Society perpetuates myths about women and money that includes ideas like:
- Women aren’t good at managing money
- Women spend too much money
- Women don’t want to learn about money
In working with divorcing women over the last two decades, I’ve found that these things aren’t true.
Now it is true that women are hands-off with the money issues in a family far more often. They let their husbands handle the finances, whether it is because that’s what they’ve agreed to or because the husband just took over and wouldn’t let his wife be a part of it.
But even if you never handled the money or took the time to learn about your family’s budget and spending habits, I want you to know a few important things:
- You should not feel embarrassed that you weren’t actively involved in the money management. It is common, and there is nothing wrong with it. What’s done is done.
- You can learn about what has been going on with your family’s money: where the money is, how much you have, what your money has been spent on.
- You have the ability to learn money management principles, to establish a budget that works for you, and to gain financial independence as you go through the process of divorce.
Midlife is that age range of 50 to 60, or somewhere around that. You have lots of life ahead of you, so it’s time to get your arms around the money issues.
Lots of big life changes can happen in midlife. You can lose a spouse due to death or divorce. You might decide that it’s time for a big career change after doing something you didn’t really enjoy or that you just feel burned out from. Maybe you’ve experienced the loss of a parent or child and this has changed how you view life.
Whatever your midlife looks like, it’s time to make sure that your financial house is in order. You’ll want to think about things like paying your living expenses, home ownership, paying for college for the kids, health insurance, saving for retirement, and doing fun things like travel and hobbies.
A financial advisor can help get you on the right course when it comes to planning your finances for now and the future. Money issues can be intimidating, especially if you’re in the midst of a big life change. But midlife is a time to start a brand new chapter for yourself, and becoming money savvy is one great part of it.
