We all make money mistakes, but some bad financial moves seem to be more characteristic of women. I’m sure there are plenty of male-specific money mistakes too, but as a woman, I can probably write better about my own gender.  So here they are – money mistakes that women tend to make.

Spending Too Much On Clothes and Shoes


If you’ve read my previous posts on this blog, you already know I believe that Women Should Save More, and Spend Less on Designer Shoes. It’s not that looking good or being fashionable are not important – it’s just that it’s absolutely possible to look great on a budget, and buying into the “you must spend ridiculous amounts of money on clothes or you won’t get a promotion” theory is, in my opinion, a big mistake.

Expecting a 2-Months’-Salary Engagement Ring

Seriously, the only people who benefit from the “two months’ salary” rule are the people in the diamond and jewelry industries. It’s a stupid rule that begs to be broken. Who in their right mind would spend 2 months’ salary on a ring? If you’re financially well off, own your house, have a big emergency fund and nice size nest egg, great – by all means spend as much as you want on a ring. But for the average couple, taking such a huge chunk of money and putting it into something that is likely going to depreciate, instead of putting it in an emergency fund or as a down payment on a house, just doesn’t make sense. And buying that ring with credit is even worse.

Competing with Mrs. Jones

I’m including this in the list even though men fall for it too, because I believe that women compete on different things than men. Men probably compete more than anything else on the cars they drive, but women focus more on the house. Both are of course mistakes, and both are very human – but it’s good to be aware of our tendency to spend more just to keep up with the Joneses and avoid it when possible.

Engaging in Recreational Shopping and in “Retail Therapy”

Extremely common among women, these behaviors are destructive and can burn serious amounts of money in a short time, or – worse – get women into debt. Have you seen the movie Confessions of a Shopaholic? It’s not a very good movie, but it’s entertaining and it really captures the pleasure that shopping can bring, and the deep trouble it can cause. I’ve recently read that many women have clothes in their closets that still have tags attached, and that many of them hide purchases from their husbands. That’s insane!

Relying on Marriage to Save Them

You can’t build a huge debt, consistently spend more than you earn and tell yourself that it will all work out once you get married. What if you never get married? What if you fall in love with a poor man? What if he ends up leaving you and stops supporting you financially? Do you really want to be dependent on another person for your survival? Women in the past were completely dependent on their fathers, then on their husbands. We’ve worked hard to free ourselves and become financially independent. Do you really want to rely on another person to save you from your own mistakes? If you’re an adult, you should be able to take care of yourself, and that includes handling your finances – responsibly.

“Playing Nice” At Work

This is a tough one. It’s been shown in research after research: women ask for less than men at work, and as a result they get less. They’re also less assertive when it comes to asking for promotions and raises. We women tend to be less confident, and we feel that we must play nice. The problem? There are other studies that show coworkers and employers indeed expect women to play nice, and that assertive behavior is seen as unattractive and a turnoff when a woman displays it, but not so when displayed by a man.

So what is a woman to do? It’s hard to say for sure, but if you can manage to ask for more – nicely – I guess that would be the way to go. Personally, I find this need to walk a fine line between getting what you want while keeping your “femininity” and demanding it like a man infuriating. If I want a raise, why can’t I just go to my boss and tell them “I don’t make enough money to properly take care of my family. I need a raise?”

In addition, there’s also the notion that unfortunately many women and their employers share: that a woman is the secondary provider and so her income is less important. This couldn’t be further from he truth, especially in turbulent financial times – a family where both partners are good earners is much less at risk of losing everything if one of the partners loses their job.