Hello Reader,

I wanted to pop into your inbox to talk about a few common money mistakes that women make.
​

These are the types of things that can really stunt your financial growth.
​

The best thing you can do is save yourself from wasting precious time and money by learning from others and not repeating their mistakes.
​

Let’s get started with 3 of the big ones…
​

Mistake #1: Not negotiating salary​
​

Did you know that women earn up to 25% less in the same roles as men, mostly in professional and technical roles? It’s called the Gender Gap and is evident in every developed country in every industry in the world. The reasons for this are a whole other story… But if you’re curious about the reasons for it, this resource sums it up really well.​
​

Be that as it may, a ton of earnings are lost due to two key things within your control: Research and confidence.

​
​Look into sites such as Payscale to see what the average salary is in your role. Take into account your skills and experience and consider the rate of inflation. A 1-2% increase in your salary each year is not going to cut it.

​
​I would be aiming for a 3% annual increase in line with inflation + a performance-related percentage of at least another 3 – 5% annually. If you have been in your role for a long time and your performance has been above expectation, consider asking for a 10-15% increase.

​
​Find examples where you have added value and your successes in the role. And be ready to share them in your conversation when requesting and increase.

​
​Build confidence around the conversations necessary to make these changes. Role-play the conversation with friends and family. Troubleshoot the kinds of questions you expect to answer and go in feeling prepared.

​
​When I started out in my career I soon realised I was massively underpaid compared to some of my peers.

​
​When I confronted my personal demons around my self-worth and set supportive goals for myself, I decided to only accept roles that paid twice my current salary.
​With my reviewed money mindset I managed to increase my income sevenfold in 3 years. It is completely achievable once you know your worth.

​
​Mistake #2: Not compensating for the Super Gap

​
As if the gender pay gap wasn’t enough, women are also disadvantaged when taking time off to raise children with no super contributions during that time.
​

Additionally, the gender pay gap generally means that women also tend to invest lower voluntary contributions in their super.
​

What this means over time is that women are retiring on less money and are less confident about their financial security.
​

To avoid this, plan to bolster your super in the time you have off or to recoup that amount in voluntary contributions when you return to work. Also, take advantage of any employer or government co-contribution schemes that match your contributions or give tax concessions.​
​

Mistake #3: Not investing early​
​

Besides the Super Gap, have you heard of the Pink Tax? Not only are women retiring with less than men, but we pay about 7% more on products identical to men’s products. They're just targeted towards women. This means that we have less money to invest from an earlier age, generally unaware of such gender-biased marketing.

​
Add to this, women are statistically more likely to be risk-averse so these factors do not historically make for a savvy investor.
​

But times are changing and resources for personal investing are readily available. The best way to approach this is to look at investing from the perspective of your retirement. Review what you are investing in, tweak a few things if it looks like you’re not on track and seek professional advice if you need to. ​
​

I hope you have learned from these 3 mistakes – so you can avoid or fix them.
​

​Download my easy budget tool, based on the 50:30:20 method to instantly see room for improvement in your finances.​
​

I’ve seen women commit these mistakes and several others over and over again.
But the best time to make a change is today.
​

In my upcoming Mindful Money for Women, you will learn my proven tips and strategies to save you a ton of time, money and headaches as you embark on this journey to financial confidence and independence.

​

Learn more about Mindful Money for Women

​

Last but not least, don’t forget about our amazing weekly giveaway for

Mental Health Awareness Month!

Follow The Flourishing Life Project on Instagram, join our group on Facebook at

​The Flourishing Life Project to be eligible to win the Mood Management Kit,

valued at $169!
​

More good stuff coming your way soon!
​

In joy