The 7 Deadly Sins Women Commit In Financial Management

When it comes to Financial Management, you want to make sure that you’re doing everything in your power to protect yourself from financial ruin. But there are some things that can cause your finances to suffer, even if you don’t mean for them to.

Financial management can be daunting at first, but it is well worth the effort. By taking the time to sit down, look over your accounts, and review your spending habits, you will learn how best to manage your money and help turn your financial life in a new, positive direction.

Here are seven deadly sins women commit when it comes to managing their finances:

Not Owning Your Money


Women are the primary decision-makers in the household. They decide what to buy, where to go, and how to spend their money. This is why it’s so important for them to take ownership of their finances by making financial decisions on their own and not relying on someone else’s opinion.

Being too passive about money. 


If you don’t take an active role in managing your money, then it’s going to be hard for you to feel satisfied with the way things are going. You need to be proactive about knowing where your money is going and why it’s going there—and then making changes when necessary!

Putting off paying bills until they’re due. 

You might think that putting off paying bills until they’re due will help you save money or reduce stress—but what ends up happening is that you’ll end up paying more than if you just paid when they were due in the first place! So don’t do this one (or at least try not to).

Not Budgeting


Budgeting is important because it gives you a clear idea of where your money is going and helps you make sure that everything is in balance. You may think you don’t have time for this! But if you take just 15 minutes each week to go over your budget, it’ll save you so much time down the road by keeping things organized and preventing extra spending. 

Not tracking spending

You can’t be in control of your finances if you don’t know where your money goes! The first step is tracking how much you spend each month on things like groceries, bills and eating out—and then making sure that amount fits into your budget.

Overspending

It’s easy to overspend on things like groceries or clothing when you don’t have an exact idea of how much money is coming into each month. Overspending can lead to late fees, debt, and other financial problems that make it hard for us women (and men too!) to get ahead financially. 

Waiting Too Long to Plan for Retirement


Women are living longer than ever before, which means they have a lot more time in retirement than men do—and that means they need to start saving money for retirement earlier than men do. The average woman lives 20 years after age 65, while the average man lives only 13 years after age 65! So if you’re 30 years old now, you only have about 15 years left before you’ll retire—so make sure you start saving for your retirement early!

It’s okay to fall prey to one of the seven deadly sins. Everyone does it from time to time. Maybe it’s being lazy where you should be proactive, or being complacent where you should be daring. Whatever your vice may be, what matters is understanding how to conquer it and do things differently next time. It never hurts to have a little fun, too. I am always rooting for you.

Yours in Financial Independence, Temitope.

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