As a financial advisor, I work with individuals and couples. Usually, when a couple engages me in financial services, one person is more financially attuned than the other. Often times, the woman in the relationship may foot the bill and then walk away, relying on her partner to make more influential financial decisions.

This process can be comfortable for the couple, but it ends in the event of divorce or death. Often when life changes suddenly, women feel unprepared and overwhelmed by new roles because they are not involved in their household budget.

But what can you do about it? Learn to be responsible for your finances so that you never feel helpless. First of all, you need to analyze your monthly cash flow. Budgeting helps you prioritize spending, allocate funds to save for the future, and plan short and long term goals. Are you living within your means or spending more months than your income allows?

The goal of the budget is to ensure that these basic needs (and some demands) are met without spending more money than what you receive as income.

Manage credits and debts

Credit is the borrowing of money to buy a product or service, promising that it will be repaid on a specific date. Credit cards are readily available and, if properly managed, are a good way to build credit. It is important to understand the conditions when applying for a credit card. Often times when signing an application the fees and interest rates are not obvious.

Know what your card’s current interest rate is, even if you intend to pay off your credit card each month. The annual interest rate on credit cards is close to the 14% to 26% range, which is a far cry from the 0.05% interest rate banks pay on their savings accounts.

When you apply for a credit card, loan or insurance, a file will be created. This file is kept by a credit reporting company and this information is called your credit report. Payment history and loan amounts are tracked throughout your life. Credit history is important and without a credit score above 720 mortgages can be difficult.

Credit card reporting agencies know that if a consumer has a high credit card balance, the risk of default increases and the agency penalizes the consumer by lowering their credit rating.

If your credit history is poor, it can take up to 7 years to remove data from your credit report, possibly because you are not paying the loan on time or at all. Some negative credit problems, like bankruptcy, can last 10 years in a credit report.

Vehicle rental

When you rent a car, you usually pay less monthly than if you loan the car. You can switch to a new car every two to three years by simply returning it to the dealership at the end of the contract.

If you want to keep your car after the term of the contract is over, you will need to refinance your debt or pay off your outstanding balance. In addition, lease owners can be penalized if they terminate the lease prematurely, exceed their allotted annual mileage, or damage the vehicle due to excessive wear and tear. Before renting a car, understand the long-term implications of this decision.

Look at your investment

The purpose of the Quarterly Investment Statement is to help you understand how your investment is allocated and whether the value of your investment is going up or down. This is a tool that helps you manage and maintain your portfolio.

Need to sell a stock that has lost value? Thinking of paying capital gains tax? Does your investment in stocks lose value when the stock market is rising?

Review your statement every month. If you think something is wrong, don’t be afraid to do a little research or ask your advisor until you’re happy with the answer.

Saving for retirement

Delaying retirement savings often means you’re doing well in these golden ages. If you are in this situation, there is no easy solution. If you are over 50 and have not opened a retirement account, or if you have a dangerously under-capitalized account, meet with your financial advisor now to set up your retirement savings strategy.

If it takes too long to raise pension funds, a fire that cannot be put out may have broken out.

Assess your financial situation before making financial decisions that could hurt you in the long run. Think carefully about the consequences for your finances if the action turns against you. Learn to put your needs first and say no when it’s in your best interests. Remember that after retirement, you will need assets and sources of income to maintain your current standard of living.

Insurance restrictions

Check your non-life insurance policy with your insurance agent to determine if your coverage is sufficient. To minimize premiums, many car policyholders or owners have very low liability insurance limits. In California, only 15/30 automobile liability insurance is required, with $ 15,000 per person for a total of $ 30,000 per accident.

If you have accumulated assets, this coverage is insufficient. Don’t assume that you are well insured just because you are paying for the insurance. Check with your insurance agent or financial advisor that the insurance you are paying protects your property.

Confirmation of income tax return

Filing income tax returns and paying taxes are not everyone’s favorite jobs. Collecting data to submit to reporters is a chore and waiting for the results can be anxious. When reporters call and provide updates, whether good or bad, spend a few minutes reviewing the data.

What is your household income? Does the information on the tax return appear to be correct? If the reading of your tax return is completely different, ask your tax filer to explain what you are checking.

You cannot prepare federal and state income tax returns, but you are responsible for signing documents and accurately reporting information to the tax reporting agency.

Learn to negotiate

Strong negotiation skills come in handy when looking for pay raises and promotions, and when buying a home or a new car. However, people are often threatened by the prospect of having to negotiate. Take the time to learn and practice the important steps to fine-tune this art. Fortunately, there are many free resources available online. Successful negotiators learn to control the process and achieve results that they find fair and beneficial to their objectives.

Getting more involved in the economy and speaking out not only builds confidence, but also helps keep you in control over the long term. This is especially important because women live longer than men.

Teri Parker is Vice President of CAPTRUST Financial Advisors. She has been practicing in the areas of financial planning and investment management since 2000. [email protected]..