Tag Archives: Social Security

6 Biggest Money Mistakes Mothers Make

Tonight I’ll be leading the chapter meeting for our local Mothers & More chapter on “The 6 Biggest Money Mistakes Mothers Make.” Join us and bring a long a new or gently used purse for our donation to Elizabeth house! Here are the “mistakes” I’ll be discussing with moms tonight.

1. Making “To Work or Not To Work” Decisions Based Solely on Short-Term Family Budget

When mothers wrestle with questions about whether to stay employed or not, or whether to scale back employment to make room for family, the conversation usually centers on whether the current family budget can afford those changes. Can we still pay the mortgage or rent? Could we trim expenses to make up for lost income?

Too often, all the longer-term implications are left out. How will this decision impact my ability to save for retirement? My Social Security benefits? How will this decision impact my future earning potential?

Whenever faced with an employment or financial decision, ask yourself:

How will this decision affect the short- AND long-term finances of my family?

How will this decision affect my own short- AND long-term financial security?

2. Falling Into the “Can I make enough to pay for childcare?” Trap

When our daughter was born, my husband had just started his second year at a law firm and I had just been laid off from a part-time job. We sat down together to decide whether I should look for a new job or not. Estimating the income we thought I could make in a job with reasonable hours, we subtracted taxes, childcare, and work expenses. There wasn’t much left. Working for pay didn’t pay much. So we decided I wouldn’t, because we could afford for me not to.

Three different things lead many mothers into this trap. Continue reading


Filed under Assumptions about Mothers, Career-Life Fit, Economy, Money, Motherhood, Remodeling Motherhood, Remodeling Motherhood Tips, stereotypes

Social Security Debate Will Return: Educate Yourself Now

The Los Angeles Times ran a great opinion piece by economist James K Galbraith yesterday, Deficits, Social Security and Medicare and National Security.   Apparently the new thing for those who want to slash Social Security and Medicare is to claim that deficit spending = national security risk therefore we must slash safety nets in the midst of the toughest times people have faced in a long time. Galbraith does a great job of concisely explaining a) why deficit spending does not = weakness b) why cuts to these programs would be ill-advised in a number of ways and c) how this is a smoke and mirrors move around the real problem.

“…the only way to reduce public deficits eventually is to revive private credit, and the only way to do that is build a new financial system to replace the one that has failed. The “national security” case for cutting Social Security and Medicare is bogus. In economic terms, it’s just a smokescreen for those who would like to transfer the cost of all those bank failures onto the elderly and the sick.”

There’s no question in my mind that a debate about Social Security looms in our future. Mothers in particular need to educate themselves on how Social Security works – and doesn’t work – for them in order to raise their voices in the coming conversation. Hopefully the debate will open an opportunity to both protect a critical safety net for families AND to rid a system designed in the 1940’s of outdated assumptions about mothers, fathers, marriage and work that penalize mothers in particular.

So educate yourself now – read my series of articles on Social Security and mothers BEFORE the yelling starts.

Time to Demand Mother Friendly Social Security – Womens eNews

Social Security and Today’s Mother – Mothers & More Forum


Chapter 10 of my book – This is Not How I Thought It Would Be: Remodeling Motherhood to Get the Lives We Want Today

Leave a comment

Filed under Economy, Money, News & Commentary