Timeless Women Want Money to Last a Lifetime
By Dr. Nancy D. O’Reilly, Psy.D.
Timeless Women depend on themselves and face the future without financial fear.
It sounds reasonable.
So why do so many women struggle to do that? It’s a habit.
“Princess” is a word most little girls learn around age two and by three years old they have it down to a fine science. Ask a little girl what princesses do and she will quickly say “They wear beautiful gowns and sparkling tiaras.” Ask if princesses do anything in addition to looking beautiful and the children will look at you in amazement and exclaim, “Of course not!”
Many women, especially but not exclusively older women, have cast their husbands in the role of a Prince Charming who takes care of everything for them. This is risky because these women will be ill prepared to manage their financial affairs if death or divorce ends their marriages.
Why do we do this to ourselves? Did you ever hear in school, “Girls are not good at math?” Don’t you believe it. That “math gap” was officially erased in 2008, according to news reports.
Yet women are still among the poorest in our nation and many single mothers struggle to keep food on the table. Divorce, illness and death leave many women with their underwear hanging out. It’s time to start taking business classes and teaching our daughters early how they can support themselves well. Women are living longer by themselves than ever before and financial security is crucial for a comfortable old age.
If your dollars don’t seem to stretch as far as your years, plan to work as long as you can at the highest salary you can. You’ll get higher Social Security benefits and have fewer years to fund in retirement. Three-fifths of retirees plan to work at least part time to preserve their spending power.
- Start today. Invest and save now and do not wait. If you have no money left over to invest, examine your income and budget. Get serious about finding ways to spend less and earn more.
- Max out matches. Sign up for any plans at work, profit sharing, 401K. Find out if your employer will match savings. Attend financial planning seminars regularly; get used to thinking of yourself as a smart investor.
- Eliminate debt .If you are in debt, get out of debt immediately. Pay off credit cards first. Call local consumer credit counseling organizations in your community for help.
- Advocate for yourself. Most retailers you buy from are looking for permanent customers … you can be one and ask for discounts when you feel they are appropriate. Join a Money Club (WIFE.org) or investment group and ask other women to help you brainstorm solutions.
- Wear reality glasses. Sometimes it’s hard to see the leaks in our budgets. Likewise, we may not be able to see that we are not, in fact, trapped in that dead-end job. Seek out the truth.
Remember, Princess: Prince Charming Isn’t Coming, as Barbara Stanny explains in her book by that title. Women must do the preparation work, of course, but they must also expect to be wealthy and self-sufficient if they are to achieve those goals.
Our friends at WIFE.org offer seven financial habits women need to establish.
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- Depend on yourself.
- Do it now instead of putting it off.
- Blast your fears away with facts.
- Select your goal and chart a direction.
- Invest in your career.
- Have a Plan B in place when your marriage ends through death or divorce (they all do).
- Find and follow good professional advice.
Gather your courage, pick a habit you want to improve and get started today.
You deserve to have your money last all the years of your life!
Learn more about ways to improve your finances in our groundbreaking new book,
Timeless Women Speak: Feeling Youthful At Any Age.