Bringing Home the Bucks

This decade marks a pointed increase in women breadwinners and at-home dads.

According to a recent survey, 53 percent of women are the primary breadwinners now. Of the women surveyed, 40 percent are single or living alone.

Nearly a third of these women say the current economy made them take on the role of primary income holder.

How do they handle their finances?

“The secret to anyone maximizing the use of their income is mindfulness,” says Peg Downey, a financial planner.

She says it’s prudent to start by keeping a daily log of everything you spend  money on.

Then review the totals, at least weekly. Reflect on spending patterns, and whether you’re getting the best bang for your buck.

Identify ways you can spend less on “wants” and concentrate on “needs.” Review your spending plan regularly to make sure it is working as expected.

Also, it’s OK to ask for help. Downey suggests looking for an advisor that handles female clients as their specialty.

Furthermore, search for advisors that are not solely interested in selling you products. They may charge a fee, but are most likely to put your concerns first if they’re not simply salespeople.

Lastly, approaching certified financial planners with specific financial goals and concerns you have allows you to address your financial needs better.

Bonus PINK Link: Want to start your own business? Great! But read our online exclusive before you quit your job.

Are you the primary breadwinner? What are your financial tips to make it work?

By Shaina Ali

“I don’t mind living in a man’s world as long as I can be a woman in it.”
Marilyn Monroe