Tips for moms about saving, investing and teaching kids about money

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ESSEX -- Research shows that women save and invest less than men and some step away from managing the household finances when they become busy moms to young kids.  Some women have it all together - others don't, compared to men.

"Even in our twenties, women are already earning less, saving less, investing less - you see the pattern continue and start so early, " says Kimberly Palmer, author of Smart Mom, Rich Mom, noting that women's complicated relationship with finances begins at a young age.  "It seems so ingrained in culture and it starts with how parents talk to their sons and daughters differently about money."

This mother of two from Washington, DC aims to reach women in a real, honest way with her book.

"So much of the messaging we get is about coupons," said  Palmer. "It is about so much more than that.  Saving for our own retirement, saving for college.  There's a 90 percent chance that someday we will be solely in charge of managing the finances so we have to be ready for that."

So, how do women change their habits?

"To change it, we have to change our routine. Women have to make saving a priority," says Sophie Helenek, a Wealth Advisor Associate with Morgan Stanley Wealth Management in Essex.  She compares building wealth to climbing a mountain which she did - when she conquered Mount Everest in 2008.  "You just have to start doing it make the first step and the next step and so forth."

Come up with a plan, devise a system, define goals and establish a strategy.  Also, don't put yourself last, prioritize retirement savings - along with college for the kids.  And, seek-out  parenting related benefits at work.

Talk about saving and investing - it's a lesson for the entire family.

"It can help start that confidence in our daughters and I think motivate us as moms to make better choices, knowing that our daughters are watching us so closely," says Palmer.