Some women are in charge of the household budget – and prefer to keep it that way – while other ladies delegate the responsibility of managing household finances to their significant other.
Regardless of whether you’re a single woman who’s steering your own finances, or are running an entire family budget, you might run into some embarrassing money issues at some point. There are awkward and embarrassing money issues that affect all of us – both women and men alike.
But certain personal financial challenges are more likely to strike females. Fortunately, there are several things you can do to solve common money issues women face. Here are some solutions to three common embarrassing money issues women often deal with:
Problem: Running out of money before a special event
You’ve been invited to a wedding, a girl’s night out or some other special event where you’ll need to purchase a gift or buy yourself a new outfit. The only problem is, you’re out of cash until the next paycheck arrives – and that’s not for a few weeks. If you already RSVP’d and there’s no way to back out, you still have options.
Solution: Thank the host for the invite, and let them know that their gift is being shipped to them after the event. Most hostesses will be more than grateful that you even thought of bringing a gift, so you can just make arrangements to have the item sent to their home or office at a later date.
Still need something fabulous to wear to the special occasion? Turn to close friends or a relative to borrow an outfit for the event. You might need to plan ahead to make this work, but at least you won’t have to miss out on the fun!
Problem: Maxing out your credit cards after an emotionally-fueled shopping spree
Retail therapy, admittedly, can give you that temporary mood boost (Wow! I scored such a great deal on these shoes!) and even relieve stress in the short run. But in the long run, maxing out your credit cards — and trying to pay off the resulting bills — can put you in a serious state of financial distress.
If you’re like most women on a shopping spree, you likely made a few impulsive buys and may not have even considered comparison-shopping.
Solution: Round up all your receipts from the shopping spree, and take a close look at the prices of each item. Was it really worth it? Probably not. Could you have waited for a better deal? Probably.
Now ask yourself this: How many of these items do I really need right now or this season? Prioritize your purchases, then return any items you don’t really need right now. Your charges will be refunded back to your credit cards, and the statement credit for those refunds will likely show up in the next credit-card billing cycle.
Also, to avoid emotional spending in the future, read these tips to learn how to create and stick to a budget; this advice on how to stop being a shopaholic; and this free online version of my book, Zero Debt, to help you eliminate credit card debt.
Problem: Your date can’t cover the bill
You’re out on a first date and having a great time. When the bill arrives, your date insists on taking care of the bill. However, his only credit card gets declined and he didn’t bring cash – at least not enough to cover the entire bill. There’s also no ATM machine in sight.
Solution: Be gracious and offer to pay the bill – or to take care of the portion of the bill that your date couldn’t cover. Keep any grumblings or negative feelings you may have about the matter to yourself, and avoid making a scene at the restaurant. Nothing good will come of that and your date is probably already feeling completely humiliated. Plus, if he’s half a gentleman he’ll definitely offer to repay you immediately. If he doesn’t, and you think he’s just financially irresponsible or a moocher, you always have the option of saying “no thanks” to a second date.
But who knows? If the guy turns out to be “Mr. Right,” what started out as an embarrassing money issue could make you both red-faced with laughter years later as you tell friends, family — or even your kids — what happened on your memorable first date. Lynnette’s article originally appeared on DailyFinance.