Little Money Leakages that Keep Women Poor

Biggest Ways Women Waste Money

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.

Preparing a healthy packed lunch at home might take a little longer, but it will save you a fortune, enabling you to pay off debt or put some money aside for a rainy day.

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!

Your Turn…

Which of these money-wasting activities are you guilty of? Let us know in the comments below. We’d love to hear from you!

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These amazing money tools will help you manage your money efficiently, save more and even make it enjoyable.

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Invest from as little as £1: Wealthify
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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

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10 Comments

  1. Magazines! My goal for 2016 is not buying any, so far so good.

  2. Hi Hester, thank you for taking the time to leave your comments. I am glad you are keeping to your goal. My goal this year is to invest in myself by reading at least one book each month and to stop paying for services I can do myself. I have read 4 books this year. So far, so good.

  3. Dana Smith says:

    I’ve found myself a sucker to the dollar bins at target and can seem to justify spending on that and junk at the dollar store- because it’s only a dollar… well, as cute and seemingly “useful” as that junk is, over the course of a year (as many trips as I make to target- where the dollar store is right next door), those dollars add up really fast. I’ve stopped going to the dollar store all together because whatever it is that I “need” I can get for less than what I would spend to get that item (along with all of the other junk I buy) at the dollar store- just by going to a different store- where everything isn’t a dollar!

  4. There’s a lot of very valid issues in this post. So much about saving money actually relies on overcoming a lot of mental hang-ups. A lot of people throw money away on things that they think make themselves look good to everyone else, while in the process, they actually gain little benefit from it themselves. I call this phenomenon a ‘tax for belonging to society’ and have written a blog post about it.

  5. I carried out a plumbing repair which my husband refused to do (changing a leaky tap/shower fitting). Saved about €800 and it took me less than half an hour!

    1. Hi Karin, thank you for sharing your comments and experience with us – that was a great savings indeed. It can be so easy delegating certain tasks to others just because we believe they are for others or men to do without taking into consideration our ability to do them ourselves.

  6. This post is so true. However, my situation is somewhat frustrating, I tend to find myself spending a lot on my family (hubby and kids) even though I’m not an overspender, most of my ‘loose change’ goes to them…time to put a limit line!

    1. Hi Kiyshia, thank you for taking the time to leave your comments. I totally agree; it can be so easy to spend all your loose change on kids and family. The best way to save loose change is to put them in a savings jar. It may take a lot of discipline and determination but once this practice locks in and your family members see how much you are saving, they may decide to join in. Amazon offers a wide selection of money saving jars. You can check them out here.

  7. I am a 58 year old that is reaping 30 years of poor money management. While I am very blessed that I have enough, no, more than enough,… It shames me to know that I could have done so much more to take care of the resources that I wasted on FLUFF.
    I want to encourage young wives and mothers to learn the NO word. Use it with your spouse and children and with yourself…most stuff you acumulate you will be trying to get rid of when you reach my age…Think,…give some, save some, spend last. If you want fluff.. By all means purchase your fluff….AFTER GIVING, SAVING, AND PAYING WHAT YOU OWE. It might take you longer…but it will be better in the long run.

    1. Hi Barbara, thank you for taking the time to leave your comments and share your insight with us. We can greatly accelerate our path to financial success by learning from our mistakes and the mistakes of those who have gone before us.

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