For the love of money

Proverbs 31 describes a strong, confident woman as one who takes care of her home. It also describes a savvy business woman who has money of her own and makes business deals buying and selling land. While not every woman has the desire to become a business mogul, it is imperative that every woman develop a healthy relationship with her own money.{{more}}

– Start now. Don’t wait for disaster to strike before you start developing that relationship. Too many women wake up in the middle of a disaster and realize they do not have the foggiest idea how to manage their money. Their disaster could be a death in the family, the breakup of a relationship or, believe it or not, an event that is seemingly positive like a promotion. (The disaster there is if the woman is not prepared to deal with the extra income of her promotion and squanders her new earnings living the so-called high life with newfound friends.) Before a life-changing event affects your life, try to identify where you are financially and ask, Can I take care of myself?

– Get Creative. Money is attracted to people who can see possibilities in problems. Look at all the people who are rolling in the dough. They likely got there by identifying a problem and developing a way to solve it-a way in which people pay for the solution. Too many people spend countless nights lamenting about the debts they need to pay instead of refocusing and coming up with solutions. Sure, looking at mounting stacks of bills and dwindling supplies of money can be depressing, but try your best to think about money-making ideas.

– Know Your Money. Like any other area of life, you need rules to attract and keep money. Credit cards, family members who always have emergencies of some kind, and your poor decision-making skills can cause money to run away from you. Do you have a budget? Do you stick to it? Do you know the bank’s procedures for lending money? Do you understand how loans work? Get interested in how money operates and how outside influences can affect your money.

Make More, Save More. Some women spend more money each time they receive an increase on the job. When you make more, you should grab the opportunity to save a little more. It takes discipline and practice to actually achieve this savings goal, but try saving at least 10 percent of each pay period’s earnings-and do it diligently.

– Get your own. Even if you are married, it’s important for you to have your own financial identity. Be open with your partner about your financial goals. Studies have shown that financial strain is a major source of stress in relationships. If you make more than your partner, do not flaunt it in his face or brag about it and do not drop subtle hints that make him feel less manly. Get your own accounts and portfolio but be respectful at the same time.

– Don’t Be a Leech. Some women have men in their lives who take care of them financially, which is great if the arrangement is mutually acceptable to both parties. However, resist the urge to become a financial leech who is always crying poverty and exerting little energy to change her situation.

– Retirement. In addition to saving, think about what you will do as you grow older. Who will take care of you? Do not assume your children will step forward and, even if they do, plan to minimize the strain on their finances. Besides, no one knows if you might outlive your children. Designate some funds for your retirement.