Hello Lovely Ladies , I am a SAHM n have been in US for almost 14 yrs now , I got married early and never learnt much about how to save and keep aside for future and self too ... nowadays have heard of several cases wherein ladies completely depended on DH and r now stranded due to several personal issues and are helpless coz of no financial security at all ... this has gotten me thinking but am not sure where to start from . I need any advice and suggestions about how you ladies save or keep aside for financial security purpose both for urself and ur family as such ... what are your ways that u have learnt from elders / friends / experience. Plz share I am sure it would help several others like me
First thing is to asses where you are on your assets. Do you have a car or house that is co owned? Any jewelries? Do you have access to your husband's bank account or credit cards? Are you aware of any money that is yours and you didnt know about? If you are SAHM, how do you use to spend money for personal/household expenses? Is he providing for you now? You could start saving from that by cutting down the expenses. Can you find a job? Because you will have to build your wealth (401k or similar for rest of the life) if you want to have any money on your own for the future.
kvcr, Start with understanding your family's income and expenses. Slowly start discussing with your spouse about the current networth and debt. I can understand exactly how you feel. I've been writing a blog on family finance under my user name for 8 years in order to educate women about personal finance. As i said above, start with your family's income and monthly expenses and put together a budget.
Hi OP- Like Angela and centsible mentioned- First, figure out what is co-owned. Do you have a bank account in your name or a joint account? Do you have FDs/CDs? Do you have a debit/credit card? Does your husband pay off the credit card or do you have access to joint accounts that you pay your credit card from? Does your husband invest in a ROTH IRA in your name? If he doesn't and you as a couple have extra money, ask him to start investing in your name. If you manage the household expenses, you can save some money and deposit in an online account (Ally bank is pretty good and very simple to open). Start from whatever savings you have and build up slowly. If you have a particular question, please feel free to ask.
I would say ask your husband to give u some money to spend n make sure on one condition do not ask for what n that is not for any household thing but just for u in that way u can save some.. but yes he should agree .. One of my friend had told me get jewel done ask him something for u n get these kind of stuff. Fedility is good option .
