For The Ladies : Finances

For The Ladies 

As I go through a difficult situation in my life, I sometimes wonder “What would my grandma say?”. I think she was a strong woman for her time. She always sacrificed her own needs for the sake of her family, but when I think about it, she was a rebel in her own way, and I think she would have encouraged my independence. 

I’ve been thinking lately, of how sometimes we need guidance in life, and it can feel like there’s no where to turn to. When we need to just talk out loud and be heard, it can be invitation to unsolicitated advice. If we ask for genuine advice, it sometimes turns into criticism from people who are well-meaning, but it doesn’t really help. 

My mother, my best friend, my more mature friend, and my aunt all have different pieces of advice for me. Everyone has different experiences, and different perspectives. 

Here are three things I have learned and I’m happy to pass on. As we go through different stages of life we learn new lessons and have new perspectives. 

Finances

1:  Always have your own skill to make a living. 

Even if you have someone to depend on for your living, what if they are one day no longer there? Can you take care of yourself? If you have children, can you take care of them without being dependent on someone else? 

2:  Always keep your own bank account, and keep an emergency savings, and don’t tell anyone about it. 

I’ve seen this cause controversy online, “Why would you keep anything private from your spouse? That’s lying.”

It’s not lying, it’s for protection. If you’ve never had to be in a position to protect yourself, then you are very fortunate. Sometimes women get into situations they don’t expect, and they may need money and safety. If not you, it may be your sister, your friend, your daughter, or someone you know, and you want to be able to care for. 

3:  Understand how finances work, and take control of your own finances. Learn how to budget, understand what a credit score is, and how to improve it. When you build confidence in the basics, don’t be afraid to learn how to invest, and if your job offers a 401K, take advantage and understand it. 

I’ve worked with many women who have told me “I just put 1%, my husband takes care of the money.” Or they say “I put away the match, it’s better than nothing.”  

I worked at a company for one year, my co-worker had been there for three years, and we had the same amount in our 401K, she asked “How did you do that?” I explained to her, in my downtime I look at all the options and elections my 401K offers, this gives me a higher return, sometimes significantly, because it’s not the standard “safe” option. I also put more than the dollar match. If I get a raise, and I’m living comfortable within my budget, I put the additional funds to my 401K contribution. Take control and learn what you can with your retirement savings, it’s your money. 

Other considerations: 

I have eight years of experience working in banking. My lessons come from my experience, the women I know personally, and the many customers I’ve seen over the years who are struggling. 

For many people, money is a taboo subject in their home. Don’t let fear or shame keep you from having important financial conversations with your family members. 

*If you have elderly parents, make sure you have a plan, and don’t wait until it’s too late. 

*When you have family members that depend on you, take the steps you need to make sure they are added as beneficiaries, and they know how to access your important documents. Even if you feel young and healthy, life can take unexpected turns. 

*If you have children, teach them about finances: Budgeting and saving when they are young, how to invest, understanding interest rates, the dangers of credit card interest, and before you help them take out student loans, understand all of your options. 

If you’re a man reading this: Thanks for stopping by. Maybe some of these ideas can help you also. If you have important women in your life, the best thing you can do for them is to help them feel empowered, and teach them life skills. My grandpa and uncles taught me how to fish when I was young, and now it’s a happy memory, and when the apocalypse happens, I will still find food when the grocery stores are closed. 

I hope these ideas can help someone. I’ve considered expanding and writing a series, covering a variety of topics for women, and maybe even writing a book one day. Other topics may include: dating, career, sexuality, marriage, empowerment, self-love and self-image, children, traveling, etc. 

Does anyone else have financial advice to offer? 

Thank you for reading – Luna D. Eckerson

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