Liz Wolgemuth of U. S. News and World Report interviewed me for a piece she published yesterday about the stress women are feeling about the state of the economy. As things get more difficult, women are facing challenges both at home and at work.

She asked me if I thought women were feeling more stress than men.

Answer: Yes, because by 2:1, women serve as the family CFO. And as CFOs, they are faced with decisions about how to make ends meet in the short term as well as longer term issues such paying for college and saving for retirement.

She asked me if women should hold off asking for a raise (or a bonus) given the struggles businesses are facing now.

Answer: Not necessarily. I believe that if you deserve a raise, you should ask for it. Of course, as always, you should be prepared to articulate a strong case on your accomplishments on behalf of the company ─ not just what you have accomplished but how your contribution has helped the firm:

• Increase revenue
• Decrease costs
• Manage risk

If you want the nuts and bolts of how to negotiate compensation, email me at carol@negotiatingwomen.com because I am offering a complimentary download of our e-learning course, Getting What You’re Worth (a $99.95 value) to The Thin Pink Line readers in return for your agreement to let me know how you benefited from it. Please email me right away as this is a limited time offer!

As I told Liz, it has been my experience that stress is exacerbated by feeling powerless. When things you can’t control are going in the wrong direction, be proactive. Putting a full financial plan ─ one that addresses financial objectives, considers ongoing (hopefully rising) income as well as expenses ─ in place will allow you to see where the gaps are and to take appropriate action. You’ll feel better, trust me.

It also helps to breathe deeply.

TAGS: difficult economy, financial crisis, financial freedom, negotiating pay, planning for the future, reducing stress

Liz’s post made me think; if I had to put myself on the continum between tightwad and spendthrift, there’s no doubt that I’d fall on the spendthrift side.  My husband, on the other hand, would not.  I am grateful that neither of us is too far from the middle, yet our predilections have certainly led to some less than fun conversations over the years.

And we’re not alone.  Some sources say that money disagreements are a factor in 90% of breakups.  Of course, money alone is not usually the issue - underlying the disagreements are all kinds of personal baggage as well as concerns about how the partners treat one another.  M.P. Dunleavy wrote an article for the New York Times the other day where she disclosed that her husband had been throwing out catalogs addressed to her before she saw them.  It seems his rationale was that what she didn’t see, she couldn’t shop for.  Hnmmmm…. (more…)

TAGS: communication, financial freedom, personal finance, Women and Money

Every woman needs a pile of “F.U.” money…which I’ll translate as “forget you!” money.

 That’s the stash of cash that allows you to say goodbye to a bad boss, bad job or bad relationship without worrying how the bills will get paid. Just having this money gives us power–not just power to leave, but power to choose. Knowing that you’re not trapped gives you the freedom to speak up, speak out and try to change things, because you know you always have an “out.”

 Your stash can start out small. Every dollar you add to it gives you a little more freedom. If you haven’t already, set up a high-rate savings account online at ING Direct, Emigrant Direct or one of the other online banks and then set up an automatic transfer so that at least a few bucks a week are going to your F.U. fund.

TAGS: emergency fund, financial freedom, savings