This week’s topic is on Financial Dependency. You are financially dependent if you are in a situation where everything is given or provided for you and someone else is managing the money. This can lead to low self-esteem and sense of self-worth and eventually to depression. People who suffer from this financial disorder are at higher risk of using drugs and alcohol and ending up in abusive relationships.
Particularly stay-at-home moms have traditionally been vulnerable to this financial disorder because of beliefs that money is the man’s territory. Let me be clear and say that just because you’re a stay-at-home mom or moved in with your parents after college graduation to save money does NOT mean you are financially dependent (as long as you are following some of my tips below).
Here are some signs to look for to be aware if you are becoming financially dependent:
1) You have NEVER financially supported yourself on your own
2) You lack basic financial know-how to manage a checkbook or read a bank statement
3) You are unhappy in your living situation or are in an abusive relationship and stay for fear of not being able to take care of yourself
4) You have no idea of your household’s financial status or control in making financial decisions
5) You lack ambition and the self-confidence to make decisions that may improve your financial dependency.
As promised here are your weekly tips!
Tips to Avoid Financial Dependency:
- IF YOU DON’T EARN IT MANAGE IT! You distribute the paycheck accordingly and become involved in investment decisions.
- EDUCATE YOURSELF! Use the internet as a resource to begin educating yourself on financial terms. Enroll in budget or investment class at your local community college. Open and read your bank household bank statements and what you don’t understand ASK QUESTIONS.
- HUSBANDS – contribute to a Spousal IRA for your non-working spouse.
- GET A JOB or VOLUNTEER! Even if it’s just a few hours a week to build your self-worth and give your life meaning.
Stay tuned for Part 4 of my healthy money tips for a healthy marriage!
Check out Part 2 on Financial Incest
Porsha Williams, LAMFT