Here are the five things mothers should know to protect their families' finances.
1. Money has to be a couple thing
Why: If you or your partner gets sick, loses a job, or you divorce, you both need to know where your money is. More immediately: "Two heads are always better than one when it comes to money, even if one of you is less experienced," says Janet Bodnar, deputy editor of Kiplinger's Personal Finance magazine and author of Money Smart Women.
You've probably already agreed that one of you is responsible for the daily money management (paying bills, keeping your bank account balanced). If you're the designated family bookkeeper, you're not alone: Sixty-two percent of moms balance the family checkbook and 54 percent are responsible for paying household bills, according to a 2007 survey by Oppenheimer Funds, a New York-based asset-management company. This is fine -- either of you can take the lead on money tasks -- as long as you keep each other up-to-date on your financial picture.
For Full article: http://www.cnn.com/2009/LIVING/03/30/protect.family.finances/
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