7 Common Money Mistakes Women Make
Quite a number of women make a lot of money mistakes that keep them in financial rut without being aware of this. However, the right money management tips applied early enough can see your finances taking a turn for the better in no time.
Few years ago, I had a great job and earned a good salary. But I found I was broke before the end of the month and eagerly anticipating the next paycheck. That summed my financial life at the time: I lived large, had no good spending habits and worse, had no savings or investments.
It took losing my job and been thrown into a dark maze of debt, lack, and impoverishment to re-align my financial intelligence.
Most of us have enviable money habits and know how to keep our money or make it work for us. On the other side of the spectrum are the few of us who don’t and constantly make one of two delibitating money mistakes.
We earn good money and with no good money management tips at our disposal, lose it all within a twinkle of an eye.
If you find this has been the story of your life, then you can change this and it all starts with identifying what the mistake is in the first place.
Here are seven common money mistakes women make and how you can correct them
Seven Common Money Mistakes Women Make
1.Putting the Kids First, All the Time
It’s common for women to put their kids needs above all else, all the time. Now, while this is natural, it may not be that healthy.
Wanting to provide your kids all they need and want will not be to your favour, nor to your kids in the long run. To guard against this, you might want to cultivate the habits of providing most of their needs and some of their wants as much as you comfortably can and set up savings with what’s left.
2.Allowing Your Partner Handle all the Family Finances
There are quite a number of women who know next to nothing about money management. They leave their partner to handle the family finances, not wanting to be bothered with the ‘confusion’ that comes with calculations and book keeping.
Now, this arrangement works out a lot of the time, there have been those few cases where the man made bad financial decisions that threw the family into a life of penury and want.
Having the necessary financial intelligence and handling some of your of the family’s finances will secure your life and future to some extent.
Having one financial expert in the home is great, but two heads coming together is even better.
3.Having No Investments in Your Name
Again, you should have some investments in your name. There have been cases where a couple bought investments in their joint names and the woman lost out.
For instance, having a property receipt signed Mr and Mrs Smith may seem safe, but you should realize that while we do not expect such downturns, life happens and there could be a new Mrs Smith tomorrow.
You should have some investments in your name and for joint ownership, have both names fully written in the receipt e.g. Mr John and Mrs Jane Smith.
4.Living for the Now, with Little Thoughts for the Future
Some women have no thoughts for the future and live for the now.
Everyone deserves the good life and you should make your life as comfortable as you possibly can. But while at it, ensure you have a plan for the future.
Set aside a certain amount at intervals that will be invested for a good return. You could even set up your investments to a point where these can fund the lifestyle you want from the dividend or profit proceeds.
5.Following the Crowd in Making Financial Decisions/Investments
Every financial decision you make should be informed, made after studying the market and investment opportunity.
Buying into an investment opportunity simply because your friends are into it is bad financial decision and you could get burnt from that choice.
Certify every investment opportunity as feasible and capable of yielding a good return before keying into it.
6.Being an Impulse Shopper
Being an impulse shopper is one of the worst money mistakes any woman can make and what this kind of habit does is that it keeps you in a constant state of lack. Tho combat this, choose to have a buying plan which you stick to come what may, and this will put you under a lot less pressure and as well as free up some cash that can be saved or invested.
7.Not Having a Regular Savings Plan
Lastly, not having a savings plan is one money mistake that leads to lack.
The good thing is you can develop a savings plan anytime and come up with a savings system that works best for you.
You can choose to save daily, weekly, or monthly. What matters is that your savings be consistent.
At the end of a period, you can channel a particular amount saved into your investment portfolio and start the savings over again.