Like it or not, money is an emotional subject. It affects how we live and work, dictates how we spend time and influences our relationships. No wonder it can be a scary subject for many people, and like many important topics, such as conflict and self-image, women and men often deal with their finances differently.
Here are the top 10 money fears experienced by women - and what to do about them.
No. 1: "Bag lady Syndrome" The most documented female money fear is commonly referred to as the "bag lady syndrome," or anxiety about finding yourself suddenly destitute and on skid row. Lily Tomlin, Gloria Steinem, Shirley MacLaine and Katie Couric have all reported suffering from this fear.
Solution: Susan Hirshman, author of Does This Make My Assets Look Fat? urges women to take control of what they can by creating a plan that covers spending, savings and insurance coverage, and updating it every three to five years. "This way you can have a sense of worst-case scenarios and have a plan in place if the worst happens," Hirshman says. Adds Deana Arnett, financial planner based in Manassas, Va.: "Live below your means and don't have a lifestyle that eats up all your income. If you spend less than you earn and save the rest, you will be OK."
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