Holiday Overspending | Financial Self-Defense for Young Women
It’s never too early to explain to your daughters how to understand and manage their finances. I’m a mother of three daughters ages 21, 23 and 25. And I’ll tell you what: I started early on with them. Times have changed — our daughters can’t always rely on a husband to provide financial security, some have to do it themselves. Financial independence is a key element of empowerment, but this knowledge isn’t innate; it has to be taught.
Financial awareness and good money management skills are key components for building a successful life alone or with a partner. Our daughters cannot survive if they avoid the topic of money or remain clueless about their finances. Whatever happens in their marriage or relationship or life, they must take the steps necessary to be in control of their financial destiny.
Look, it’s not easy to make budgets balance, create savings and know what is fact and fiction. Whether our daughters are buying a car, seeking out a mortgage, dealing with student loans or are trying to get out of debt, financial advice will come in all different shapes and sizes and it can be a little difficult to know where to start. But I believe it’s always best to begin with the three core principles of financial self-defense:
- Your financial health is as necessary to your survival as your physical and mental health.
- Financial awareness and planning in the present will bring you more financial security in the future.
- If you are not financially in control, then someone else is, and their interests might not be in your best interest.
We have to provide our daughters the financial tools to help them make smart buying decisions, lower expenses, begin saving and construct a plan to achieve their financial goals. The three core principles I mentioned above will help them take — and keep — control of their money and financial destiny. The key for them is to have a “can-do” attitude, an accurate information source and a good set of financial survival tools; all of which you can provide at an early age with a few quality conversations and by setting a good example yourself.
Financial survival counselor Hollis Colquhoun is an expert in “financial self-defense” for women and author of the new book, Women Empowering Themselves: A Financial Survival Guide. Hollis wrote the concise, pocket-book manual to help women take charge of their finances and overcome money anxiety disorder (M.A.D.). Hollis, who holds black belts in Karate and Taekwondo, combines martial arts principles with over 20 years experience on Wall Street and with her work as a financial counselor to help women of all ages and situations achieve financial security and independence. Contact Hollis at [email protected].