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Home › Articles › General Family Finance › Moms and Money Matters

Moms and Money Matters

Increasing Your Financial Proficiency

By Gina Roberts-Grey, LCSW

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Paul Bechtold of Kenmore, N.Y., a registered investment advisor and financial planner, agrees with Stotz's analysis. "As long as each of you understands the basic facts and has the opportunity to gather additional information as needed, you'll be able to step in," he says. Bechtold also recommends compiling a list of all policies, accounts, safe deposit boxes, etc., as a central source of information. "In case of an emergency, the last thing anyone should be concerned with is searching through files to find necessary contacts," he says. This central list also should include your family's attorney and accountant, Bechtold says.

Whether it's deciding what you'll save for retirement, how much you'll set aside for vacations or when to begin planning for your child's education, sharing in the decisions makes both of you equal partners in finances and parenting.

Financial Checklist for Mom

Putting together a checklist such as this one promotes mothers being well versed in their family's financial matters. Include the following in your financial to-do list:

  • Know the locations and account numbers for all bank accounts and safe deposit boxes.
  • List the details, premium due dates and agent names for all insurance policies.
  • Know the cash value of your insurance policies and how you could cash them in if necessary.
  • Know the monthly payment amounts, balances and due dates of all mortgages.
  • Have an easily accessible filing system for household receipts.
  • Review all outstanding debts and the balances of all credit cards.
  • Know the details of any spousal pensions and of all household trusts.
  • Know where your family keeps important documents such as living wills and last wills.
  • Participate in meetings with financial advisors, accountants and banking representatives.

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