Five Reasons For Moms Not To Be Afraid of Finance

If you're a mom - working, single or stay at home - you're busy.  Period.  Your to-do list is full and growing, you're on call 24/7, and all you'd really like is to sit down for five minutes without someone pulling you in ten different directions.  Needless to say, finance is probably not at the forefront of your mind.  However, finances can (and probably already do) have a place in your life.  Below, we've listed some reasons why today's busy mom can -- and should -- be fearlessly informed and savvy about finances.

Finances Are Already a Part of Your Life

OK, so the closest to Wall Street you've gotten lately is that new Michael Douglas flick about money never sleeping.  Truth is, you don't have to be a power broker on Wall Street to be well-informed about financial matters.  In fact, you're probably more knowledgeable about finances than you think.   Make any choices lately at the grocery store about what sales to pursue?  Have you sat down and paid some bills recently?  Most likely, you've done something along those lines, and more.  Our point is:  you already are involved in finances and financial decisions, most likely on a day to day basis.  Taking your know-how and savvy to the next level is definitely within your grasp.

It Pays to be Prepared

Well, this is certainly nothing new, right?  Humor us for a minute and look at it in this light.  You just never know what is coming down the road.  That's how life is.  There are stories everywhere that illustrate just how much life loves to throw us curveballs - especially when we're seemingly at our most comfortable.  How does this tie in with finances?  If the unforseen and unthinkable happen in your life (say the loss of your job or something that puts your partner out of commission), it's going to pay for you to know what's what with your finances.  Knowing what to pay to whom and where the money is coming from is essential info all parties in a household should be privy to.  Doing some homework now can potentially make a rough patch that less scratchy.

Info at Your Fingertips

Another reason not to shy off from finances is this: you literally have a wealth of information at your fingertips.  There is no shortage of financial information out here in cyber space.  In fact, there is a lot of solid, sound financial advice that is geared to moms.  Even more specific, you can find info on finances for single moms, working moms and stay at home moms.  Whatever role best describes you, you can be sure there's something out here on the web info-wise that will  speak to you and assist you in your quest to further your financial savvy.

Making It Work For You

It's a given: you have money.  Now how about doing something with it?  No, we're not talking about snatching up that cute Kate Spade number you eyed at the mall last week (though, by all means, go for it if you can really afford it!).  We're talking about putting your money to work for you.  Knowing where to place your hard-earned dollars is valuable info that can make a world of difference in your finances.

Passing It On

Finally, think of the long term benefits of making friends with finance.  We're talking about being able to pass on some great knowledge to your children.   Of course we understand that you're most likely not going to pull out spreadsheets and the stock pages for your fourth grader to peruse (whatever; maybe your kid is the next Warren Buffet!).  But, as you increase your financial knowledge, you also increase the info in your arsenal that can be trickled down to your children.  We all want to prepare our children for the future; you, being a mom who pursues financial know-how, can be that much better equipped to do this.

Get Started

Here at MomVesting, we're writing for you, so check out some of our previous posts on everything from stocks, bonds, savings, working from home, and more. There's a lot of info around here that's helpful for you at any stage of the game. Check out our thoughts on teaching your kids to save, learning about retirement accounts, and even talking with your spouse or partner about making financial decisions together. If you're ready to start investing but aren't sure how, take a look at our favorite ways to get your feet wet with investing.

Have things you want to learn about? Let us know!

This post is part of the Carnival of Personal Finance, head over there to check over more great personal finance posts.

Anonymous's picture

Money Reasons wrote:

Mon, 11/15/2010 - 22:17 Comment #: 1

Besides, women are better at finances than men anyway... or at least in the investment realm! And it's by a significant margin too!

In my household, my wife (who is an accountant) does most of the bills while I do the investments and income taxes.

Anonymous's picture

shaun wrote:

Tue, 11/16/2010 - 23:09 Comment #: 2

So true about passing on good financial habits to your kids!

Understanding your finances is so important, everyone should get in on the action. If you know where your money goes and what your money habits are, then you have a better chance of keeping hold of it. You feel so much better when you know what you can spend guilt free too :)

Anonymous's picture

Carnival of Personal Finance #284: Thanksgiving Preparation wrote:

Mon, 11/22/2010 - 11:03 Comment #: 3

[...] Rachel from MomVesting presents Five Reasons for Moms Not to Be Afraid of Finance. [...]

Anonymous's picture

Shiroi Neko wrote:

Tue, 12/21/2010 - 04:28 Comment #: 4

Not only mom. But every single one of us shouldn't fear of finance.

Agree?

Melinda Gregory's picture

Melinda Gregory wrote:

Fri, 12/24/2010 - 15:32 Comment #: 5

@ Shiroi Neko- definitely agree. It's pretty hard to go about day to day life without coming in contact with finances; might as well roll up the sleeves and dig in!

Anonymous's picture

Women and Finances: Getting Started Budgeting and Investing wrote:

Wed, 01/18/2012 - 21:15 Comment #: 6

[...] not convinced? Here are some great reasons why women should not be afraid of money and making it work for [...]

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