We all make financial mistakes, but there are some habits that most women have and are not able to stop themselves, leading to bad financial choices or misuse of money. Here are the 5 financial mistakes that women make and cannot stop themselves even if they tried.
- Never sticking to the written shopping list
This I can relate to. Before you go for your house shopping, you always make a list of what you need in your house, and try to budget for them. However, when you reach at the stores, or supermarkets, you find that they are having discounted prices for some items that you have been longing to buy, yet it is not in your shopping list at that time.
Most women also end up buying things that are eye catchy to them.
- Buying clothes and shoes
Most women are obsessed with clothes and shoes including me. During the evening when we leave work and we pass through Nairobi town, you will come across hawkers selling their merchandise, mostly clothes, shoes and handbags. Whenever I see nice clothes or shoes, I will go and check them out and end up buying some, which I had not budgeted for.
Most of the people you will find sampling the goods are women.
- Putting others first/ saving others
When a friend or family member calls to ask for financial assistance, you help without questioning. At the end of financial year or month, you find out that you have given out money more than you can afford. It’s good to be helpful, but sometimes you have to check your budget and find out your limits. They can ask you for help, but also have an agreement for them to return the money. But some just never do.
- Never discus about finances
When you meet with your friends, what do you talk about? I bet you never talk of finances, the financial struggles you go through, investments and banking. If you talk about these things, then you are one in a million.
Many women are embarrassed to talk with their friends of their financial struggles, especially if that friend is financially stable. Just be open about it. You may never know, maybe you have a great business idea, and you friend may be willing to give you the financial assistance you need to start that business.
- Never saving
You have heard people say that I will start saving when I make enough money. There is never a day that you will have enough money. Therefore, the little that you earn, start saving from there.
Which are some of the financial mistakes that you are making and you cannot stop?