“Many women—even wives of financial experts—don’t know money details. Do you know what life insurance you have and the death benefits? Do you have a list of all active accounts or loans, and if your name is on them?
Educate yourself. As Elder Ashton said, women cannot abdicate this responsibility to the husband. Understand terms and legal obligations—ignorance is not bliss. Whether you are a stay-at-home mother, work outside the home, or are somewhere in between, all women need to understand financial matters. A few minutes to comprehend them can save money immediately and stress later on.” [Faithful, Fit & Fabulous, Chapter Eight].
Consider making a Financial Snapshot (see Faithful, Fit & Fabulous for suggestions). One hour can save you hundreds of dollars and hours of time. As you understand and record your basic financial information and status, you will be able to make better decisions now, and in the future.
All my best,