• Discounts and special offers
  • Subscriber-only articles and interviews
  • Breaking news and trending topics

Already a subscriber?

By signing up, you accept Moneywise's Terms of Use, Subscription Agreement, and Privacy Policy.

Not interested ?

5. Buying poor quality clothes

Display of clothing on sale for half price
Dmitry Kalinovsky/Shutterstock
Don't fall into the habit of always looking for clothing at the lowest possible price.

When most women are shopping on a budget, they end up with clothing that falls apart or shrinks after a few washes. Instead of always looking to buy clothes at the lowest price, consider investing in a few pieces of high-quality “staples.”

Brands like L.L.Bean have a timeless style, and they even come with a lifetime guarantee. If you don’t have a problem with buying second-hand, the name brands can be found for dirt-cheap prices at thrift stores.

Even when that stuff is used, it still lasts longer than poorly made “fast fashion.” Making this change can potentially save you hundreds of dollars on clothing over time.

Kiss Your Credit Card Debt Goodbye

Millions of Americans are struggling to crawl out of debt in the face of record-high interest rates. A personal loan offers lower interest rates and fixed payments, making it a smart choice to consolidate high-interest credit card debt. It helps save money, simplifies payments, and accelerates debt payoff. Credible is a free online service that shows you the best lending options to pay off your credit card debt fast — and save a ton in interest.

Explore better rates

4. Not investing

Woman dipping toes into water
multiart/Shutterstock
When women get over their reluctance to invest, they outperform men.

The stock market is dominated by male investors. Hollywood portrays investing as a boy’s club fueled by adrenaline and testosterone, especially in movies like The Wolf of Wall Street.

But studies have shown that whenever women do invest in stocks, they outperform men by a very impressive 30%.

You don’t need thousands of dollars and a broker to begin investing. Apps like Robinhood and Betterment are easy ways to get started right away.

3. Not maintaining a good credit score

Credit report indicating the consumer has a poor credit score
Casper1774 Studio/Shutterstock
Women typically have lower credit scores than men.

Women tend to have worse credit scores than men, according to Credit Sesame. Women also are more likely to get into trouble with collection agencies.

When used correctly, credit cards can be really great in helping build your credit score. However, when they're maxed out, they don't do you or your credit score any good.

If your score is lower than average, a site such as Credit Sesame can offer personalized tips on how to raise it from poor or fair to good or even excellent.

Discover the power of FreeCash – your ticket to easy money

Dive into a world of rewards at FreeCash where earning cash is as simple as a click. No gimmicks, just real cash for your time. Join the community of earners today and watch your wallet grow effortlessly.

Make Money Now

2. Falling for pyramid schemes

Player pulling a Jenga tile out of a stack
Indypendenz/Shutterstock
Pyramid schemes are full of risk, and the rewards typically go only to the people at the top.

So many mothers are under pressure to “have it all.” Work-at-home pyramid schemes — with people on the bottom making very little money — specifically target women who want to bring in an income while they raise their kids.

Former consultants with one clothing retailer that sells through home-based salespeople claim they were encouraged to stop paying their bills and buy more inventory instead.

These companies know how to prey on women's insecurities so they can convince you to push your friends to buy and sell the merchandise. Please don’t fall into the traps; take the time to educate yourself about pyramid schemes.

1. Undervaluing your skills

Young woman shyly raising her hand
Gregory Johnston/Shutterstock
It can be difficult to speak up and ask for a raise.

On average, women are paid 20% less than men, even if they have the same education and work experience.

If you have been working for your company for a while, don’t be afraid to ask for a raise, or to inquire if a promotion might be available.

Speaking up can be tough, especially if you sense that your boss doesn’t recognize your true value. If you find yourself stuck in a pay situation that probably won't get any better, it may be time for you to look for new opportunities.

Sponsored

This 2 Minute Move Could Knock $500/Year off Your Car Insurance in 2024

Saving money on car insurance with BestMoney is a simple way to reduce your expenses. You’ll often get the same, or even better, insurance for less than what you’re paying right now.

There’s no reason not to at least try this free service. Check out BestMoney today, and take a turn in the right direction.

Shannon Quinn Freelance Contributor

Shannon Quinn was formerly a freelance contributor to Moneywise. Quinn is an entrepreneur and writer from the Philadelphia area.

Disclaimer

The content provided on Moneywise is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter. Advertisers are not responsible for the content of this site, including any editorials or reviews that may appear on this site. For complete and current information on any advertiser product, please visit their website.