It's Only Money! A Primer for Women

It's Only Money! A Primer for Women, Allison Acken, Womentalkmoney.com, 2002

For one reason or another, there are many women today who know little or nothing about how to handle money. Perhaps their parents never taught them the value of it, or hubby wants to shield them from the trials and tribulations of the financial world by saying that women shouldn't get their hands dirty with money. This book aims to change that.

It's natural to feel anxious and ashamed about your lack of money knowledge when everyone around you is financially on top of the world. Start with something simple like balancing the checkbook. Remember that hubby won't be around forever, either through death or divorce, so becoming familiar with the family finances is a very good idea.

Tell a neighbor or best friend, someone you can confide in, your fears and fantasies about money. She may be in the same position as you, but afraid to admit it. Don't be afraid to ask the "dumb" questions about money; perhaps together, you can find the answer. Listen to stories from other women about money; not how much they saved, but how they saved (investing, budgeting, etc).

The author leaves the more specific money-saving tips until the end, but her biggest recommendation is to get rid of your credit card debt. With interest rates at anywhere up to 20 percent, and with the average credit card debt at several thousand dollars per person, paying off that debt as fast as possible is the single best thing anyone can do to save money.

Acken knows something about women's fears concerning money. Growing up in a Baltimore record store, she could make change from an early age, but never learned what money was all about. Years later, a divorced mother of two, she found herself with a PhD in psychology and a $50,000 student debt. She learned about money very quickly.

For those who get nervous and panicky in the personal finance section of the local chain bookstore, this book is for you. It's written in a very down-to-earth style and is quite easy to read. It's recommended for women of any socio-economic status. This isn't rocket science; like the title says, It's Only Money!