5 Financial Mistakes Women Make

This post is brought to you by Genworth, Brandfluential, and me.
 
Mistakes happen.  Some mistakes we recover from rather quickly, but others, such as bad financial decisions, can have a much bigger, and sometimes devastating, impact.  Identifying what financial mistakes you might be making is your first step toward correcting them and improving your chances at a better financial future.  Read on, see if you any of these sound like you, and try not to yell at me when I tell you not to buy overpriced hot beverages.

1.  Credit Card Chaos.   There are certainly benefits to having credit cards.  They can help build your credit, make it easier to track your spending, and they sometimes offer discounts and point-earning opportunities.  You just have to remember that credit cards are not real money.  I know that you know that you will have to pay for that purchase eventually, but try to act as if you are actually paying for it, in cash, right now.  If you can’t do that, think twice before pulling out the plastic.

2.  Spending Money on Things You Don’t Need.  There are too many ways to spend your money, and making the right choices can save you a bundle in the long run and make it easier to prepare for your financial future.  A $4 latte?  Ummm, no and duh.  Does your kid really need a $500 birthday party?  Absolutely not.  Step back from the Pinterest.

3.  Not Valuing Your Worth.  Don’t undersell yourself at work.  Men tend to ask for more in the way of promotions and raises, and so they tend to get more.  Be confident and get what you deserve.  If you have the same qualifications and are doing the same work just as well (or even better) than the guy next to you, you shouldn’t be getting paid less.

4.  Leaving It All Up to the Man.  Many women undertake the responsibilities of paying the bills and keeping the checkbook balanced, while the man does all of the heavy lifting.  I know finances can be confusing, but that’s no reason to not involve yourself in the bigger decisions.  It’s your future too, so you should understand and have input on what is happening with your money.  Don’t be afraid, and don’t think you won’t be able to figure things out.  Just like the article on how Growing Older Makes Women Better with Money says, there is a good chance you’ll outlive your husband and be forced to deal with the finances on your own.  The sooner you start, the better off you’ll be.

5.  Not Setting Financial Goals.  The only way to be prepared for the future is to take some time out of your busy schedule and plan for it.  It’s okay to seek advice if you need help; like I mentioned earlier, it can be a confusing subject.  Tools like the Genworth Plan for Living Workbook can help you create the best plan for meeting your retirement financial goals.