Business

5 financial mistakes that women make

1 Relying on a man to take care of financial needs

Even independent, educated and working women fall.ito the trap of believing that a man will take care if their financial needs. It is like the story of Cinderella who, from humble beginnings, had her fortunes turned around by the handsome prince. Women actually give their husbands the leeway to make all the financial decisions. However life is not predictable. Death, divorce or retrenchment can set you back

2 Failure to open a personal bank account
Of course, a joint account is good in marriage especially for everyday spending but everyone should have their own bank account. In the event that one partner dies, the joint account is frozen and the remaining partner has no access to cash for some time

3 Failure to appreciate the financial implications of having a baby

Having a baby has a great impact on a woman’s earning ability, her career choice, her retirement planning and her dependence on her husband. Very few women go straight back to work after having a child. These issues need to be discussed with your partner.

4 Not educating yourself

Ignorance often leads to bad financial decisions for most women. Women should spend more time looking after their money. Learn more about investing

5 Totally avoiding the subject
Most people were brought up to think that Mony is not a polite topic for discussion. Add to that the risk of conflict and divergence of views. Most people would rather watch television than discuss money related issues. It is however important to discuss with your partner about your financial affairs

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