A woman today often has to wear many hats: daughter, wife, mother, employee, boss, caregiver, family CFO, etc. Women are unique contributors both within their families and in society at large, often taking care not only of young children but of elderly parents as well; but too often women can forget to take care of themselves, and this includes taking care of their finances.
Whether they are single, married, divorced or widowed, every woman needs to have a good understanding of her current finances and a plan for the future. If you are married your finances (both present and future) will likely be part and parcel of your family finances, but it is still essential that you be aware and involved in the decision-making process, luckily Forbes.com makes it easy for women to plan for the future of their finances with this “how-to” article from their Forbes Woman section.
One of the most important points made by the article is that planning for the future is essential no matter how much you have (or don’t have) in your bank account. “’It doesn’t matter how much money is in your bank account’ or what age you are, [says Debbie Whitlock, co-owner of Sound Financial Partners, a financial-services practice in Seattle] ‘Everyone needs to do estate planning. Without it there’s a lot of confusion and chaos.’” And don’t let the term “estate planning” fool you, estate planning covers much more than just distributing an estate—especially for women and mothers.
Even if you don’t feel you have an “estate” to distribute, the creation of a very simple will, healthcare directive, and a list of assets and/or debts can save your family hours of confusion in the future; and it can help you have a better understanding of your finances right now.