You really want to do well with your money, but you are unsure how to go about that. Maybe you think you are doing good because you can pay your bills every month, but are you really doing “good”?
Let me show you three of the top money mistakes that women regularly make, often without even knowing it. Are you making them?
Money Mistake One: Buying something to try and feel or look better
Image is something many women in our society struggle with. The media doesn’t help.
It is easy to fall into the trap of believing that if you have the latest fashion, clothes, handbag, makeup, shoes, then you will look better and feel better. This may be a trap that is easier to avoid if you are a ‘saver’ by nature.
If you are struggling with this, it’s not something you have to stop entirely. I am not saying you can never buy anything that makes you look or feel good.
What I am saying is to be careful about spending too much because of these emotionally driven reasons.
Set your spending limits each month and stick to them. If you can buy the things you need and still have room in your spending plan for purchases driven by emotion, or just because you want to, then go for it.
You can even set aside a small savings fund for “treat myself” and when you find something you want, if there is enough in your fund, you can feel good about purchasing it.
Money Mistake Two: Relying on a man as a financial plan
Sweet friend, a man is NOT a good financial plan, ever! No woman should ever be 100% reliant on their husband as far as the money goes.
I believe every woman should have an active role in managing the family’s finances, even if they are a stay at home mom and the husband is the only one bringing home an income.
Take the time to understand what the family is bringing in and what is going out. Learn about saving for the future and help guide the family decisions.
Consider opening an IRA in your name regardless of your work situation. Keep track of family debts and be part of every decision to take on new debt.
Whether or not you are earning the money or managing the math part of the money, be part of the planning and decisions. If your significant other will not allow you to be, then it is time to start looking into financial abuse as a possibility.
Money Mistake Three: Believing income level determines the ability to build wealth or be debt-free.
This belief is simply an excuse. Women often tell themselves that they must be in debt or will never be wealthy because they don’t make enough money.
Anyone can be debt-free or wealthy.
Learning to live below your means or increase your means even little by little and you will be surprised at what it possible.
I believe there are 12 major mistakes that women need to stop making to get a hold of their finances and change their financial situation.