NEW HAVEN, Conn. (WTNH)– Many moms are busy maintaining order in the family’s day-to-day activities, so when it comes to the bills, they’re handed over to dad. But experts say it’s important everyone is on the same page. To achieve goals, moms and children need to understand the monthly finances as well.
You want to retire and your kids may want to go to college one day. It’s why it’s so important to take control of your money as soon as possible.
We all know moms are busy, raising kids, planning meals and getting the little ones to practice on time, sometimes working full-time on top of it but relationship expert Dr. Patty Ann Tublin says it’s important women add the family’s finances to her to-do list.
“There’s this whole mindset that when we get married, the husband will take care of us financially. So we just let the information go,” Dr. Tublin said.
Local financial workshops are scheduled this summer to help women and their kids build an understanding of monthly finances, making goals and building a plan to achieve them.
It’s also about talking to your significant other about what’s coming in each month and how much is going out.
“They might not realize that they are spending more money than is coming in and they’re running at a deficit. Month after month, year after year. You turn around and you’ve accumulated a ton of debt at an interest rate payment that’s insane, you’ll never catch up,” she added.
It’s about empowering all members of the family to understand the value of money, come up with a plan for college savings, and retiring when you want to with the money you think you’ll need.