#1 Money Mistake Women Make

I came across this article about common money mistakes women make.  This one really stood out to me…because I think it’s a problem for so many women in my life in so many ways other than money.

So, here it is… the #1 money mistake women make:  Putting others first.

One study found that women were twice as likely as men to make bad financial decisions for themselves to help someone else (i.e. adult kids or aging parents).  Or like my aunt who raised me in large part… she’ll always make sure her kids and husband have brand new clothes, sports equipment, or whatever they need — but the last time she went clothes shopping for herself (without a gift card) was probably the late 90s.  Sad but true!

Getting back to finances… I’m a big believer in Dave Ramsey’s 7 baby steps to financial peace.  The 1st 6 are all setting you up for the 7th — which is to “give generously.”  The principle is.. how can you give if you don’t take care of yourself first?  And taking care of yourself, getting your own affairs in order, etc empowers you to give and help others in bigger ways than you otherwise would have been able to….

photo courtesy of mint.com

Read more money mistakes made by women here.

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