femalenetwork.com

MISTAKE: You don’t establish credit in your own name.
SOLUTION: Without a good credit score (a number assigned by the credit-reporting agencies that reflects your debt and trust-worthiness), it costs much more to obtain a mortgage or loan. That’s why it makes sense to get a credt card—in your name only. Use it only for absolute essentials only. Use it only for absolute essentials and pay off the entire balance every single month. “If you have credit in your own name and apply for a home loan, some banks will average a higher score with a lower one so you can get a better interest rate,” notes Jennifer Openshaw, author of The Millionaire Zone.

MISTAKE: You don’t save enough for retirement.
SOLUTION: You can’t count on company pensions or Social Security to see you through your golden years. Starting now, salt away as much money as you can (ideally, 15 percent of your salary) in a savings vehicle.

MISTAKE: You’re in the dark about yoru family’s finances.
SOLUTION: Talk to your husband to get acquainted with every cent of savings and debt, plus all the account numbers and passwords for the family retirement, investment, and bank accounts, and how to access the safety-deposit box. Make sure your name is on all the bank accounts. If it’s not, and something happens to him, “it will be very hard for you to get access to that money,” notes Openshaw.

MISTAKE: You put your kids first.
SOLUTION: You’re not doing children a favor by handing over money when they request tuition, down payments, car loan co-signings, and vacation cash. “you’re teaching them to expect something for nothing and that they don’t have to work for things.” Soften the blow by giving kids a role in the family’s finances early on, adds Diane McCurdy, author of How Much Is Enough? Balancing Today’s Needs With Tomorrow’s Retirement Goals.