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"Like success, money
is an emotionally volatile issue for most women. It's probably the most complicated
relationship we have—and the one that most controls our lives because we let
it."
Sara Ban Breathnach, author, Simple Abundance
The statistics speak:
- Of the "5 Most Expensive Mistakes Women Make" (Sept. 1995, Working Woman
Magazine), #3 is not budgeting. (#1: Assuming you current financial status is
permanent, #2: Paying too much for convenience, #3: Not using a budget, #4: Waiting for
the right time to save, #5: Fearing the wrong risk)
- Only 12% of women take responsibility for planning and investment of their money.
- Women have 70% chance of being solely responsible for their own financial well being,
80% chance for another person as well.
- Women are considered the #1 marketing opportunity of the next decade. Women are making
almost all the money-based decisions now. 94% of home furnishings, 92% holiday buying, 91%
homes, 89% choice of new bank account, 88% medical insurance.
Changing Women's Attitudes About Money
All too often, women are afraid of money matters. As Ellen Levine, Editor-in-Chief of Good
Housekeeping Magazine wrote in a booklet titled What Every Woman Needs to Know about
Money and Retirement for the April 1998 issue:
"We all know we are
supposed to pay attention to money matters, but many of us don't. Why? Maybe because the
subject seems boring or intimidating to us."
"It is never too
early—or too late—to take control of your financial future. However, just like
losing weight or giving up smoking, it's something you really have to do for yourself. The
rewards, of course, are considerable."
Don't' be afraid of
tackling the implementation of a budget or financial plan. It can seem complicated, but
the most effective budgets are simple. Basic organization will pay off big. As in
developing any new habit, take it step by step.
Jane Chidester is the
author of "  BudgetYes! 21st Century Solutions for Taking Control of Your Money
Now!" She also conducts seminars and is a published columnist on personal
budgeting topics. Her website, Budget Central, is a repository of information
and resources on personal budgeting, financial planning, and household money management -
a complete budgeting education. You can contact her at Jane@TulipTreePress.com.
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