Many career women allow their husbands to handle money-related aspects instead of actively involving themselves in money matters even when their money is involved. It is a mistake many women make and it could have dire consequences such as lack of proper retirement planning or even lack of preparedness for single life.
According to a UBS study, many women make this mistake regardless of their education level, age, or sexual orientation. It is quite common, especially in married women, and it is a bad idea because it means you are assigning your financial details to someone else. Many women delegate financial planning to their husbands because they feel that the husband knows more. However, you should strive to be actively involved in your finances even if you have a busy schedule and here are some steps that will guide you on how to achieve that.
Talk to your partner about your intentions
Deciding to take an active role in your finances is an important step, but you should also consider your partner. The first step should thus be talking to your partner about it so that you can decide how to move forward. Also actively make financial plans, for example, about where you would like to be financially in 5 or 10 years.
Consider evaluating your financial past before making new plans for the future. Doing so will allow you to determine whether your spending or saving has so far been optimal. Make sure you and your partner are on the same page as far as the spending. If your partner is hesitant about discussing or sharing their financial information, then you should be cautious, and this may cause issues further down the road. In that case, consider separating your finances and handling yours on your own.
Make a regular schedule for financial planning with your significant other
One of the best approaches to taking charge of your finances in a relationship is to take time with your spouse to make financial plans. You can pick a specific date once every year or at least twice a year, during which you will actively evaluate your finances and decide how to spend, save and pay bills. Also, consider putting those financial plans on paper or in digital form.