While men make plenty of financial mistakes, women face a unique set of challenges when it comes to being more financially stable. Unfortunately, because of these challenges, men are often more likely than women to recover from financial mistakes, making it even important to avoid them in the first place. Making better financial choices can put you in a stronger position with your money, helping you be more independent. Instead of settling into the statistics, make the effort to take charge of your financial health despite them. 

Procrastinating on Your Finances

Many people, and a lot of women, have not done any type of end-of-life planning. They tend to not have life insurance or a will because they don’t want to think about the end of their lives. Luckily, these things are more affordable than you might think. If you avoid the mistake of procrastinating, you won’t have to worry about doing it later. If the thought of doing all the things you have been putting off sounds stressful, come up with a list of things that need to happen. 

Put a deadline on each item, whether it’s shopping for life insurance or signing up for a policy. Even though you probably don’t want to think about death, having a life insurance policy can be invaluable and give a sense of security to both you and those you care about, even if you pass away. Term life is often more affordable, coming with lower premiums than whole. If you’re asking yourself whether term life insurance is a good fit for you, you can read over a guide with more information.

Loaning Money to Friends or Family

Generally, family and friends don’t mix well with money because things can easily go wrong. The person might start coming to you for help more, or they might not pay you back. You don’t want to be taken advantage of financially, even if you think you both have good intentions. When you do it right, it can be fine to help your loved one out financially if you only do it once. However, don’t be afraid to say no, especially if you can’t afford to assist them. You can tell them you don’t want to risk the relationship, which is why you don’t want to loan them anything. For the sake of your relationship, offer any assistance as a gift instead of a loan.

Merging Your Money Too Soon with a Partner

Having joint accounts with your spouse or long-term partner is fine, especially if you are in a committed relationship and live together. However, it’s not uncommon for women to merge their money too early on and to do so in an unhealthy manner. Even if you do merge some of your accounts, it is always best to have a couple of separate accounts, which can help you understand each other’s money habits and learn how to independently manage your money.

Going in Debt with Your Partner

Too many women also sign a mortgage, get a joint credit card account, or otherwise go into debt with their partner too early in the relationship. They may also co-sign on this type of debt, even if they know deep down that the person they are signing for is not responsible. Either way, these things are all risky because they put your own credit at risk. Even if your partner is good at managing money, having joint credit cards could get messy if you were to split up. If the only ones you have are joint, you could be stuck if you were to split up. It might be hard to get a new account in only your name because you might not have enough credit on your own. Search for credit card reviews online to know more about their pros and cons.

Your ex could start to run up large amounts of debt without your input and leave you on the hook to pay for it. The trick is to speak with your partner or spouse to communicate that you want to be somewhat financially independent. This does not mean you don’t trust them or that you see a breakup happening soon. However, it does mean you want to be careful about how you manage your money. This could be a challenging conversation, especially if you already have joint debt. But it is extremely important.

Letting Men Handle Everything

Too many women feel managing their money is a more challenging task than they want to take on, and they let the men in their lives handle it, whether it’s paying the bills or investing. This can come in many shapes and forms, including letting your husband or partner handle everything, or taking advice from a male friend or family member. It’s easy to automatically assume they know more about managing money than you do. 

The main issue that leads to this mistake is that women aren’t confident enough and don’t have the knowledge to handle things. You may feel you don’t know enough about bonds or mutual funds to invest in those. The solution is to educate yourself on areas you know you aren’t that confident in. Read books, magazines, and blogs from qualified financial professionals. Listen to podcasts or TV shows about business, or even sign up for a class at your local community college. Managing your money doesn’t have to be hard, and knowing more about it will give you more confidence.

Not Having a Professional Financial Advisor

While you may find yourself taking advice from the men in your life, it’s also common for women to get advice from their female friends on how to handle their money. Many women do not have a financial advisor and instead tend to rely on their girlfriends to give suggestions on how to invest, save, or spend their money. If you are trying to save your money, you may mistakenly believe that you can’t afford to get help. However, hiring a financial advisor, even for just a little help here and there, is a great way to invest in your future.

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