Obviously, based on the fact that I started this blog I love teaching people about money but my dream readers are women who are trying to make themselves better.
As women, we aren’t often taught about money! We get taught how to cook and clean and raise a family, but even in 2018, we aren’t given much financial education that will be most beneficial to our futures.
I know that even I’m guilty of a few of these things but I’m working hard to make myself better, as well as trying to help you all be better as well.
If you want to refer back to this post to see your progress with changing these behaviours be sure to pin it for later!
not learning about personal finance
I know, I know. Personal finance can be so intimidating. There’s so much to learn and sometimes it feels like you have no time to learn it.
The good thing is, you’re here. Which means you’re willing to start changing things! And for that, I’m so incredibly proud of you.
There are so many options to gain personal finance knowledge, my favourite is always blog posts. I’m a big fan of personal finance blogs because the information is easier to digest because it’s short and sweet.
Some of my favourite personal finance blogs include:
Reading blogs isn’t for everybody, especially for people who are super busy. If you’d rather just throw a book in your purse and read in between doctor’s appointments for your children, and doing the school run, here are a few of my favourites:
Let’s just remember that even the people who seem to have their money together have a long way to go. Not everybody can know everything about finance and everybody started out clueless so just start slow and small and you’ll be flying.
Did you know that a big reason why men make more than women is because they are willing to negotiate their salary before starting a position? Men walk into a job with the confidence to negotiate for what they know they deserve.
You’ll often see men negotiating for other things too, like their car, their home, their phone bill.
The main takeaway from this is that you should always try. Even if you don’t think you’ll get any money off, you’ll build the confidence for negotiating next time! Just try it out and see what happens.
letting your significant other deal with your finances
Since women aren’t taught about personal finance as much as men, we often just give control of our money to our husbands because they know what’s going on.
Now, I’m going to get really really real. A lot of people get divorced these days. Relationships end, and it’s not fun. It’s the worst thing that can happen to a family when a marriage ends.
If you’ve spent the last 10 years letting your husband control everything, you’re going to have absolutely no idea what to do when you’re on your own.
You should always have joint ownership of the financial decisions your household makes because if a bad decision is made it’s going to affect both of you.
spending in social situations because you feel you have to
We’ve all been in that situation where it’s your friends birthday and they want to do dinner somewhere super expensive where the food isn’t even that good. You know you can’t really afford it right now because your priorities are different than your friends, but you go anyway.
By the time dinner is done it ends up costing you around $100 and you didn’t even really enjoy the meal. Of course, the company was great, but you didn’t need to spend that much money to hang out with the group of people that you love.
As women, we really don’t want to let people down.
It’s so hard to say no to social situations because our friends are seriously so important to us and we don’t want to let them down. Sometimes, you have to make hard decisions and put your finances first. I was invited out drinking a lot in college and finally, in my last year, I started saying no. It’s liberating.
You don’t have to go spend money on a new outfit, and food, and drinks. Nah. Skip the expensive hangouts for something cheaper so you can still get that love you need.
feeling guilty because your friends/family need things
Sometimes you’re going to get a knock on your door from your sibling, or cousin, who just had a relationship end and needs a place to live. That’s awesome, let them come in.
What you don’t need to do is let them stay for 6 months, eating your food, and not paying any rent. You love your family, and you want the best for them but you shouldn’t be sacrificing your happiness and your budget to support adults.
In no situation ever, should you co-sign a loan for another adult because you never know what is going to happen. You don’t need to feel guilty that your family member/friend can’t get a loan for a new car or a fancy cell phone, they need to get their finances together on their own and you shouldn’t have to feel guilty for saying no.
putting your kids first
Reading that subtitle I seem like a heartless, childless goon! I don’t mean that your kids shouldn’t be your first priority.
What I mean by don’t put your kids first, is you should never put your kids wants above your financial needs. If you only have $100 left in your bank account and your child wants a new toy, it’s probably not a great idea to get it for them.
You love your kid, but nothing bad is going to happen if they don’t get a new doll or a new car this weekend. Of course, if they need new clothes or food, you should put those needs ahead of some things.
Oh, the good ol’ retail therapy trick. Unfortunately, retail therapy is just a band-aid for your real problems.
When you’re having a really bad day, it’s often really easy to just slide into a store and swipe that credit card.
Emotional spending is always a set up for failure because even if you need the thing you originally go shopping for, you’ll end up leaving the store with way more than intended because of the emotional high you’ll get.
When you’re having a bad day you should try your best to avoid stores and online shopping.
not knowing where your money goes
It’s pretty common for people to feel like they don’t have enough money for their bills and other necessities but the same people are spending tons of money on things they don’t really need.
Everyday purchases add up so quickly! If you’re unaware of all the things you spend money on you should really try and track your spending for an entire month.
Tracking your spending will show you all the stupid things that you buy and all the places where you can improve!
Women are seriously capable of doing just as well when it comes to finances as men, and when you do you’re prepared to take over the world. Are you guilty of any of these common money mistakes? Let me know in the comments!