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Want to Manage Money Better? 7 Tips From Lois Frankel

Lois Frankel, author of Nice Girls Don’t Get Rich, offers money management tips that will help you pay off your debt, stick to your budget, and solve other financial problems.

“Many of the characteristics that make women uniquely feminine are the very same behaviors that prevent them from becoming financially independent,” writes Lois Frankel in Nice Girls Don’t Get Rich: 75 Avoidable Mistakes Women Make With Money.

Not only does Frankel list 75 money problems women have, she lists about 175 solutions to help women achievetheir  financial goals. Read Nice Girls Don’t Get Rich: 75 Avoidable Mistakes Women Make with Money if you struggle with money.

And, check out these seven money tips from Frankel…

Learn how to negotiate finances, purchases, and transactions

According to Frankel, men view financial negotiations as fun and exciting; women see it as scary (this isn’t true for me — I love to haggle, barter, and negotiate!). “Women don’t get as much as men because they don’t ask for it, and they don’t ask because negotiations make them nervous,” writes Frankel. Being uncomfortable with financial negotiation isn’t an effective way to manage money. To achieve financial goals, you need to prepare for every negotiation — whether it’s with a salesman for your car, a raise with your boss, or the amount you and your partner should spend on your next vacation.

Get everything in writing – and keep your financial records organized

To manage your money better, make sure you always get a written contract that stipulates the details of a sale, job offer, divorce settlement, family property division, or service contract. To manage your money better, make sure every financial transaction you make is in writing, signed by all parties.

Separate money from friendship or love

If someone you care about is in financial need, find ways to support him or her without giving away your money. Ways to help without offering financial support include help with resume writing, help with networking, cook dinner, babysit, help with paperwork. If you lend money, always write up a contract. Avoid sacrificing your financial future to take care of the needs or wants of others!

This money management tip is something women are prone to struggling with (letting their relationship get in the way of their financial decisions). If you tend to make “feminine” mistakes with money, read Why Are Women Bad With Money? 7 Money Mistakes Women Make.

Stop playing like a girl: play to win!

“If you’re not accumulating the amount of money you need to be financially independent, ask yourself why,” writes Frankel in Nice Girls Don’t Get Rich. “Are you better at playing the role of ‘nice girl’ than you are at playing the financial game?” Men are willing to win at all costs. “Playing like a girl” isn’t just a money mistake women make — it’s a barrier to managing money and achieving financial goals. There’s nothing wrong, illegal, or immoral about walking away a winner.

Need more money at work? Read How to Ask for a Raise at Work.

Shrug off social pressure

“One of the biggest mistakes I’ve made around money is allowing myself to be bullied into contributing to group gifts at an expense greater than I wanted to spend,” writes Frankel. Social pressure can cause us to spend more money than we have. For instance, buying a $100 gift because you know others will spend that amount of money can lead you to spend 10 times as much as you would have without the pressure. Learn to make financial decisions without being pressured by what other people think (it takes practice!).

Talk to people who took risks to achieve financial goals

Instead of striving to survive, strive towards financial abundance! Frankel encourages women to visualize being surrounded by money, wealth, and prosperity. Picture yourself paying off your credit card debt, decreasing your mortgage, investing in yourself, your portfolio, and your life dreams.

Choose a financial advisor carefully

Trusting the wrong person with your investments is a money mistake that affects your whole life. Don’t blindly trust anyone – a partner, husband, child, relative, or your best friend’s stock broker – to take care of your portfolio. When you’re interviewing potential investment brokers, ask for a free consultation, review their charges, and select someone with a broad base of knowledge.

What are your best money management tips? Comments welcome below…

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2 thoughts on “Want to Manage Money Better? 7 Tips From Lois Frankel”

  1. I was not able to effectively manage my money and investments before that;s why I wasn’t able to value it when I was younger – but I am very happy that I am doing well today. I let my kids learn to value money as well so that they would successfully make choices that will help them grow financially effective.

  2. Laurie Pawlik-Kienlen

    If you need to manage money better, spend as much time as possible with people who have good spending habits. Their habits will rub off on you! Conversely, avoid people who have bad money management habits.