6 Common Budget Mistakes Women Make

6 Common Budget Mistakes Women Make

Are you living on a tight budget these days? Are you finding it hard to make ends meet? If you are, you should definitely avoid making these common budget mistakes made often by women. Avoid making the same mistakes and stick to your financial plans.

1. Making an unrealistic monthly budget

A common mistake made by most people who are trying to live on a budget is that their plans are often very unrealistic. It is one thing to be ambitious by planning to save ninety per cent of your salary, but that may be unrealistic considering you have other expenses to bear including bills and household expenditure. Make a budget that is practical and easier to stick to.

2. Getting lured at shopping malls

Women can be the best of planners when it comes to making a budget, but all the hard work and organization can go to waste if they get lured by fancy deals at the shopping mall. You could be making the same mistake if you keep saving money till the end of the month only to spend it on a new pair of shoes or a new dress that caught your eye while you were window shopping. An easy way to avoid doing this is to leave all your credit cards at home so that you don’t have any money to spend.

3. Raking up credit card debt

Women who are on a budget may tend to make the mistake of raking up credit card debt thinking that it won’t affect the current month’s cash balance. This is a wrong assumption because credit card debt will come and haunt them sooner or later. And the worst part is the high rate of interest that is to be paid on outstanding credit card debts will ruin all future money saving plans.

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