Budgeting is so rational. You merely have to calculate how much you want to have at retirement, look at the number of working years, and save a certain amount per year. Voila! Financial brochures make it look so darned simple - you must be the only one not doing it.
Unfortunately, life, and the human psyche, get in the way. Most people blow their budget at some time - or all of the time. These last few years has taught us we need to save a bit more, and live a little more simply. But the budget behaviors that work for one woman, won't work for another. You need to understand your own money triggers and how to combat them. Budgeting is not, as the industry would suggest - a "one size fits all".
For instance, if you like to keep up with your neighbors and girl friends, you may not have budgeted for the iPhone, or iPad updates every year - or the pencil skirt suit for this season. Your money mischief is coveting the latest and greatest - and always finding a reason to justify it.
Of if you're more of a bargain hunter, the last two years have just presented way too many good deals that you couldn't refuse. You'll probably never get those prices again, so it makes sense to buy now and start saving next year. Except that you love the chase - the deal - and you'll find new bargains next year you can't refuse. This is your money mischief.
So if you're one of those women who bought a budget book and left it sitting on the night table because you just couldn't find the energy - that's ok. It's just not your way. If you're a woman who has never even thought about buying a budget book - hopefully you'll at least read this blog - because prince charming just lost a lot of his fortune in the market. Thanks for reading.
Information shown is for illustrative purposes only and is not intended as investment, legal or tax planning advice. Please consult a financial adviser, attorney or tax specialist for advice specific to your financial situation. Behavioral Cents, LLC and any third parties listed, linked to or otherwise appearing in this message are separate and unaffiliated and are not responsible for each other’s products, services or policies.
Carrie Rattle is Founder of BehavioralCents.com and a veteran executive of financial services. She works with women to build money confidence and change their money behaviors for the better - without deprivation. Instead of simply telling women what to do, she helps them fight the tide of daily temptation to reach their dreams. Women gain control and feel comfortable making their own wise money decisions. Thoughts always welcome: email@example.com.