Women can make many financial mistakes. As a female-focused financial company, we have spoken and worked with lots of women who are business owners or career women supporting and helping their families. One thing we have come to realize is that for women to grow they have to take control of their financial lives not to only support their families but to achieve their own personal goals.
In this article, we will highlight the biggest and most common money mistakes women make, how it affects their financial life, and how they can solve them.
LACK OF FINANCIAL KNOWLEDGE
Lots of women have limited exposure to financial planning. We know the basics of making money and spending it but we can be more intentional by learning how to save, budget, invest, and plan for retirement.
A way to solve this problem is to start taking an interest in more money matters to build a strong financial foundation. You can start by reading books, finance articles, following up with business news to stay updated with the latest finance trends. There is a lot of free information out there to help you get started.
ASSUMING YOU DON’T HAVE THE BRAIN TO DEAL WITH MONEY — AKA NOT GOOD AT MATH
Some women think because they are not good at math, then finances or money talk isn’t something they can focus on. Money management is not rocket science, if you can use a calculator or do simple math, then you can keep track of your money.
A simple way to keep track of your money is using spreadsheets — for example on Google sheets or Microsoft excel. You can use basic formulas and functions to easily do the math when calculating your money.
THINKING YOU DON’T HAVE ENOUGH MONEY SO YOU START WAITING TO MAKE MORE MONEY
Women always use phrases like “When I have more money, then I will start planning and managing my money well.” It doesn’t really matter how much money you have, the key thing is to start wherever you are, no matter how small. When you start managing with little funds, you get better with larger amounts of money.
So our advice today is to start now and not wait!
This is one of the most common money mistakes women make. You work so hard in your career or your business so well and you skip investing the money you have gathered in all the years.
One of the many things investing does for you is that it puts your money to work so you are relaxed. A smart plan to have is investing your money while you work or run your own business.
Not investing early or not investing at all could be blamed on lack of financial knowledge, now that you have learned that. You can start investing in real estate or a business. There are lots of investment options and platforms available and we are always available to help when you are ready.
NOT HAVING A BUDGET
Not having a budget is another of the many mistakes women make. When you do not have a budget, you tend to easily overspend. What a budget does for you lay out the foundation of your financial plans and it guides you as you spend your money. This helps you avoid overspending or engaging in impulse spending and to plan your financial future.
To help you get started with budgeting, you can access our free budget template here.
Any of these money mistakes look familiar to you? You can start fixing them today by taking your financial life into your hands and planning your financial future. We understand that it could be difficult to begin, that’s why we are always available to discuss financial matters affecting women and we will help you proffer solutions. Send an email to [email protected] to get started today.