that you can contribute to your family's financial success by educating your daughters and granddaughters about money and savings. Give them solid financial knowledge to stow in their purses for a lifetime.
For more action steps you can take in 2010, and information on Suze Orman's Action Plan, visit www.suzeorman.com. (ARA)