The Biggest Money Mistakes Women Usually Make
Do you mean to say you’ve never made money mistakes earlier? That’s a little hard to believe! Everyone makes these errors at some point in their lives, and that’s nothing you need to feel bad about. Instead, owning up to these will only help in making wiser choices in the future. It won’t be strange to know that women are badly hit by wrong financial moves. By that, we don’t mean to sideline the gender, for men are no less! However, there are some blunders that women are susceptible to doing, compared to their male counterparts. Rather than ruminating on the distinction between the sexes, it’s better to focus on where it all goes wrong.
Going On A Shopping Spree
No matter how much we harp, women somehow don’t get why they ‘should save more and spend less on designer shoes’! Looking fashionable does not have to come with a compromise, and it only if you know how to shop smart and within a budget. There are many affordable options in both the online and offline modes, and you only need to be wary of them. And it’s time you forget that ‘spending ridiculous amounts’ on clothing or accessories will get you a promotion. Even if it does, it’s not worth it.
Going overboard with the ‘niceties’ at work
That brings us to the next thing, and yes, to an extent, this is a tad tough- for women. Try researching on this, and you will chance upon stories and case histories of several women bargaining for less at work. Naturally, they earn less. In such situations, the assertiveness to enquire for promotions and raises is considerably lesser.
Call it a societal practice maybe, but for long, women have somehow grown used to the idea of playing timid and not exerting enough for their rights. This assertion is akin to a turnoff when displayed by a woman and not a man. But let me tell you this- ‘nice behavior’ won’t get you your due, always.
Expecting Marriage Will Solve Your Financial Troubles
If you continue expanding on your (already) huge debt, spend more on unessential items, and believe that the final hope is marriage, you are wrong. Not everyone can marry a well-to-do man. And what if you fall in love with someone who can’t afford the riches of life?
What will you do if it causes both of you to drift apart and he decides not to support you financially anymore? Gone are the days when women had to depend on the men in their lives- the father, the husband, and the son, later.
But when you pride in calling yourself a modern, independent woman, why would you want to rely on someone who has no obligation to help you come out of your own mistakes? The moment you step into adulthood, you should start fending and caring for yourself, including your finances. Your marriage will soon lose its luster if you fail to act responsibly from the very start.
Neglecting Life Insurance
This is an unforgivable mistake. And not everyone is at blame for it. Most stay-at-home moms or those working from their households or even the salaried ones believe that life insurance comes to play its role after the income is lost. As a result, many spouses tend to overlook the responsibilities that females fulfill, which would require a separate payment if she wasn’t present. Also, most families rarely acknowledge the need for developing financial strength for each member’s well being.
This might not sound right, but you can’t guarantee job retention, especially in dire circumstances. Also, being under-insured means that the spouse would have to keep working, even under negative conditions, to maintain the standard of living. Life insurance is not merely a replacement for the income, but also provides sufficient aid to families when in deep crisis.
Take The Final Call
What stands unfortunate is that most women don’t bother to set up boundaries. And that propels them to make these mistakes. Money and emotions are poles apart- so you can own both. But learn to keep a safe distance and manage both comfortably. This way, you will have great financial and mental health. You, financial advisor, can also help you with managing your money!
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