featured image via block print social

What woman doesn’t strive for organization in her life? The truth is, we just feel better when our beds are made, our homes are tidy, our errands are run, and our relationships are happy. But we only have so much bandwidth to accomplish our goals, and it’s easy to let our financial planning be the thing that falls through the cracks. While we don’t need to think about money all the time, there are a few mistakes you might be making that are important – and easy – to fix.

image by ibiza boho girl

1. Waiting too long to start saving.

As a young person, it’s easy to shift your money mindset toward, “I’ll take care of it later. I have my whole life to save.” This is a dangerous approach because the more you save now, the more time your nest egg has to grow exponentially. Compound interest is a powerful tool that literally turns time into money as you earn interest on top of interest. Let’s put it this way: if one woman starts saving at age 25 and another starts at age 35, the younger woman can have double the retirement savings at age 65.

image via elle

2. Not tracking Net Worth.

Your net worth is an important metric to know because it represents your entire financial position. Consider all your financial accounts: checking, savings, brokerage, retirement, mortgage, student loans, credit cards, etc. That’s a lot of information to track! Your net worth accounts for it all because it’s the value of everything you own minus everything you owe. I use Personal Capital, a free app, to calculate my net worth and track all of my accounts on one dashboard. Even if you only check your dashboard once a month, you’ll better understand your finances and be able to spot any negative trends.

image via her new tribe

3. Carrying a credit card balance.

Credit card debt will sabotage your financial health. There’s just no getting around it. Interest rates on credit cards are sky-high, and the longer you owe money, the more it snowballs. First, create an actionable plan to pay down your debt. Then, sustain your momentum by practicing these responsible credit card habits to build up your credit score rather than destroy it.

photo via vogue

4. Not using technology.

As our society shifts from brick-and-mortar retail to online shopping, many avenues have become available for saving money. You just have to know where to find them! Whether you’re purchasing household goods for your family or snatching up a trendy piece for your wardrobe, use a shopping portal to earn cash back. Ebates is the most notable one with thousands of retail partners. All you have to do is sign up for an account (and earn $10), choose your retailer, and shop like normal. To further boost your savings, download Honey, a browser extension that automatically finds and applies coupon codes at checkout.

photo via once wed

5. Giving away control.

There’s no right answer to how a couple should manage their joint finances. However, it’s no secret that many women give up control of their money to their partners. The problem is that relationships don’t always work out. And if they do, women tend to outlive men. At the risk of sounding morbid, 90% of women will have to manage their own money at some point in their lives. So it’s important for us to stay involved—to keep our financial lives healthy and to position ourselves to combat any unexpected obstacles or life dynamics.

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Comments (8)
  1. 1
    alexandra March 22, 2018 at 5:45 am

    Starting saving too late is definitely a huge one for me. I find it so difficult to not reach back for the money once its in there haha.Maybe do a posy on how to save effectively? It would be very helpful x

    • Erica Holland May 24, 2018 at 8:21 am

      Thanks Alexandra! That is a great idea for a post and something I know a lot of people struggle with. I will start brainstorming!

  2. 2
    Wm. Allen March 22, 2018 at 7:45 am

    Good advice on money management

  3. 3
    Annie March 23, 2018 at 3:43 am

    Starting saving now is so important! Would love to read more of these tips 🙂

    • Erica Holland May 24, 2018 at 8:23 am

      Thank you, Annie! Stay tuned…more tips coming your way every month on Camille’s Money 101 column! You can also head over to ModMoney for more content! Thanks for reading.

  4. 4
    Caroline March 24, 2018 at 7:24 am

    Add to hints for women… If you inherit money, keep it separate from your Partner. Once in the joint ‘pot’ it becomes a joint pot. If anything should go wrong, your partner is entitled to half of it (assuming you’ve been together a few years).

  5. 5
    Natalie Redman May 23, 2018 at 8:00 am

    I’m definitely not suited to this list. I do every one of these 😛 I must be an anomaly.



Erica Holland