How women do money differently

How women do money differently  - blog post by Award-Winning Financial & Life Coach Patti Fagan

Unfortunately, the traditional world of financial planning has done plenty to make women feel incompetent and clueless about money. From excluding women from important financial conversations to assuming women simply don’t care about money, the male-dominated financial industry has systematically put women off when it comes to money conversations.

Assuming that women don’t care about money is to be ignorant of the underlying issue around women and money. Financial security really is an important topic to women (just ask any woman about bag lady fears); but we approach finances differently than men.

Financial institutions are just now starting to recognize this difference between the sexes where money is concerned.

For women, making money decisions is an emotional process. For men, money is simply a means to an end, a transaction. They seek profit, whereas women seek opportunity to take care of themselves and their loved ones in creating financial security.

Since money is emotional for women, it can be an uncomfortable topic. What women really need is a safe space to explore their emotions and beliefs while making money decisions. They need to feel that they are not being judged for their money behavior, however irrational it might be.

If you’re a woman who wants to gain confidence with money, I believe the best place to start is to increase your awareness of your own money behavior, your habits, strengths and challenges as they pertain to money.

One area where I see women get stuck is in harsh judgement of themselves for not being better with money.

Women sometimes need to be kinder to themselves. Many times women don’t even realize how harsh they are on themselves around the topic of money until someone like me points it out to them. I like to encourage women to be more compassionate toward themselves.

I have found that women have a tendency to needlessly create a lot of drama around money. They become self-critical and tell themselves stories about being a bad person because they have debt or because they over-spend or because they feel clueless about money. This is what keeps them feeling stuck.

Instead, women can get to a place of forgiveness for the past money mistakes they have made, or for simply not being better with money.

It would behoove women to be curious rather than judgmental. From that perspective, they become more aware of their money behaviors so that the next time they feel compelled to spend money mindlessly, or avoid dealing with money, they can be at choice, which in turn breaks the negative cycle of their money story.

So ladies, stop beating yourself up if you’ve been avoiding dealing with money. Rather than avoid the topic of money, we women can embrace our unique (emotional) needs and approach to financial management.

Decide to take a stand for your financial security.

Choose to take charge of your finances.

Own your money power.

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