Latina women have a long history of allowing others to control their finances. My Dominican family has a long line of smart and hardworking women but not many of them had any clue what the family’s financial situation looked like. The man of the family took care of that and nobody questioned it. When I asked the older women in my culture, many would shrug and say something like “ It was always like that”.

Let me tell you some badass historical women facts. Back in Viking times, women managed the family’s wealth because numbers were considered magic and witchcraft. So naturally, this role of money management was left to women.

Somewhere in time, when the patriarchy took over, women lost their role in being a part of the family’s finances.

However, In today’s world, it is more important than ever for all women to take control of their own finances and to have a deep understanding of their financial situation. By not having a clue about where your money is going and giving away control to a significant other, you are missing out on a lot. 

Why is knowing your family’s money important?

When you do not have a solid relationship with your and your family’s finances, you are not able to make informed decisions and you may be missing out on opportunities to grow and protect your wealth. Additionally, by not understanding your own financial situation, you may be more vulnerable to financial exploitation or abuse. 

Even if you are in a trusting relationship with the person who manages the money, you should still know the basics. Would you know what to do should your significant other get sick or pass away? Nobody wants to think about this because we think the other person will always be there to take care of us and planning for catastrophe is inviting it into our lives.

SO WRONG!

First of all, you are not planning for catastrophic and if this is your intention for getting to know your money, you will indeed invite that, so stop.

The intention should be on having a good relationship with your family’s money so that you are able to attract more of it. 

When the money manager resists

If your significant other is resistant to your involvement in money management, it can be helpful to have an open and honest conversation about your concerns and needs. It may be helpful to set boundaries around your financial independence and to seek the support of a financial professional or therapist if needed. Remember that taking control of your own finances is not only good for you, but it can also be a positive step for your relationship. By working together to manage your money, you can build a strong foundation of trust and financial security.

Even if you are not the primary breadwinner in the family, you still have the right to be a part of the family finance.

Ponte las pilas

So, how can you feel confident in learning about your own finances and taking control? Here are some steps you can take:

Get your stuff together

Start by gathering information about anything money-related. This may include things like your pay stubs, bills, bank statements, and other financial documents. Take some time to review this information and get a sense of your income, expenses, and debts.

If you have significant other who manages the money, ask to be a part of the next time they review the family finances. You can even go on money dates a few times a year where you gather all this info and revisit your money plan over a glass of wine. I know this doesn’t sound sexy but, the goal here is to come at it in a state of curiosity and knowing that you will be more confident after your gain more awareness.

It may be a lot to take in, but being organized by having everything laid out in front of your will help sort it all out.

Set financial goals

 What do you want to achieve with your money? Do you want to pay off debt, save for retirement, or achieve financial independence? Setting clear goals can help you stay motivated and focused.

If you have a significant other, share your money goals with them and ask about theirs. Thinking about future plans and what they want to accomplish gets people excited and leads to a spark of motivation.

Set your ideal identity

 But remember that motivation alone will not get you there. You will need to ask yourself what kind of person do I want to be. Then what do I have to do to become that person? 

Make a budget

 A budget is a tool that can help you track your income and expenses. Hear me out, this is not meant to restrict you. When you make a budget or money plan, you are spending your money in a way that aligns with your goals. You can always pivot if something is not adding up to your ideal life. There are many resources available online to help you create a budget so you find something that works for you.

Seek out resources and support 

There are many resources available to help you learn about personal finance and take control of your own money. Consider joining a financial literacy program, seeking the guidance of a financial coach or planner, or joining a support group. I am also offering 90 minute 1:1 coaching session to help you remove the money blocks that you keeping you stuck. Whether those blocks on mindset or you are in a strategy that is not in alignment with who you are and your goals, we will figure it out.

Schedule a money manifestation session here and watch your dream life come to reality.