I have been a stay at home mom for the past 10 years. My husband takes care of all the finances and I would like to start becoming more active in what’s going on. Where do I begin? I haven’t the first clue.
I would start with the very basic, first balance the checkbook and get a feel for where the cash is going,” said FPA member Angela Thomson, CFP®. “How much are you spending, how much are you saving.
“Then read. Read a practical magazine that gives you good insight into topics ‘you’ are interested in. There is no sense in reading about something you have no interest in. Pick up a magazine, like Kiplinger's, and find an article you like. It could cover anything from credit cards, mutual funds, managing debt, 401(k)s, educational funding and so on. Once you find a topic you like, go online to do a little more research, until you are comfortable with that topic.
“As financial planners, the major areas we are concerned about are budgeting for today and your future, making sure your insurance needs are covered, retirement planning, educational funding, and making sure you have a will in place.
“As you evolve in your learning process, try to get a general working knowledge in all of those areas, as they all tie into the big financial picture.”