Top Money Issues for Women

There are a few known issues that women have with their money. These issues shouldn’t stop anyone from getting on financial track. The CGS team has collected information on some of the top money issues women deal with every day and shares some ways to get passed those issues. Regardless of age, all women face similar money issues when it comes to money. Don’t let a lack of knowledge or confidence stop you from becoming the financially successful woman you are meant to be.

Spending Habits

S-A-L-E…. the four letter word that kills every woman’s paycheck! Women tend to spend more money on items and food each pay period instead of putting that money away. Regardless if it’s shopping in a drugstore, shopping mall, or eating at a restaurant, women tend to splurge money more than men do. Compared to our male counterparts, women buy what they want, where men only buy what they need.

Instead of instantly spending your paycheck, have a certain amount automatically deposited into a savings account that you don’t touch. Open the account with a bank that you don’t normally use, so it will become a hassle to get the money. It certainly takes self-control, but it is 100% possible to monitor and control your spending habits. You can also learn how to curb impulse buys and identify your spending triggers to stay ahead of the game.

No 401k or Retirement Plan

Most women do not have a plan for retirement. Not because they don’t want to plan for it, but because it’s too much of a hassle. Parting with extra cash each check hurts their budget and picking the right investments leaves them feeling uneasy. These are terrible excuses. Yes, it seems that an extra 5-10% of your paycheck will hurt you, but that’s not the case. Since the money comes out before it even hits your bank account, it’s almost like you won’t miss it!

As far as picking the right investments, talk to your HR rep to see where your 401k is managed and what your options may be. Don’t let a lack of knowledge stop you from setting up your 401k plan. At minimum, stick with a single, blended portfolio. Check out the articles 8 Things to Know About Your 401k Plan and How I Picked My 401k Selections for tips on choosing 401k investments.

Lack of Confidence

It’s very important to invest the money you get now for later. When you sow your money with the right investments, your money will multiply over time. Many women don’t feel confident enough to invest their money because of a lack of knowledge. A great deal of women still rely on a man to invest their money for them. While your spouse may be accurate, it’s still important to learn how to invest your own money.

Do some online reading, purchase a book, or speak with a personal adviser. You don’t have to start investing right away, just learn the basics and grow from there. It’s good to educate yourself on ways you can invest your money for tomorrow. Read Finance 101: An Overview of Investing and Investment Strategies to get a head start!

 

Money comes and money goes, but it’s important to be mindful of how your money is spent. Keep these issues in mind when you make your financial decisions. Don’t let fear stop you from being as smart as you can be with your money. What are some other money issues that you deal with? What are you doing to help get those issues resolved? Are there any topics you would like the CGS Team to write about? Share your thoughts and opinions by leaving a comment below!

-The CGS Team

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