How to Stop the Myth that Women are Bad with Money

Do you have the belief that “women are bad with money”? Do you believe that as a woman, you are less capable than men in managing finance? Do you leave all financial decisions to your spouse?

If you have limiting beliefs about women being bad with money, it is time to debunk the myth.

But what if you don’t have any finance background or that you are new to managing money? Well, the solution lies in getting financially educated. I believe that everyone has to start somewhere. No one was born overnight, knowing how to count bills or balance the checkbook. All of us have to go through a learning journey. And that includes you and me.

A Man Is Not a Plan

Traditionally, men were perceived to be the providers of the family. In many cultures, women had relied on them to bring in the money, while they took care of the household. Such stereotypes have been handed over the generations. Not to mention that women tend to be seen as the inferior sex to men. Less brilliant, less logical, less capable.

Even though much has changed these days, I find that many women continue to perceive themselves as less of an equal. Some women still hold out the dream of finding a man to provide for all their financial needs, so that they don’t have to work and still have their shopping expenses paid for. It is not a great wish to have, if you ask me. To these women, I will borrow the words from Mary Kay, “A Man is not a Plan”.

Don’t be mistaken. I am not suggesting that women should never be stay-at-home moms or that they have to fight for control over finance matters with their husbands. On the contrary, what I am recommending for women is not turn a blind eye, but to work on financial decisions that impact the family together with their spouse. Each can hold a different set of responsibilities when it comes to family finances. All these are to be worked out between the couple.

A Money Game That Showed Up My Belief “Women are Bad with Money”

It took playing a fun money game at a workshop that had me realise that I had the same limiting belief too. Participants were randomly assigned into teams and I found myself in a group comprising of guys. Long story short, I allowed them to make the final decision for our team. Not because I was outnumbered but because I thought that the guys ought to know better in a game that required strategy.

As it turned out, I was wrong to hold the belief but if I had held on to my thought process on how best to win the game, the results would have different.  We would have won, if we had applied my thought process. I was in the trap of believing that the guys would be better with strategy and money because they had introduced themselves as business owners overseeing operations. 

Needless to say, I had huge takeaways from the money game. My big “aha” was that I could be just as good with making financial decisions. I had to remove the mistaken belief that “women are bad with money”. Till then, I had allowed my husband to take charge of financial matters for the family and I had taken more of a back seat. After the workshop, I decided to invest in my financial education. Which I did.

Get Financially Educated

I became a voracious learner. Taking a string of classes, I learned from mentors like Mary Buffet (entrepreneur, investor and ex daughter-in-law of Warren Buffet), Sean Seah (Asia’s Buffettology) and other financial experts who’s found a formula to generate investment income. They taught me about becoming more financially adept and on generating better returns.

I’ve paid my price from losing tens and thousands of dollars previously myself by just punting in the market. Back then, I was young and had no family obligations. It’s different now. Learning from mentors has given me the confidence to invest wisely and on how to improve my game. It’s money for my family that I can help grow.

Here’s what I’ve learnt in my journey so far. It’s unwise to invest your funds, without knowing what you are doing. You could end up making foolish decisions that are not commensurate with the risk that you are taking. Also, leaving your funds in the bank is not the answer either. With interest rate being so low, your savings will be eaten up by inflation.

It’s certainly why I highly recommend seeking out mentors who can shorten your learning curve. Make money work for you instead. Consider compounding your funds to grow your portfolio. Also, surround yourself with like-minded friends to keep being motivated and inspired. I personally host gatherings and meet-ups, so that we can also learn from one another.

Women are Excellent in Money Management

The affirmations that you need to make…
“I am an excellent money manager.”
“I make healthy financial decisions for my family and I.”
“I am smart around money.”
(Go right ahead to pin the above image on pinterest!)

I recommend letting go of “women are bad with money”. Also, I believe that it’s healthy for women to get financially educated. No one can run away from the need to manage money these days. Not you or any other woman. Not if you and your family want to enjoy the convenience of modern day living. Instead of thinking that you are bad with it, change your perception.

In fact, as a woman, I feel that we have innate feminine gifts that can help us with great decision making. Read my Self-Discovery Journal for Women book to connect with your gifts. Gifts like intuition stand us in good stead. I’ve certainly make it a practice to apply intuition when making money decisions. It’s a learnable skill to draw on our gifts!

Finally, may I say that there is no shame even if you are just starting today with getting your financial affairs in order. I started learning the proper way late myself. In fact, the more attention we pay, the greater the benefits we reap. You stand to make a lot more than pocket change for shopping.

Money is not to be feared any more. View it as a friend to get to know. Become empowered around money. If not for yourself, do it for your children and family.

You can improve the quality of your life, by investing in your growth. Learn from mentors and how to better apply intuition. Growth of your money happens only when you adopt a growth mindset towards learning.

Love and abundance always,
Evelyn Lim
Abundance Life Coach

P.S. If you have enjoyed this post and feel that more women should read this, I’d appreciate if you can help share it on social media. Thank you in advance 🙂

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