Let’s face it ladies, we all make mistakes at some point or another. Sometimes these mistakes are money mistakes. Here are some of the more common money mistakes women make and why they are mistakes. Hopefully if you see one that you do make you will learn how to change it.
Too many women leave the finances to their boyfriend or husband. This is such a bad idea. You have to know how to handle the finances in your family even if you are not the one who regularly deals with it. Why is this so important? No one wants to think about a relationship that they are in ending, but it happens. If you let your husband or boyfriend take care of all of the finances and suddenly the relationship is over, what are you going to do? You may not know how to take over the role as the person who handles the finances. So make sure that if you are not the one handling the finances in your home that you learn how to do it just in case. It is a skill that you will never know when you will need it.
This may sound harsh but another mistake many women make is to save for their child’s college fund before saving for retirement. Why is this bad? You may end up being able to pay for your child’s college but then you do not have enough money left for retirement. If you save for retirement first, to make sure that you will have enough money, you may not have enough to pay for all of your child’s college. That is okay though; there are scholarships and grants available to students. Many students even work full or part time to help pay for their education. Nothing else your child can get student loans.
Ladies most of us make our children our beneficiaries for our life insurance. How much do you know about your life insurance policy though? Leaving your child as a beneficiary as a minor is a big mistake. Most of the life insurance companies out there will not pay out to minors. Instead you should have someone of age be your beneficiary with the understanding that they use that money to care for your children. Then when your children become of age, you can change the beneficiaries to be them, but not until they are eighteen years old.
Most women feel that having a will is enough. These women are wrong though, this is another money mistake that women make. If you were to get into a car accident and are incapacitated who will pay your bills? If you have a spouse you may just assume that they will. What if they are in the accident with you? What if you live longer than your spouse or your relationship ends? This is why in addition to having a will you also need a trust with an incapacitated clause so someone has access to your bank account to pay your bills.
Yet another money mistake that women make is that they have the wrong life insurance. Talk with your insurance provider. Make an appointment to talk to someone to find out what is the right policy for you. Everyone is different, and everyone’s situation is different, which means that you need to take the time to make sure that you are getting the right insurance for you.
The inability to say no is another money mistake that women make. You have to be able to say no if something is not worth the money that it costs or if you truly cannot afford it. Many times children want very expensive clothing; do they need something that costs so much? The answer should be no. Learn to say no in different situations and you will be able to save a lot of money.
There are many money mistakes that women make. There are ways to change that though. The changes do not need to be difficult though. If you need help, get it, there is nothing wrong with needing some help now and then. Take charge of your financial future and you will be glad that you did ladies.