For Women and Their Finances, A Man Is Not A Plan

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For Women and Their Finances, A Man Is Not A Plan
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In generations past, many women thought they didn’t need a financial plan. They relied on their husbands to handle that responsibility.

But from a financial planning perspective, that was a bad idea – both then and now. As a demographic, women have always outlived men so they were destined to manage their finances at some point in their lives. This might happen when they got out of school, before they got married, after a divorce, after their spouse died, or a combination of these situations.

“A man is not a plan,” says Kathy Longo, a financial professional and author of Flourish Financially  – Values, Transitions, and Big Conversations.

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“Statistics show that all women are going to have to take the reins of their finances at some point in their lives – it has never been something that they should just hand over to their husband.”

Longo says women should build their financial confidence by:

Understanding spending.  All spending can be divided into two categories – critical spending and “nice-to-have” spending, Longo says. “Critical or necessary spending includes everything you need to live, not everything you want to have,” sh