“Women used to dream of Prince Charming marrying them and living happily ever after. Not so nowadays, Prince Charming either turns out to be a frog (2 out of 4 marriages in Canada end in divorce) or else he croaks (there are a million widows in Canada)!”  – Betty Sane and Lynn MacFarlane, Every Woman’s Money Book

Some statistics indicate that approximately 74% of women will be left to fend for themselves through separation, divorce, widowhood or the choice of single life.

So where does that put women financially? In the days past, a woman’s idea of money management may have been to shop the specials, turn down the heat (cut fuel bills) and sew her own clothes. Now, she’s taking over the financial planning. Women are not only going to financial planning seminars, they are acting on the advice they are given.

Women are interested in not only earning more, but also learning more. We have become more interested in Money Management and now understand why we must do our own. Women must rely on themselves just as men must rely on themselves. We are all 100% responsible for everything in our lives regardless of gender. This includes finances!

Learning about finances doesn’t mean that as a woman you must alienate your partner from making financial decisions together. Rather, it prepares you with the knowledge and the ability to handle money matters for that day when (or if) it becomes necessary to make financial decisions on your own.

Time must be spent on budgeting and finances. To help get you on the right track consider the following steps from the book Separation and Divorce – A Canadian Woman’s Survival Guide, by Nancy Gibson:

1. Establish how much: How much does it cost you to live? You won’t know whether you’re in a good or bad position until you come up with the numbers.
2. Budget & records: In order to establish a budget, you must keep records of your expenses for a month or two. This gives you an idea of how much money you need to live on each month. (There are numerous budgeting systems available. The success of the system depends upon faithful record keeping).
3. Adjust your budget to fit your income: Don’t put yourself in the situation of having expenses that exceed the available money. A budget is a series of planned expenditures. It must be all-inclusive and yet match your income.
4. Banking: Money for monthly expenses should be in a chequing account. Money for periodic and annual expenses should be in a savings account which offers accessibility yet pays as high an interest as possible.

So ladies, my main message is to accept full responsibility. It’s never too late to take control and manage your finances. Good luck!