10 Things Money Savvy Women Never Do
Who are money savvy women? It’s a growing group of women who know that just getting by isn’t enough.
We want more. We want financial security, freedom, and a little fun too. And despite what others might tell you, ambition is a beautiful thing. It leads to learning and growing into the person you were meant to become.
Ready to join the club?! Steer clear of the following mistakes.
10 Things Money Savvy Women Never Do
When I was just out of college, I took my car to the shop for a basic repair. An hour later, a man came out to tell me I needed more work done to the car. I knew nothing about cars, so I trusted him. I signed off and went on my way.
Until I told my boyfriend (now my husband). He immediately got angry and called the shop.
He knew what I was beginning to figure out…that they had taken advantage of my lack of knowledge.
I paid hundreds of dollars more because I made a mistake. I did something money savvy women never do….
1. Sign For Something Without Understanding
It was a hard lesson to learn that day, but a valuable one.
For the record, it’s okay not to know everything. I honestly still don’t know much about cars. And I don’t want to.
But now I realize that I must…
- find someone who DOES know to give me guidance.
- be brave enough to ask questions
- and seek to understand
By not doing these things, you make yourself a target. And you’ll be paying extra because of it.
2. Tell themselves they can’t
Women tend to apologize, have imposter syndrome, and lack confidence in their abilities far more than men. But money savvy women work hard on their mindset every day. They focus on how something will get done, not how hard something is or whether they can do it.
The only limits are the ones in your head. Bust your limiting money beliefs as soon as possible to put your success on the fast track.
3. Use Shopping As Entertainment
Money savvy women make decisions based on how they want their future to look, not on quick hits of dopamine.
If you struggle with compulsive spending…
- Remove temptation: try a social media and shopping app detox
- Find other entertainment: pick up a new hobby that makes money or keeps you healthy
- Plan ahead. If you know you’ll be tempted to grab takeout, have that meal in the crockpot before you leave for work.
4. Carry Credit Card Debt
Credit card debt often pays the highest interest rates and tends to be because you are not living below your means. In reality, the $30 sweater you put on your credit card may actually cost you $100.
Money savvy women know that accumulating credit card debt is one of the worst things they can do for their financial future.
5. Lack Good Planning
Financially smart women don’t need to be gurus or geniuses. All it takes is a spending plan (i.e. a budget) and a set of goals you are working toward. It’s a matter of thinking into the future instead of always living for the now.
- Make a budget and track your spending
- Make a list of short-term and long term goals (retirement, college saving, emergency fund, new home, etc). When you live with your goals in mind, it’s easier to stay on track.
A little forward-thinking saves you hundreds of thousands over your lifetime!
6. Trade Hours for Money
The average millionaire has 7 streams of income. A money smart woman knows that her job is only one form. She should also be investing. She knows that the real way to get ahead is to make money while you sleep and use the power of compound interest.
“Give a woman a dollar, and she can put it to good use. Teach her about how money really works, and she can change the world.”
Linda Davis Taylor, former CEO and chairman of Clifford Swan Investment Counselors
7. Money Smart Women Don’t Buy Cheap
Successful women appreciate quality over quantity. Instead of buying 10 cheap shirts, they buy one of better quality. And then take care of it so that it lasts.
This also means they don’t have to keep shopping around for the same items as often.
8. Pay Full Price
While these women understand quality, they also know that paying full price is not required. Here are a few examples:
- You can buy a high-quality used car for much cheaper than a new one.
- 2nd generation devices are almost as good as the newest version, but far cheaper.
- A few minutes of looking around could score you an easy deal on a vacation, a grocery trip, or a reward program. It also helps to know when to buy.
9. Try to Do Everything Themselves
If someone appears to have it all together, it’s likely because they’re seeking help behind the scenes. Build your personal and professional support network so that you can work with others on win-win situations.
| Professional | Personal |
| Make sure the people you work with know they’re appreciated. | Ask relatives to help or swap something |
| Ask colleagues out to lunch or coffee. | Pay for services that free up time for money-making ventures (cleaning, mowing the lawn, etc.) |
| Ask around in your industry to figure out going rates for salary, and if you can negotiate. | Carpool with neighbors |
| Delegate tasks or speak up if you need more support at work. | Pay for services that free up time for money making ventures (cleaning, mowing the lawn, etc.) |
Speak up and find support. You’ll be better at everything you do for it.
10. Please Everyone
Money smart women know when to say no. Not every investment is a good one. And not every activity, event, or opportunity is a good use of your time either.
These women protect their top priorities in a way that the majority do not. They set boundaries.
Someone once told me, “If it’s not a heck yes, it’s a no.” This has become my mantra whenever I’m asked to add to my plate.
What’s Next?
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