The last time women’s money groups made the news, the state attorney general’s office was involved and the terms "dinner parties" and "pyramid schemes" were being used interchangeably.
Now comes the news that a different kind of money club is popping up around the country that not only is legal, it’s smart and it’s catching on.
"We are on a mission to empower women to deal more effectively with money," say founders Candace Bahr and Ginita Wall on their Web site, www.moneyclubs.com. "Through the Money Club, you will find the information and support you need to set your own financial course."
Information, support and a financial course — all for women who can’t afford financial advisers. Even better, this non-profit group offers its information and 33 "money zone" lessons for free. And women can join meetings with other women in person or online. If the Web site and a recent news article ring true, it’s not only a brilliant business plan pioneered by two savvy women, it’s a great way for women all over the country to take control of their own and their families’ financial situations. Who wouldn’t want to learn about retirement planning, credit card debt elimination, insurance, savings, banking options and more with confidence, in privacy and at their own pace?
Perhaps best of all, the club encourages women to not just learn about these important issues, but to take small steps toward achieving their goals. In a society where everything is fast-paced and instant gratification is not only common but expected, this realistic and healthy approach to money management appears refreshingly simple — and doable.
The program is just taking off with several hundred women having completed what Wall and Bahr call a "debt makeover," and another 4,000 signed up for the online clubs. Two to three clubs are forming every week from Chicago to California. A quick check of the Web site doesn’t reveal a club in this area, but it does list the names and e-mail addresses of women who are interested in being part of a Money Club.
For too long, some women have battled the stereotype of being spendthrifts and poor money managers — not that men can’t battle that stereotype or problem, too. There’s no reason for that. And there’s no reason women can’t learn about money in a setting and style that is comfortable for them.
Best of all, they don’t have to shell out $5,000 to work their way from an appetizer to a dessert to reach their goals.
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