Start now

Rather than taking a back seat, start by finding out how much you and your husband are worth. Take an interest in the insurance policies the family has, the sums assured and the coverage. It is worth your while to find out what your husband's bank accounts are and his investments.

Also - and this may sound morbid - it could be helpful to picture your husband dead and imagine yourself picking up the pieces. This was something I did some years ago. It resulted in me generating a spreadsheet of family finances and analysing the financial gaps that I felt needed plugging.

It wasn't rocket science. I simply worked out the family's expenses and projected them till our two kids were of working age. Next, I listed our incomes, savings, insurance, assets, investments and outstanding loans. I divided the net wealth with the amount of projected annual expenses to see how many years it could last.

From there, I could work out the shortfall and estimate how much insurance my hubby and I needed should either of us kick the bucket or become disabled before the kids became independent.

It resulted in me having a serious discussion with my hubby on the need to buy more term insurance and disability income cover because I felt that what he had was insufficient for me and our two growing kids should something happen to him.

Here are some other pointers to get you started.

Find out if your husband has a will. What are the contents of the will? Who are the beneficiaries of his CPF monies? Is there an emergency fund to take care of immediate expenses as you will need time before you can liquidate the more illiquid assets like properties? Where will the funds come from to pay for family expenses and the kids' education? What are his insurance policies and where are they kept? What are the death benefits? Do you know what his assets and investments are?

Was your property bought in 'joint tenancy'? This is to ensure that the property automatically goes to the surviving spouse in the event of death. If it was bought under 'tenancy in common', the co-owner's share does not automatically go to the spouse.

Next, look at your own financial situation and take some action. You should have your own insurance plans, particularly medical ones like a hospitalisation plan, and, if you can afford it, a critical illness plan that covers you beyond 60. The latter gives a lump sum should you be diagnosed with one of 30 specified illnesses.

If your husband does not have a will, you may want to make sure that you have a joint account with him so that you can withdraw the money should he die first. Furthermore, you may want to consider having your own will if you wish to leave some money and/or items to people outside your nuclear family, such as your parents, siblings, relatives and friends.

Finance experts advise women to take an interest in building their own nest eggs over and above any joint savings or investments they may have with their husbands. This is prudent in case he is declared bankrupt or accumulates huge debts.

Also, educate yourself on the different investment tools out there, such as equities and bonds. Women have been known to be conservative investors relying mainly on cash and fixed deposits. However, returns on such investments are low and inflation alone will slowly erode your savings. Think of investing your money more wisely and efficiently.

So women, let's empower ourselves. It is International Women's Day today. There is no better time to get started.

This article was first published in The Straits Times.