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It’s not about being cheap; it’s about being keen — smart spending and rich living. A smart woman has a legacy that looks better than their wardrobe. Of course the occasional splurge is expected and accepted when it’s just that: occasional. Uncontrolled, frivolous, “keeping up with the Joneses” spending is a habit that must be kicked before you are cozying up to d-e-b-t. The focus is always goal-setting, earning, saving and investing.

There is no magic formula and you don’t have to come from a long line of financially-savvy women to take charge of your finances. There are some guiding principles and that can be adopted to increase your financial security. Managing your money shouldn’t be frightening; with a bit of discipline and awareness it is doable! Follow these nine tips for smarter spending habits.

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You moms out there — do you think your child will be prepared for a job when the time comes? A surprising 49 percent of moms feel kids are unprepared for a job, according to a new survey.

The poll, conducted by McGraw-Hill Federal Credit Union questioned 300 mothers with children under the age of 18 and found that 44 percent of mothers also believe their children will not be able to finance college. And 33 percent believe their children are “not at all prepared” to save money or live on their own.

“The benefits of teaching your children about money management can lead to a lifetime of good financial decisions,” McGraw-Hill Federal Credit Union president and CEO Shawn Gilfedder, told Mother Nature Network.  ”Teaching by example is a good place to start.”

First, be open to talking to your kids about money and then teach them how to budget. Three steps to teach your child to budget:

1)      Take them shopping. Let them help you buy the groceries, for example. “Ask your child to help you find and read the unit price numbers at the grocery store in order to find the best bargains. You can also give them a budget and ask them to come up with a grocery shopping list. Have them look in the kitchen cabinets and refrigerator to figure out what the family will need for the coming week, then review the list together with them before going to the grocery store,” suggests WikiHow.

2)      Give them an allowance. Have them save a percentage of the allowance each week and then have them use the remainder to buy things they want, instead of you buying.

3)      Teach them about banking. Take them to the bank to open an account to save part of their weekly allowance. You can have them save for larger items they want to buy in the future. Have them keep track of how much money they will need to buy the desired item and figure out how long they will need to save to reach that amount.

What are you doing to teach your kids about money management?

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Do you find yourself checking your bank account on a daily basis over and over again? Do you give a side-eye to the idea of a joint account with your current or future spouse, automatic bill payments and building credit? If this sounds like you or someone you know, you may be a money hoarder; one who excessively acquires money, but has difficulty spending it or letting go financial control.

Here are a few ways to tell if you are hoarding your own money, unable to trust your family, your bank, or even yourself with spending it, in fear of losing a little bit of control.

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Developing a budget is an essential part of your wealth-building plan. To some degree, they should be restrictive. There are sacrifices that you must make if you are serious about really managing your money and reaching your financial goals. Creating a budget allows you to see how much money you have coming in and going out and helps prevent overspending. If you find yourself halfway through a pay period but clueless about where your money has gone, it’s time to sit down and create a budget.

Dawn Brown, senior financial advisor for Altfest Personal Wealth Management, recommends these steps in preparing your budget:

Step 1: Gather All Financial Documents:

Don’t wing it. Take the time to compile your pay stubs, bank statements, investment accounts, bills, etc. This is an essential step in creating a realistic budget and will help you figure out your monthly averages.

To read more of Black Enterprise’s #WealthForLife tips, click here.

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We hosted our latest Facebook chat with the Double Saving Divas yesterday afternoon and, as always, it was enlightening.

In their latest column, all about “spring cleaning” your financial life, the Divas start with a look back to New Year’s, specifically those New Year’s resolutions. It seems like a long time has passed, but it was only three months ago that we were all looking forward to the goals we were going to achieve in 2013. Take a look back at those financial resolutions and assess how important they still are to you. It’s only April, so there’s plenty of time to get the ball rolling on those goals, or pick up where you left off if you started and stopped.

Most women may think that they’re better at saving money than men. But the infographic below will show you otherwise.

Analysis conducted by SaveUp.com shows that men actually have thousands of dollars more saved, on average, in their 401Ks, IRA accounts, and other savings plans. But it’s not as simple as being more diligent about putting money to the side. The Braintrack.com infographic illustrates some of the reasons why women can’t save more, with things like the gender pay gap and the higher cost of insurance for women playing a role. The result, according to the site, is “The $849,000 Disadvantage For Being Female.”

Some of the suggestions to equalize this savings gap are to negotiate for higher pay and put your money in places where it can gain more return. What are you doing to maximize your savings?

The Double Saving Divas

We conducted our latest Facebook chat with the Double Saving Divas on Friday and, as usual, it was filled with useful information about saving, budgeting, and money management. In case you missed it, here’s a round up of the major topics of discussion. Be sure to follow us on Facebook so you can participate in the next chat, which will be taking place in the coming weeks.

Image: Ron Chapple Studios

Studies have said this before, but it’s worth saying it again because it’s so important.

Americans are so financially pressed that they’re pretty sure they’ll never be able to retire. The latest numbers come from the Employee Benefit Research Institute, which found that fewer than 57 percent of US workers have $25,000 saved. And 28 percent, sadly but perhaps realistically, said they don’t expect to be able to retire comfortably. So it’s off to work forever and forever.

While this is happening, people are living their retired lives longer. The Wall Street Journal looks to numbers from the Society of Actuaries, which finds that a man who makes it to 65 years old should expect to live just over 20 years more. and a woman that age, nearly an additional 23 years. That’s a lot of living and little money.

Back in January, ABC News took a closer look specifically at black investors. The pressures affecting African Americans are exacerbated by high employment rates, a large wage gap, and a lack of wealth accumulation. Most striking here is the recommendation that blacks need to better make their money for them by investing in the stock market. Findings that they cite show that more blacks think investments in the home, like improvements, are a better investment than the stock market.

“Investors should remember that the stock market has averaged about 10 percent per year over the long-term. Those with longer time horizons need to learn how to balance risk and return,” the article says. In other words, African Americans say they’re conservative investors and it may be hurting them. Particularly when you consider the insane winning streak that the market has been on over the past couple of weeks.

The article also says blacks are more likely to ignore their retirement fund in favor of saving for their children’s education. And we’re more likely to have lots of money tied up in insurance products rather than investments.

Are you a conservative investor? Is it something you think you’ll change any time soon?

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Not everyone is prepared for the unexpected. Says Black Enterprise:

Common wisdom says to build an emergency fund during the recovery period, but the truth of the matter is that many Americans are trying to get above water or at the very least maintain their current status. So, for those who aren’t quite in a place where they can save the recommended six months to a years worth of savings, here are some common sense tips on how to start an emergency fund:

1. Think Big in Life, Think Reasonable in Savings:Make a long-term savings goal and break that up into chunks. If the goal is to have a million in the bank by the time you’re 60, do the math and figure out how much it will take to get there.

For more on how to get your emergency fund started, click through to BlackEnterprise.com.

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It’s always a good time to take a look at ways to keep your finances on track. With that in mind, Black Enterprise has some suggestions — five to be exact — that will help keep you on the positive financial path for the rest of the year. Suggestion number one: create a budget.

“Use previous receipts to create a budget that reflects your actual spending over the last several months,” the article says. “Using this approach will factor in unexpected expenses such as home repairs, health expenses and car repairs as well as the normal, predictable expenses such as utilities and groceries.”

For more tips, click through to BlackEnterprise.com.