Women Bank on Money Advice
Sunday, March 25, 2007
By BEA O'QUINN DEWBERRY
bdewberry@repub.com

SPRINGFIELD - Catherine A. Reith-Lowery said her parents' advice to save money had been instilled since childhood.

Missing, however, were the tools needed to achieve full financial success, the 24-year-old recent college graduate and newlywed said.

"My parents said save, save, save, but no one told me how. This workshop has told me how to do that, how to set goals for the next five years, when I have kids, when I buy a house, and so on," said Reith-Lowery, who attended the Money Conference for Women, a workshop organized by the office of state Treasurer Timothy P. Cahill.

Held at Western New England College yesterday, more than 550 women attended to focus on money management and retirement and investment strategies for women of all ages and economic backgrounds.

Reith-Lowery, of Southbridge, sat in one of the most popular seminars, "How to Live Beyond Paycheck to Paycheck," led by Michael B. Rubin, founder of Total Candor LLC, a financial planning education company.

Leanne Martin, director of financial education for Cahill, said more and more women are realizing the importance of securing their future and independence by learning as much as possible about finances.

Martin said there are some sobering statistics when it comes to women and money.

Women tend to make less money than men, often manage households as single parents, and are poorer than men.

"Money and finances are universal topics that women in particular need to learn as much about as possible," Martin said. "Women live longer, and we have to get past the idea that there will be someone who will care for us."

In his workshop, Rubin offered strategies to gain wealth: Watch discretionary spending; stay "emotionally connected" to money by avoiding the use of credit cards; review spending priorities before making large purchases; enjoy free stuff; avoid "recurring" minor expenses that add up (like coffee); and create a "forced savings program" such as a 401(k).

"So many people have income, but so few people have wealth," Rubin said. "You can't impact your income (immediately), so if you want to move beyond living paycheck to paycheck you have to (address) your spending, and you have to impact your savings."

Luz M. Lucio, of Chicopee, said she learned the importance of a 401(k) in retirement planning.

"Sometimes we create our own financial hardships. This conference opened my eyes indeed to ways to improve my life financially," said Lucio, 57, a social worker for the state Department of Transitional Assistance.