Women and Spending: Developing Good Money Mindsets

• • • I’ve found that women crave security and in their quest for financial security they often experience guilt about spending money on their “wants.”
    • I teach women to ditch the guilt and to give themselves rewards, when they’ve done good things with their money, as long as they have a plan for funding the purchase.

• • • Buyer’s remorse can haunt a woman who makes significant purchases without a plan.
    • By being proactive, (in other words, having a plan for future purchases), whether it’s a splurge or a necessity, helps eliminate buyer’s remorse and impulse purchases.
    • The underlying emotions of buyer’s remorse are guilt and fear, which can hold a woman back from enjoying the finer things in life.  
    • It’s important for a woman to have clarity about her financial position and an understanding of how decisions today can impact her down the road.
    • My advice to a woman on the fence about making a big ticket purchase is that it’s ok as long as she has confidence that the purchase won’t derail her from her long-term goals. 
    • If you’re unsure if you should buy an item do a self-check. Ask yourself why you want it? How will it make you feel? Will you regret your purchase? If you decide you no longer want it, could you sell it and recoup some of your money?

Interview: Melissa Myers.

Melissa Myers, CFP® is a heart-centered financial planner and typically works with women who are solely responsible for their own financial future. She helps them align their money with their values so they can live their ideal lives and be a blessing to others.  Myers is a business owner, co-founder of Kar-Mel Financial Planners, creator of Sunkissed and Blessed lifestyle brand, and has been a featured guest on podcasts: Diary of a Small Town Girl and Casa DeConfidence.

Melissa is passionate about empowering women with money and is also the bestselling author of Going Rogue! Unconventional Financial Strategies for Women.