New Book Offers Young Moms Sage Financial Advice
Looking for financial stability? Spend time with the older women in your life.
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How much time do you spend reviewing your family's financial standing each month? I thought the dreaded 45 minutes twice a month I spend just paying bills — which took an hour and a half before online bill pay became a thing, so, really, I'm not complaining — was enough. But according to a new book reviewed on MarketWatch.com, we could save thousands over the long run by simply reviewing our financial standing on a regular basis and tweaking things like budgets and benefits.
The article about the book, "Smart Mom, Rich Mom" by Kimberly Palmer, brought up two important pieces of financial advice that can positively impact the family budget. Time and communication. I've already mentioned spending time every month reviewing things like employer benefits, life insurance and the family budget. I only spend about an hour a year on these matters and dread that hour like a bad case of the flu. I'm going to have to suck it up and up my game.
The second piece of advice, communication, is one I can easily embrace. We need to talk to the older women in our family. Find out what financial obstacles they've faced and how they handled them. Ask what they would have done differently.
I didn't have to ask. My grandmothers both shared their financial experiences at every opportunity they had to teach their grandchildren valuable lessons. Oh, sure, we learned about manners and family values. But my grandparents grew up during the depression. They had a lot to share about being frugal and taking care of the financial wellbeing of the family. Had it not been for those women, I'm not sure how I would have bounced back from my divorce. An hour a year reviewing my family's financial health wasn't going to do it.
Having been raised with constant family lessons on saving money and spending wisely, I grew to be a parent who still warns her now-young-adult children about the evils of credit cards and the importance of living within one's means. Now I believe I'll add the time lecture to my soap box addresses at the family dinner table.
The advice I gleaned just from the article, which included an interview with the author, was invaluable. I imagine the book offers even more. I may buy it for all the young moms in my life.