Our 4 Biggest Money Mistakes – And How to Fix Them
As told by Certified Money Coach, Women’s Network Australia Ambassador for Finance and Financial Capability, and Founder of money strong, Marion Mays
Money mistakes. We’ve all made them.
Whether it’s overspending, avoiding financial conversations, or leaving investing to someone else (or no one else) – these choices aren’t just isolated moments. Over time, they compound into habits that hold that have real life outcomes.
As a Certified Money Coach and the founder of money strong, Marion Mays has seen these mistakes play out in the lives of hundreds of women. The patterns are familiar – but they are fixable.
This article forms part of WNA’s Financial Capability & Security content pillar—one of three strategic focus areas driving impact in 2025.
Let’s dive into the top four mistakes – and how you can start to course-correct today.
Money Mistake #1. Not Talking About Money
This is the quiet killer.
Most women were raised to believe money is private, taboo, or something ‘good’ girls don’t talk about. We don’t talk about it at dinner. We don’t ask others what they earn. We don’t discuss financial stress with friends. And so… we silently struggle.
Fix:
Start the conversation – even if it’s awkward (it probably will be!).
Use hypothetical scenarios with friends like – at dinner do you think we should split even, pay for our share or do you have a better way – this will open a dialogue.
Tell your sister about a financial win you’ve experienced.
Mention a money mistake you learned from (you never know what someone else can learn too).
Money gets easier to manage when we stop doing it alone.
Money Mistake #2. Avoiding Investing
Too many women delay investing because they feel it’s too scary, too complicated, or “not their thing.” Often, they leave it to a partner – or avoid it altogether.
Women often continue patterns of thinking about investing as ‘something men do’ or ‘only rich people do’. It’s narratives like this that prevent women from even learning about how they could start investing.
Avoiding investing is costing women tens of thousands (if not hundreds of thousands) over their lifetime.
Fix:
Start small.
You don’t need $10,000 and a broker to begin. $5 a reputable micro-investing app is all you need to begin.
Use a micro-investing platform (there are so many now days) and get comfortable with the basics.
A $1000 initial deposit, then $50 a week over 30 years at 8% is $360,000 saved, and wait for it $1130,856 in compounding interest giving you a nice little nest egg of $1,490,906 WOW
Money Mistake #3. Not Paying Yourself First
Women especially self-employed Women, often pour money into everything and everyone else first – their business, kids’ sporting activities, groceries, monthly bills, business expenses etc. But they forget to prioritise their own security. The national average wage is $103K , keep that number in mind if you are not paying yourself
This is regularly the scenario women fall into on autopilot and then if a marriage breakdown happens, the woman is very often left alone, with very few resources to call her own.
Fix:
Reverse the formula.
Before you pay anyone else, allocate money to yourself – savings, super, investing.
You are your most valuable asset. Treat yourself like one.
Money Mistake #4. Not Having an Emergency Fund
Life happens. Illness, job loss, unexpected bills, a relationship breakdown. Without a financial buffer, many women find themselves stuck in unsafe or unsustainable situations.
An emergency fund is the difference between staying in a toxic workplace or being able to quit and find something better.
A financial buffer means having the means to pay for a private medical specialist on that worrying lump you’ve found, instead of waiting for the free consultant in a months’ time.
A money safety net could mean being able to walk away from an abusive partner, instead of being stuck in a dangerous situation with no options available to you.
Fix:
Ideally, set up two funds :
An emergency fund (start with $1,000 then build it for lifes unexpected emergencies
A “income safety buffer ” – start with a month’s net salary, then build to 2, 3,6
Financial security is about more than comfort. It’s about freedom and dignity.
WNA is proud to be pioneering real-world programs—not just content—that address women’s financial gaps in a way that aligns with lifelong learning and supports holistic wellbeing.
That’s where the Bridge Your Money Gap Program Comes In
At Women’s Network Australia, we know these mistakes aren’t because women are bad with money. They’re more often because we were never taught a better way.
That’s why we created Bridge Your Money Gap – an exclusive financial education program for WNA members that addresses the emotional and psychological relationship we all have with money, as well as the financial literacy we all truly need to make informed decisions, but its even more than that, it’s the implementation so you know how to do , with real like mentor support.
In Module 1, you’ll unpack your money story and build self-awareness.
In Module 2, you’ll create a values-based spending, savings and investment plan
In Module 3, you’ll learn the basics of investing, wealth-building and long-term security.
This program has been tried and tested over a decade with consistent incredible results that lead women to financial confidence, capability and security – something we all want
Final Thoughts
Mistakes are not failures.
They’re feedback.
They’re invitations to choose again – and choose better.
If you’ve recognised yourself in any of these, you’re not alone.
But you are capable of change.
This is part of WNA’s ongoing mission to change the statistics one woman at a time—through education, wellness, and practical financial empowerment.
Want to get started?
Join Women’s Network Australia and access the full Bridge Your Money Gap program today.
Start here: www.womensnetwork.com.au not sure if you have a financial gap and want to get clarity, take the money strong gap scorecard to understand where you may need support.
