Mamas on Bedrest: 3 Steps to Combatting Money Fear

December 12th, 2011

“To combat Money Fear you must be truthful about where you are so that you can figure out where you need to go.

~Manisha Thakor

Manisha Thakor is, in her own words,

A personal finance expert, author, and passionate advocate for global women’s economic empowerment.

She has her MBA from Harvard and did her undergraduate work at Wellesley College. She is a chartered financial analyst and is a financial fellow and guest lecturer in finance at Wellesley College.

I first had the opportunity to hear Manisha Thakor speak a few weeks ago when I tuned into a teleconference called Money Peace. It was put on by one of my favorite entrepreneurs, Christine Arylo.  Arylo gathered 4 women money experts to discuss how to get control of your finances and how to release the fear around finances.  It was a really awesome teleconference. (I have included the link to the page. I’m not sure if you can still listen, but you can get some great information!).

While the entire teleconference was inspiring and informative, Manisha’s words really struck me. She stated, quite truthfully, that people are often so engulfed in fear, they can’t even begin to take the necessary steps to untangle themselves from their own messes (and I’m paraphrasing here!). She is so right! Sometimes our finances seem so overpowering that we can’t even see how or where to make amends. Well, Manisha to the rescue. She offers these 3 steps to start on the path to financial awareness and eventually to freedom from financial fear.

  1. Know your credit score. Today, it is very easy to access your credit score from the three leading credit reporting companies-Equifax, Esperian and TransUnion. Each company will allow you one free credit report annually and you can track your credit, check for discrepancies and see what you need to do to improve your credit.
  2. Know your net worth. This may seem like a daunting task, but according to Manisha, figuring out your net worth is simply tallying up your assest, then subtracting your liabilities (debt, bills, etc…) and coming up with a number. That number is your net worth.
  3. Determine How Much You Are Saving. This can be a most humbling step. Manisha advises that you look at how much money you are saving weekly,  monthly and annually.

So often when women are put on bed rest, their whole lives get thrown up in the air. What tends to fall the hardest are their personal finances. So many people are financially strapped these days that one little blip-and bed rest is not a little blip!- and things are thrown all out of whack.

But things don’t have to stay whacked. After the initial shock, take these three steps; find out your credit score, assess your net worth and see how much you are saving. You may not be as bad off as you think or the picture may be as dismal as you are thinking. Regardless of the case, you now have a starting point from which to make changes. You may want to contact a financial planner to see how to make changes. If you can’t afford one, I would at least recommend that you peruse Manisha’s site and read her blog. She has a lot of great information readily available for free.

Finally, don’t panic. You will make it through. Sometimes our greatest leaps are made when we first climb to a standing position from a hard fall. If this is your hard fall, don’t despair. Nowhere to go but up now. Dust yourself off and prepare to fly!

How are you financing your bed rest? Please share your tips below so that other mamas can benefit. Be sure to subscribe to our blog. The RSS subscribe is the orange circle in the upper right hand corner of our webpage. Connect with us on Twitter (@mamasonbedrest) and on our Facebook Page.

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