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MONEY

6 Money Mistakes To Avoid

And myths about women and money

BY Joan Thatiah

Apr 20, 2022, 04:38 AM

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My friend Bett is a money god. She is one of those people who know where every shilling they withdraw from their Mpesa goes. You will go shopping with her and you will be swooning over a pair of palazzo pants and she will ask you, ‘Joan, do you really need those pants?” and of course you won’t. Such a killjoy.

Some people are brilliant with money like Bett, others, not so much. If you fall into the latter category, here’s a look at money mistakes you’re likely to be making and how you can fix them.

Becoming A Savior

Ndegi is a 41-year-old woman living in Nairobi. She has a home she has been building for close to a decade. Every time she has managed to save up enough for doors or tiling, something always comes up. There will be a relative with a child that needs school fees or another who wants to come to live with her. When this happens, like clockwork, she will shelve her plans and dive into her savior boots.

I need to start putting myself first,” she says.

She is right. When it comes to your money, use your brain more often than you use your heart.

Retail Therapy

Backyard Shoez have a hilarious tagline. Yes, I’m a shoeholic, and no, I don’t need therapy. Sis, you do. There is no denying the joy that a shopping spree bam in the middle of the month can bring. If you are going to be thinking about the future, however, you might need to keep the shoe and handbag shopping in check.

Delegating Money

So money is not your thing, right? The numbers are all too complicated you say. So you delegate the money issues to your partner or someone else so you don’t have to deal with it.

Hun, you spend most of your days out there chasing these coins, why do you think it’s a good idea to then dump them on someone else? Keep this up and you will become one of those women who are lost after a breakup or if heaven forbid, their partner dies, because you have no idea how to begin buying electricity tokens.

Becoming Influenced

If you are not careful, these days, the internet can really do a number on you. You log into Instagram and everyone seems to live in Karen, Drive a Beemer and getting their nails done at the nail bar. If you do not look closely enough, you will not see that most of these lives are fake. Then you will begin living outside your means

You know, live in a 50k house on a 60k salary. There is no glamour here. Only stress and a ton of debt trying to keep your kids in a school you can’t afford.

Being Scared Of Investing

First of all, it’s not true what you’ve heard in the streets. No good man will be scared off by a woman because she owns land or a house. If he does, he isn’t the kind of man you should be tripping yourself over to attract.

Making big investments is not a man’s thing. Not in 2021. Go on, buy that lorry or that house. In a decade, you’ll be pleased you did.

Living beyond Your Means

The social media streets this days can lead you to making very bad decisions to just try and keep up. You might see an influencer living large and buying that certain handbag that you like from a certain brand and you feel compiled to do so, not realizing that they might have bought it at 50% off just because they have the power of numbers and just a post from them will have a number of ladies running to buy that bag. If it's not in your monthly budget, then don't even think about it. If you do, you will find yourself in a mess that won't be easy to come out of.