A few years ago I read the book, Women and Money by Suze Orman and was blown away by how many female stereotypes I fit into when it came to money. It never occurred to me that women see money differently than men, and as a result, behaved differently towards it. In Suze’s words, “We don’t have a relationship with money.”
In fact, in a 2006 survey done by Allianz Insurance, 90% of women who participated said they felt insecure when it came to finances. This insecurity causes us to live in a sort of detached denial, passing off the responsibility to our spouses or paid advisors.
If we want to feel in control of our lives and give ourselves the power over our own destiny, we have to become financially savvy. Like it or not, money is at the root of everything we hold dear: health, security, relationships, taking care of our loved ones, and following our dreams. If we want to live purposefully, we cannot ignore finances.
Reading Suze’s book helped me feel confident in foundational finance concepts, inspired me to name my business after myself (something women rarely do), and even helped me negotiate the salary of one of my positions up 42% from the original offer.
The culture of women is changing. We are no longer unaware or uninvolved in the financial aspects of life. But because of the way old thinking has been passed down, we subconsciously don’t associate ourselves with being financially capable. It’s time to change this dynamic.
Since Women and Money was so influential to me, I’ve decided to use “The Save Yourself Plan” as a template for a financial series here on Absolutely Tara. Suze covers 5 basic financial aspects she feels we should all become aware of and act on, and we will cover those here on Absolutely Tara. They are:
- Checking and Savings Accounts (Where and how to do banking)
- Credit Cards and FICO Credit Scores
- Retirement Investing
- Must have documents (Trust, wills, titles, etc…)
- Protecting Your Family and Home (Life Insurance, Home Insurance, Umbrella Policies)
Each of these concepts is a foundational and basic beginning to understanding our finances and feeling confident. In other words, if we have these down, we are independently functional and can then choose whether or not to take it further.
This month we’ll be starting with checking and savings accounts. Today’s task is to take the following 10 question quiz to figure out just how much you know about bank accounts already. The first step is stopping denial and facing the fear of money. There’s no shame in this. It’s just time to take the power back in your financial life.
How savvy are you about checking and savings accounts?
0 of 10 questions completed
It’s time to face the music and find out what you know and where you need some guidance. There’s no shame here. This is about taking your life in your own hands and living intentionally in the direction of your dreams.
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If you scored from 0-50, you are probably in financial trouble. I want you to stop right now and forgive yourself. Facing it head on is step one. Now all you have to do is take the next step, and then the next after that. As long as you’re moving in the right direction you are acting powerfully.
If you scored from 50-75, you are making some good financial choices, but you could do more to be healthier. Keep educating yourself and making good decisions. You may need to take some harder stances and fight for your financial vision a bit. Remember, being in control gives you confidence and power over your life.
If you scored above 75, you are doing great. Use this course as a refresher and confidence builder, and keep up the good work.
So how did you do? Did you know more or less than you thought you did? Do you need some financial education? Join us on Absolutely Tara as we empower ourselves by increasing our financial knowledge and taking back the power in our lives.
How often do you balance your checkbook/account?
What is your monthly checking account fee?
How often are you overdrawn in your checking account?
What is your savings account situation?
How well do you track where your money goes?
How intentional are you with your money?
How often do you contribute to your savings account?
Is your savings account insured?
Where do you keep your bills?
How do you feel about your financial situation?
How did you feel about the results? Do you need some financial education and streamlining? Follow the Absolutely Tara Business and Finance Board on Pinterest as we go through the concepts step by step and week by week. Knowledge is power ladies, and it’s time to rule the world.