Do you work hard for your money but always end up broke at the end of the month?  Do you feel like you’re doing all the right things financially but your earnings don’t don’t seem enough?

Do you end up making the same money mistakes over and over?

If you answered YES to any of the above, you’re not alone.

For a while, I hated the few days before payday. That’s when I saw the bitter results of letting my emotions get the best of my fiscal common sense. Again and again, I let my relationships and emotions override my better judgment.   I finally clawed my way out of debt when I learned to recognize the following common personal finance mistakes women make.

Hello, I made some of them too!   You can get out of your personal debt ditch too. Just be aware of these mistakes, learn to effectively work through them, or learn to avoid them altogether.

Cosigning loans for someone other than your spouse

You’re in love.  I know that you want to prove to him how much you care for him. But, girl, that doesn’t have to mean you have to put your credit score and financial health on the line.  Until he puts a ring on your finger and makes a commitment to you then you have no business committing your financial life to him.

Stand your ground. He’ll respect you more in the long run and you’ll avoid a financial disaster if he doesn’t.

Make it plain as day to your man that you’ll respect him more if he stands on his own financial feet and took out loans solely in his name.  Don’t let your emotions get the best of you by cosigning his loans. Your relationship might end but you can bet the financial headaches will last a long time.

Putting your career on the back burner due to family obligations

I know you love your family. I love my family too. But I learned how to set limits. I learned that by taking care of career and giving it the right priority, I am better able to take care of my family financially.

I am not saying your career should be your only priority.  Instead, I am saying you should make it clear to your family members and your partner that you need time and space to #beastmode your career so all of you can benefit from the fruits of your labor.

Get everyone on board so everyone can share in the sacrifice. At the very least, this means making the right arrangements for child care and shared child rearing duties. The days of a women sacrificing her career for her family are over.  You only end up regretful, resentful, and dissatisfied.

Though there are exceptions to this rule.  I am of the opinion that I would rather be in a position to make my own money to be able to take care of myself regardless of what life throws my way.  If that means wroking from home so that I can spend time with my family, then so be it.  If that means working outside of the home then I am OK with that as well.

Confusing saving with investing

I know this sounds ridiculous but we do this all the time. Sometimes we think that by regularly setting aside every paycheck, we’re setting ourselves up for a great financial future. Wrong! Saving is great. But saving without investing your savings means you’re leaving money on the table.
A friend found this out the hard way.   She just put all of her savings in the bank for a few years but when I compared notes with other friends who put their money in stocks and bonds, I realized that she lost out on the power of compound interest. Their pile of cash grew. Hers didn’t.

Worst of all, inflation ate up some of the value of her hard-earned savings because the ridiculously low interest the bank was giving her (interest she has to pay taxes on, mind you!) came nowhere close to compensating for the rise in my rent, my food costs, and maintenance on my car. Lesson learned. Invest your money!

If your blood isn’t already boiling, good.  If it is, relax.  Men make the same mistakes too.   Just keep the mistakes above in mind and avoid venturing down the same path.