Money: It’s Our Responsibility

In a recent gathering of women age 60+ we had a great and important discussion about money and our responsibility for it. While the circumstances were different for each of us there was a commonality of feelings. It has become a bigger priority in our lives, mainly because we don’t have time to recover losses. Due to previous losses, many of us are not where we’d like to be, or had planned to be. We have some cushions, but are concerned about how we can continue to earn at least some income as long as possible.  Four out of the six in attendance are in their own business. We all agreed that being our own boss certainly allows us to set our own schedule, and that’s becoming more important with time.

And, no, prince charming isn’t coming. We are on our own. We agreed that we are the first generation living where women are required to accept financial responsibility for themselves, even in a two income household. We have created the model for the next generation and they have already adopted it. Here are some good tips for maximizing financial resources that were presented at our meeting.

–          Look at your financial statements to know exactly where you stand at all times

–          Pay yourself first out of every paycheck or out of each month’s revenues

–          Have a cash savings account, and keep adding to it regularly

–          Be alert to bargains and think long and hard before spending on a big ticket item.

Sometimes we do have to or want to take risks, but financial risks should be carefully calculated with a fall-back plan in case things don’t go as originally planned.

Please share any tips you have on managing money.