10 Mistakes Most Women Do when Trying to Save Money

By Guest Author on April 21, 2025 in Money

“Necessity is the Mother of Invention” goes the saying, and there are no more proficient beings at saving on this earth than women.

Traditionally, women who were thrust into the workforce, with the death of the bread-winner, had to contain with low paying jobs. Stretching the penny was the way of survival for most of those women, mothers and their children. You might say that savings is in a women’s blood.

Unfortunately, these days of hardship we see similar situations. Even though women went in force into the workplace, statistics shows that women comprise a huge number of those laid off in the US in the last few years. So women again try to save, on everything - big and small - and are still trying to stretch the penny and make a little last for a long time.

However, women sometimes do make mistakes. And sometimes they lose sight of the big picture for its details. Knowing what are the mistakes most women make when trying to save money might save you a bundle as well.

If you really want to know where your money goes, use cash. No more “I’ll deal with it later when the bill comes.” No plastic and no cash equals no spending. Even debit cards don’t give you the real feeling of the money dwindling and how fast it goes. If you are serious about saving, leave the plastic behind. Especially if there’s a monthly charge on the debit card or on each transaction, as some banks in the US are trying to implement.
Buying expensive clothes for the kids. It is tempting to give your children the best, but you are spending money on something they will most likely outgrow in a few months. There is no point in buying clothes that are a few sizes too big so they will last them a long time. It will never look good. Either it’s too big when you buy it and too small a few months later. When children are involved, it’s best to buy cheaper clothes that fit well and buy them more often. When they outgrow them you can always donate the clothes for some worthy cause. It’s a win-win situation.
Spending lavishly on birthday parties. This one also goes into the category of giving your kids as much as you can, sometimes more than you can. The birthday party is meant to celebrate the birthday, not entertain all the kids with rides, clowns and magicians. The child will have fond memories if it’s done all heartedly even without breaking the bank.
Not thinking of all the cost of the coupon you are holding in your hand. Coupons are very tempting. They are a piece of paper that can save you money. But is it still cheaper in the far away store? Think about the gas and the time you spend getting there. Is the coupon big enough and will cover these costs?
Shopping, even for groceries, without a shopping list. Especially if you do it on the run, whenever you have time between your job, kids’ activities and the needs of the house. Today it’s easier than ever to keep a list with you, on your cell phone, so you’ll have it handy anytime you have a moment to shop. This way you’ll shop for what you need and not what your hungry tummy tells you you need.
Spending too much money on groceries you don’t actually need, just because you have a coupon or they are on a special sale. Coupons save money for sure, but turning them into your main occupation can hurt you in the long run. Make sure you don’t end up with a lot of products you don’t need.
Too much fast food. What is too much? When regular meals at home turn into unhealthy habit of getting fast food. Did you notice your bill when they ask you “Do you want cheese with it”? You are being charged extra 50 cents for the piece of cheese you don’t really need. Fast food is a convenient solution for working mothers, but the amount the kids spend on those giant sugary drinks accumulates.
Giving a small allowance to the kids and paying for everything else anyway. Some parents think this is the way to save money for the kids, by putting each month some money aside in a savings account. Although highly recommended, it will teach them nothing about savings. Instead, think about giving you kids a higher allowance and encouraging them to save part of it. If they want a specific toy, you can teach them how to save up for it.
Shopping for clothes, shoes or handbags etc. should not be considered therapy. Buy what you need, and don’t use shopping as a reward or compensation. Those bills accumulate and you end up with a lot of clothes you can do without. If you are trying to save money find other alternatives to reward yourself with.
Trying to compete with the Joneses. Buying things you don’t really need, for them to serve as a status symbol. Or buying cheap knock-offs, just to ‘look good’ and have them break apart after a short while. Leave the competition to others. Be your own responsible person.

These are the most common mistakes women do when trying to save money. Avoid those and you’ll see that all these ‘pennies’ tend to accumulate into savings.

About the Author: Ally is part of the team that manages successful personal finance websites in Sydney, Australia, which provide useful tips about Budgeting Worksheet and Saving Money Fast. Before joining the team, she was a Media Planner in McCann Worldgroup Philippines, Inc., wherein she had the opportunity to work on several innovative and globally recognized outdoor advertising executions.