My Money Tree
Refinance Your Mortgage Rate - Unless You're A Woman
Behind many mortgages, there are two people. A man and a woman. While both of their names are on the paperwork, one of them never gets involved with the finances more than that. This person never signs the check that goes out monthly to the mortgage company. Couldn't tell you what the mortgage balance is. Isn't sure what happens when the property taxes come due.
And hasn't a clue about the homeowner's insurance (we have some, right?). More often than not, this person is the woman. For some women, 'finances' is a dirty word. If you are the woman in your household and you don't even know what the interest rate is on your mortgage, it's time to get involved. And here's why.
* You need to know for yourself where your food and shelter are coming from. * You are a role model to your kids. * You need to get financially educated so you can help YOUR mom when she needs you to. * This world isn't heaven.when the unthinkable happens (and some version of it probably will), you need to be prepared as best as you can. * You can't believe how good you'll feel when you learn to be in (better) control of your finances. At this point you may be feeling overwhelmed. That's good! Because for many women, the feeling of overwhelm is a large part of what keeps them from getting involved with their family's finances. Now that you know that fact, you can do something about it. For starters.
* does your mortgage need refinancing? It won't take you much research to discover this one. Talk to your spouse or pull out your mortgage paperwork. What is the current rate? What type of mortgage do you have? Do a search online for 'mortgages rates' and you'll find a lot of information to get you started. Aim for learning enough to be able to have a reasonable conversation about the topic. * what types of insurance do you have? Simply pull out a piece of paper and list all the insurance policies your family has. Identify each type of insurance (life, auto, home, etc. Then do an online search on these insurance types and start reading. Look for informative articles, not insurance advertisements. If (when) you get confused, sit down with your spouse and ask questions.
Or call up your insurance agent and make an appointment to talk. It's the agent's job to make sure you understand what you're paying for. * do you have a household budget? For our discussion, you don't need to even worry if you are staying within your budget. Just play with the numbers and get comfortable knowing where your family's money is going. You are building awareness and understanding, not training to be an economics professor. * do you have a will? How can you find out? Focus on asking questions one at a time and finding the answers to them. This will avoid a lot of overwhelm. * go to the library and pick up a copy of any of Suze Orman's books. Read and absorb. That's not so scary, is it? Do yourself a huge favor and learn one or two new things each week about the financial world.
It's a decision you will never regret and one that can have significant impact on the rest of your life as well as your family's life together. Just take it one step at a time.
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