There's no better time to look at how your own personal relationship with money is affecting your life and relationships, says banking expert Janet Xuccoa.
The things that we believe about money (and ourselves in relation to it) usually come from our upbringing and education, she tells Kathryn Ryan.
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Examining your 'money beliefs' can enable more meaningful and constructive conversations with your loved ones about finances, Xuccoa says.
These beliefs often go unexamined but they're worth unearthing to see if they're serving you well.
Studies show women are more security-conscious, less inclined to take financial risks and more interested in steady returns over longer periods.
"[Women] say 'what's this [investment] going to do for me and my life and my children?' rather than trying to beat the average of the market."
While this caution can hold women back (when it comes to the money they amass over a lifetime), it's wise when everyone seems to be jumping on the investment bandwagon due to climbing prices.
"At that point, the smart money has already made its money. It's either on its way out or it's capitalised 'cause it's got in at the bottom.
"You certainly can't time the market but if you want to get more bang for your buck, buy sensible investments at lower prices. "
Janet Xuccoa Photo: bookcover
It's inaccurate that women are bigger spenders than men, she says, women spend money differently.
"Men often buy big-ticket items and women buy smaller items on a more regular basis."
In general, men and women do seem to have somewhat different approaches to investing though, she says.
To get yourself ready to invest, first work out your incomings and outgoings, she says.
'Budget' is not a dirty word, and if you learn to embrace managing your own money you might even come to love it.
Then prepare yourself to make the move.
"Squirrel your money away, get all your loan approvals lined up so you're ready to move when the market has turned a bit."
Finally, choose the right investment after getting some prudent advice.
"If the fundamentals are right with the investment then over time the return should take care of itself."
Janet Xuccoa has more than 30 years' experience working in banking institutions and professional services practices. Her books include Women & Money: Mastering The Struggle.
