Women have a reputation for being frivolous with money. The media portray us as ‘big spenders’, wasting money on designer handbags and routinely spending thousands of pounds a year on cosmetics.
In fact this is grossly untrue and research has proven time and again that women are far better at managing their personal finances and taking note of money saving tips than men.
But despite our innate ability to keep a tight rein on the finances, the uncomfortable truth is that many of us still fritter away money on silly things.
We all make mistakes. Lots of women are guilty of owning multiple pairs of jeans that to the untrained eye all look the same.
The trouble is, women earn less than men and therefore it is a steeper uphill struggle when planning for life’s big purchases or ensuring there is enough in the pot for a comfortable retirement. Could you be making some better investing decisions?
Money and Gender
Frivolous spending habits are not just a gender problem, of course. Both sexes are more than capable of racking up debt and wasting money on expensive purchases.
That said, the following list generally applies to women, so have a read and see how many are applicable to your spending habits.
Buying the Same Clothes, Again and Again
Take a good, hard look in your wardrobe. How many similar items do you own? If you have a penchant for skinny jeans, there is nothing wrong with buying two or three pairs.
But when you own twenty pairs of skinny jeans, thirty white t-shirts and fifteen little black dresses, you need to give your shopping habits an overhaul.
Buying Clothes You Never Wear
Many of us routinely buy clothes on a whim, even though they are the wrong shape, style, colour or size.
They might look great on a model, but on us they look hideous, so we hide them at the back of the wardrobe with the price tag still attached.
Hormonal Shopping Sprees
There is a golden rule to which all women should adhere: never go clothes shopping when you are feeling hormonal, fat or depressed.
Yes, buying a new handbag or pair of shoes will give you a temporary boost, but you are likely to spend more than you can afford.
Splash Out on Lunch and Snacks
Are you guilty of splurging on a mid-morning latte, a bacon butty, or a fruit smoothie most days? All of these treats add up over the course of a month or two.
Waste Money on Diet Supplements
There is an immense pressure on women to look slim. The media is full of size zero celebrities who make weight loss and healthy living appear effortless.
For this reason, time-poor women often try shortcuts in the form of supplements in the hope of achieving an A-list figure. Unfortunately, diet supplements are a waste of money and expensive to boot. Save your money instead.
Waste Money on Bottled Water
Bottled water might be trendy, but tap water is just as good – and it’s free! If you can’t bear the thought of drinking water straight from the tap, buy a water filter.
Paying for Services You Can Do Yourself
As women we are conditioned to believe that certain tasks are ‘men’s work’. These include putting up shelves, changing a bulb on your car, and other relatively simple tasks. This is rubbish!
YouTube has a wealth of informative and instructional videos to help you do any job you put your mind to. And the more jobs you do yourself, the more cash you will save.As women we are conditioned to believe that certain tasks are ‘men’s work’. This is rubbish! Click To Tweet
How to Save Money
No matter how frugal you are, there are bound to be areas in everyday life where you waste money unnecessarily. How many boxes did you tick on the above list?
If it was none at all then you can give yourself a pat on the back; one or two and you are not doing too badly; three or more and there is definitely room for improvement!
Which of these money-wasting activities are you guilty of? Let us know in the comments below. We’d love to hear from you!
Here are Some Great Money Tools We Love
These amazing money tools will help you manage your money efficiently, save more and even make it enjoyable.
Easy way to track money: Cleo
Banking made easy: Monzo
Tax free investing: Fidelity ISA
Invest from as little as £1: Wealthify
Easy and automatic saving: Plum
Easy and automatic saving: Chip
Find the best deals and save money – MoneySupermarket
Compare the best holiday deals and save: TravelSupermarket
Access your credit score for free: Experian Credit Score
Write a legally binding will from the comfort of home: Beyond
Earn Money While You Spend: Quidco
Selling and buying your home made easy: YOPA