Making smart money

By Erica Miller, On-Line Forty-Niner

Wednesday, September 23, 1998

Though many women have figuratively washed their hands of the dirty subject of money, it is still important for them to seek information regarding investments and savings, certified financial planner Deborah Osborn said.

Osborn gave her lecture, "Why Do Women Make Money a Dirty Word?" Thursday afternoon at the Women's Resource Center.

"I had clients who were unknowledgeable about the business world and totally illiterate about budgeting," Osborn said. "Even though they had secure jobs, they made no plans for long-term financial security."

After talking with a client about women's general lack of awareness regarding money, Osborn decided to focus her lecture on women's issues with money.

"Women do not like to talk about it. They tend to push it to the background, but I like to draw it out of them and discuss their goals," Osborn said.

Because people in general are not taught about proper saving habits or safe ways to invest their money, Osborn said it can be an intimidating experience to trust an outside source with their hard-earned cash.

"I have found that men do not know more than women do, but they are expected to know more," Osborn said. "We need to question why we are not taught about this in school."

Osborn suggested that women go to the library or search the Internet to become educated about handling money.

Several women in the audience said their limited income did not justify a savings account.

"It's better to start out with a smaller amount of money because it's better to learn how to save over a period of time," Osborn said.

Those trying to save money may buy cheaper products, or if one intends on spending top dollar, at least buy the highest quality possible, Osborn said.

"Do some research on the products you buy. Read Consumer Reports," Osborn said. "It is a good way to save a tremendous amount of money."

Other problems people have with saving money stem from bad spending habits learned as children. Osborn suggests that students find out about their family's financial history and look for patterns that affect their use of money.

"There is no right or wrong way to save money. You need to fit your saving plan to fit your personality," Osborn said.