READING ROOM: Dating Your Money

Physician's Money Digest, July 2007, Volume 14, Issue 7

A study by the National Center for Women and Retirement Research (NCWRR) found that only one in four women who responded to their survey consider saving and investing for retirement a top priority. In Dating Your Money (ESP Press; 2006), author Jennifer S. Wilkov, CFP® combats this scary statistic by designing a practical system for women to get in touch with their financial situation. Taking a fun approach to money,Wilkov compares financial planning to a romantic relationship, breaking money down like a session in couples' therapy. The book's chapters outline Wilkov's 8 steps to creating a positive relationship with money. The steps mirror relationship advice: Building a Relationship, Making a Commitment to Manage Your Cash, Keeping a Commitment, Communicating and Connecting with your Money, Organizing your Money, Dating Your Money, Take a Money Time-out, and Embracing Change. The book includes practical tips, exercises, and a Money Mood Meter that can be kept in your wallet or checkbook as a tool for indicating if that impulse purchase is really needed or just an emotional response to an outside influence, eg, you're mad at your husband. Dating Your Money asks the reader to examine their history with money, offers ideas on changing their approach to money, and guides them in keeping their relationship with money healthy and prosperous. Additional information on the book can be found at www.DatingYourMoney.com.