What We’re Looking For From the Financial Service Sector 
Is Your Super Under Attack? 
This Woman Just Saved 10-Grand In 10 Weeks… Challenge Accepted 
Statistically, Female Australian Investors are More Trustworthy With Money 
The Cost Of Looking After Your Health 
Who is MrsDowJones, the Financial Popstar? Have you been saving as hard as you can, and trying to find every way to make a buck over the last few years? Are you determined to be a money-smart woman in control of her finances? If so, you may be unwittingly holding yourself back in your bid for financial freedom.
Sometimes we try as hard as we can to turn our finances around, but no matter what we do, things don’t seem to change enough. Savings grow but only slowly, and just when you think you’re about to get a big boost, some unexpected expenses topple your goals for the year, or you find yourself splurging on a shopping spree you didn’t need to go on.
If you’re in this boat, consider your money mindset. How do you think about money, finances, and saving, both consciously and unconsciously? It’s common for us all to have underlying beliefs about money that may hold us back in our quest for financial freedom.
While money is a tool, and as such, has no emotions tied to it specifically, we all tend to connect different emotions, memories, fears, hopes, insecurities, goals, and more to it. This can either help us move forward or stop us from getting the life we want.
Here are some common limitations when it comes to the psychology of money for women that you should consider today.
FINANCIAL LITERACY IS TOO HARD, COMPLICATED, AND EXPENSIVE
As much as we don’t want to think it’s still an issue in this day and age, many women have been brought up to see finance as a complex area that needs to be handled by a man, and that requires years and years of study to understand. Even if we didn’t have this kind of upbringing, it’s easy to be overwhelmed by the mixed messages out there about money and how to best manage it.
While there is conflicting information, in a world where we all have access to a raft of free and low-cost information, it doesn’t require a university degree to be mindful of money and manage it effectively. The first step is to remove your limiting belief around your abilities to master this area.
Read a variety of books (many of which are available from the library) to educate yourself, watch videos, enroll in short courses, or book in with specialists to learn what you need to get ahead. The money and time you invest in educating yourself will surely come back to you tenfold or more over the years. The more you get involved in the arena of personal finance, the easier it will be for you to see how to move forward, and to avoid being taken advantage of financially.
Create clear goals so you know why you’re reducing spending because this will give you motivation to say no when you need the willpower.”
FEELINGS OF GUILT AND SHAME
It’s common for women to have complex feelings of guilt and shame tied up with their finances. For example, many women feel that concentrating on ways to make more money makes them greedy or feel guilt. They feel guilty about the idea of investing in themselves when they have a family to feed, or they have shame around not knowing more or not having saved “enough”, whatever that number might look like. They, therefore, become too embarrassed or scared to ask for help.
Plus, many women who have been in relationships where their partner looked after the finances find themselves in a difficult situation when that relationship breaks down. If they suddenly have to start handling money and making plans for the future by themselves, women can understandably become overwhelmed and have handle feelings of guilt and shame.
To get around this, keep in mind that you’re not the only one. The situation happens to many more women than you realise, and if you start opening up about your situation, you’ll probably feel better about things pretty quickly. Furthermore, the sooner you acknowledge where you’re at now and what you need to learn, the sooner you can take proactive steps to achieve what you want.
HAPPINESS EQUALS SHOPPING
Another common unconscious belief many women harbour is the idea that whenever they feel low, including when they’re worried about money, doing some shopping will provide a lift. While buying a new handbag, dress, kitchen appliance, pillow, etc. may give you a temporary buzz, this is short-lived.
Once you get your credit card bill, or even once you get your shopping home, you’ll probably feel terrible about the money you spent and wish you had put it towards something more necessary, such as debt repayments. When you’re in a vicious cycle involving shopping, it can be tricky to break it. However, if you take a few strategic steps, you can be free of it.
For example, create clear goals so you know why you’re reducing spending because this will give you motivation to say no when you need the willpower. Then, create a strict budget to follow and use tech tools such as budgeting apps to stay on track.
Also, speak with people close to you about what you want to achieve, and get them to encourage you and to talk you out of making unhelpful choices when tempted. If you have people in your life who constantly encourage you to splurge, you may have to limit your time with them for a while until you have retrained yourself.
If any of the above money mindsets ring a bell for you, ask yourself: what is my psychology around money, and how are my beliefs holding me back from achieving my dreams?
Consider where you stand at the moment, and then take steps to make changes over the coming year. Doing so will make it easier to achieve the life you’ve always wanted.