You can find a lot of articles on the internet about topics like “How to help your man boost his financial growth.” Women’s financial independence often goes unnoticed.
We at wikonews want to encourage you to pay more attention to yourself and check how good you are at dealing with your own finances. We gathered a list of the most common mistakes that many women make, thus exposing themselves to poverty.
Mistake № 1. Eyes wide closed
Women try hard to control their expenses. They count the change in supermarkets, keep a record of daily spendings, and even blame their partners if they don’t express the same level of thoroughness.
It is commendable if a woman is determined to control all her expenses, but she should also think about a wise distribution of income. It’s better to deposit 10% of your salary directly into a bank account and spend the rest according to your monthly plan. This will prevent you from tightening your belt during the month and keep your savings intact.
Mistake № 2. Illusion of wealth
Every woman knows 101 ways to save money. But you can’t cut your expenses to an extreme minimum. Cheap things will have to be replaced or fixed, and you won’t avoid new expenses.
All in all, a severe austerity is a good way to live from one salary to another. It’s definitely not a long-term strategy for managing your budget. Forced into certain boundaries, a person will eventually break down or never break out of them. So away with a financial shortage: better think how you can earn more.
Mistake № 3. “All that is mine is yours.”
A family savings account in the bank, a husband giving you money for everyday expenses, and almost all the property filed under his name is much easier… If you can recognize your life within these lines, all signs point to a financial co-dependence within your family.
In this case, you can learn a lot from your husband. Put your foot down about personal savings. A family budget is a great idea that shouldn’t put an end to your own interests.
Mistake № 4. Constant self-sacrifice
British sociologists were amazed by the results of their research that showed how single women are richer than married women, even if they have the same income! In other words, single women have more spare money. It’s sad, but it’s a fact: we often pour everything into our home and refuse to buy even small things for ourselves. The same behavior is not as common among men as among women. Single or married, they always have some savings for personal expenses. Women should learn to do it too.
Mistake № 5. Resistance is futile
Your colleagues asked you to chip in $50 for the office party, and your friends invited you on a night out to a very fancy place. Constant acceptance of such invitations will have a damaging impact on your budget. There are several ways to solve this problem. First, you can come up with a good reason that will excuse you. However, the direct explanation that you can’t overload your budget won’t make you look bad in people’s eyes. We know it’s easier said than done, but it’s better than spending a lot of money just to please others. A very strict rule applies here: unbearable expenses make a short road to poverty.
Mistake № 6. Impulsive buying
Many working women like to overcome unpleasant emotions with shopping. Caution: you may not notice the moment when a happy shopping trip turns into an addiction. It’s totally OK to relieve stress this way and encourage yourself with a new item you’ve been dreaming of buying. However, pointlessly buying everything you see during an emotional time won’t work to your advantage. When you shop like this, you can be easily caught by marketing tricks, including discounts and sales. Goods of low quality will make you spend even more fixing them in the future. Nothing pleasant about this. Be wise: don’t make impulsive purchases.
What financial tips help you? Share your experience in the comments!