6 Common Budget Mistakes Women Make
4. Allowing someone else to control and manage their finances
What is the use of making a budget if you are going to allow someone else to control and manage your finances? This is a common mistake made by women who often let their partners manage their finances simply because it seems too cumbersome or boring. Don’t let this happen because your partner may or may not understand the urgency of keeping you on a tight budget.
5. Not accounting for one-off costs
Making a budget even for a short period of four to six months will be useless if one-off expenses are not taken into account. For example, you may be sticking to your budget since the last three months but you may have forgotten to account for the renewal of your car insurance which will ruin all your planning. Always keep some money spare for such one-off costs which cannot be deferred.
6. Overspending on luxuries and lifestyle habits
Women may find it hard to control their expenditure on luxuries and lifestyle habits. For example, it may become difficult for a woman to go to a cheaper hairdresser whose salon is not as good as her current one even though it means that she has to pay a premium. When you want to save some more money and are making a budget for yourself, be prepared to make sacrifices in some of your most liked lifestyle habits and luxuries.
