Women Make Most of the Decisions About Spending in Our World Today! Are Those Choices Wise?

This post was inspired by material given to me by my friend and colleague, Lisa Kittel, a brilliant financial advisor with Anchor Advisory Group in Minnesota. It’s from a handout she uses at her retirement seminars for women.

Women actually make most of the decisions about spending in our world today! They make most of the choices about purchases and most of the decisions about investments.

For instance:

% of Purchasing Decisions made by Women:

83% of all consumer purchases

94% of home furnishings

92% of vacations

Whether women are single or married, it seems they usually get the final say. I know it’s true for my household. I suppose husbands just want their wives to be happy, so they let us make the final purchasing decisions. Happy wife, happy life!

However, just because we do have the final say, doesn’t mean we always make wise choices.

According to Working Women Magazine of the four most expensive mistakes women make number three below is the biggest mistake.

Assuming your current financial status is permanent

Paying too much for convenience

Not using a budget

Waiting for the right time to save

So, here’s some money saving tips to help you create a better financial picture…

Create a budget!

Pay yourself first. Put 6 months of living expenses into a savings account.

Save for your retirement first, the kid’s college second

Car repairs… If your auto repair costs less than half of the trade-in value, repair the car

Make the world’s best investment – pay off your high-interest debt!

Don’t take out a line of credit loan to go on vacation!!!

Create a weekly meal plan and shop for those groceries only.

Understand who’s in control of your financial future…. Is it You?

Why not print out this checklist and make it a priority to apply each item to your own finances? Especially #8, understanding who is ultimately in control of your financial future (ie retirement), is absolutely crucial for your security and sense of wellbeing.

Work with a team of advisors to make sure you have all the necessary legal and financial documents and insurance coverages in place. Especially Long Term Care insurance. Studies indicate that health care will be the biggest expense for women in retirement.

So ladies, make a conscious decision to get involved with your finances. Whether single or married. I just read an article recently where divorcees listed their biggest regrets after divorce. Not taking a stand for their financial wellbeing was their biggest regret! Learn from your divorcee sisters.

Do it TODAY!