Seven vital financial moves for married women
March/April 2010 Print this Article

For many people, marriage ranks with having children as among the most momentous events of their lives. Marriage, however, needn't mean giving up financial control. Whether you have been married for 30 years or are getting married next week, there are crucial financial moves you may want to consider.

1. Stay in the loop -- Financially speaking, that is. Work with your spouse to manage bills and budget money for future financial goals. You should provide your unique point of view and add a second set of eyes to monitor potential financial challenges. It's seldom a good idea to completely cede total control of anything to anyone, leaving you in the dark in the process.

2. Establish your own credit -- You may share everything in your marriage, but not having a separate financial identity can haunt you if you become single again. Consider keeping at least one credit card and perhaps a small savings account in your name only.

3. Put money away for your future -- Divorce or your spouse's death can leave you unprepared not only for today's financial challenges, but also for tomorrow's. That's why it's important to put money away for your retirement in your name, whether it's in an IRA or in a company retirement plan.

4. Acquire financial knowledge -- You may seek the counsel of a registered representative and licensed financial professional for help in managing your financial and insurance needs. But, even if you depend on experienced professionals, you should know something about the products and services you consume. This is no different than owning an automobile and learning about the basics of why a car doesn't perform properly, but then leaving the repairs to the expert.

5. Document your future -- To make sure your plans are carried out, work with an attorney to create and maintain a will, power of attorney and health care directive.

6. Insure your future -- Whether you work as a stay-at-home mom, have a high-powered corporate career or combine both jobs, your life has financial value. Your contributions are indispensable to your family and your shared future financial goals. Insure your life and ability to earn an income in case of disability accordingly.

7. Have confidence -- The more you learn about your unique financial challenges and the potential ways to make your financial dreams a reality, the more confidence you should have that your opinion matters at least equally in any partnership.

FINRA Reference #FR2009-1207-0271/E 01/29/10

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