The gals over at 5 Minutes for Mom have invited me to participate in a compensated campaign with Genworth Financial. This campaign is to raise awareness among moms about the importance of taking an active role in planning for their financial futures.
Do you take an active role in the planning of your financial future?
My grandparents were married for over 50 years. They owned a restaurant, travelled across the country and overseas, and raised eight children. Just before my grandfather passed away, my grandmother got a crash course in their finances, having never paid attention to any of it before. Can you imagine having to learn all about your insurance policies, financial institutions, and mortgage and refinance history, all while knowing that you are about to lose your best friend and companion of so many years? Even now, over 10 years later, my grandmother has a member of the family handle all of her finances.
I have heard many a story about a financial decision – big or small – being made by the man of the house, without including his wife – whether it be intentional or not – and it never ends well. Either bitterness, anger and resentment build, or a great divide is created – no real cohesion and harmony is achieved.
Although I pay most of our bills online, and write the occasional physical check and drop it in the mail, Ray and I have always made financial decisions – big and small – together. I think it’s important for stay-at-home (and work-at-home) moms to stay in the know when it comes to the income and expenses of her home, even if she is not the one who brings home the paycheck.
In fact, just today Ray and I met with a financial advisor and it sparked something in me. I am interested now, more than ever before, about where our money goes and how we can prepare for tomorrow. Heaven forbid anything should happen to either of us while we have young children, just knowing that we are making decisions now that can impact our future – and the future of our children and grandchildren – is incentive enough for me to stay in the know.