Friday, 12 June 2009

The 8 most common money mistakes

Our June newsletter features the 8 most common mistakes that women make with money. These are the ones that come up time and again in our Sheconomics research and when talking to women about their money management. They are: 

  1. A misplaced sense of loyalty. Whether it’s a mortgage, bank account or mobile phone contract, women are often reluctant to switch.
  2. Fear of financial products. Liking tangible investments, such as property, over stocks and shares can mean women miss out on money-making opportunities.
  3. Being money martyrs. While it’s important to look after the children, it doesn’t help anyone in the long run when women constantly sacrifice their own needs for the kids.
  4. Low self-belief. Not asking for money – pay rises/fee increases/better deals – often means women don’t get what they’re entitled to.
  5. Letting shopping become an emotional habit. Shop because you need the goods, not because you need the buzz.
  6. Not managing career break finance. A career-break needn’t mean a pension break. If your partner’s salary can cover two pensions, it’ll ease the strain in later life.
  7. Allowing others to make the big financial decisions. Women are great at day-to-day budgeting but can sometimes suffer from decision paralysis when it comes to bigger financial decisions.
  8. Indulging in rescue fantasies. Don’t wait for someone to come and save you – make sure you’re ready to leap into action to rescue yourself.



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