So are you a money feminist? I was really sad to read that just 15% of UK women share responsibility with their partner for their long-term finances – the fourth lowest globally, according to UBS Global Wealth Management.
On a day to day basis I help people to build their finances but I also help people to sort their money out when things don’t go to plan too. Divorce, death and ill health are all situations which prompt new clients to wish that they hadn’t buried their heads in the sand when it comes to their cash. At least sharing the financial load will ensure that you are not so vulnerable.
The research shows that, despite growing female empowerment married people often stick to ‘traditional’ stereotypes when it comes to managing money. Shockingly, 85% of UK women think their spouses know more about long-term finances than they do – regardless of whether they actually do or not!
So what can you do to start to take back some control:
- It is obvious, but have a chat with your partner. Perhaps they aren’t in control as much as you would hope and perhaps they would prefer to share the financial jobs too?
- Start with the basics. A great place to start would be with the family budgeting. Tracking your money on a monthly basis will help you to get your head round what is going in and out. You can download a budget template from www.misslolly.com.
- Allocate out the following jobs – debt, budgeting, mortgage, utility bills, savings, investment and retirement planning.
A main reason that people don’t tackle their money is because they don’t feel that they know enough. Why not make a commitment to reading more around the subject? Here are some books to get you started:
- Money Lessons – Lisa Conway-Hughes (sorry I couldn’t resist!) https://www.amazon.co.uk/Money-Lessons-manage-your-finances/dp/0241379342
- The Life-Changing Magic of Numbers – Bobby Seagull – https://www.amazon.co.uk/Life-Changing-Magic-Numbers-Bobby-Seagull/dp/0753552809 This is a great book to get your head around maths – often a reason why people think they “aren’t good at money”
- You’re Not Broke, You’re Pre-Rich by Emilie Bellet – https://www.amazon.co.uk/Youre-not-broke-pre-rich/dp/1788401417
If you read a money book each month, how differently would you feel this time next year?
Let me know how you get on!
Lots of Love
Miss Lolly xx