I’m a Money Coach, And These Are The Most Common Money Mistakes I See People Make





In my work as a money coach, I’ve noticed a number of money management patterns among my clients. It’s incredible how similar we all are when it comes to our finances.

I’ve pulled out the top 10 money mistakes I see regularly with the aim of making you feel like you’re not alone in this.

So here goes!

Not having a budget

The b-word gets a bad rep in my opinion. Some people see the word budget and immediately freeze and panic, or reject the idea for fear it will limit them in some way.

I guess I feel the same about dieting, which is why I eat intuitively instead.

It’s the same with budgeting. Call it what you will, but a strategy for spending your money means that less of it is wasted, and more of it is put on the things you actually want and need.

Not knowing what they want

At the start of coaching, a new coaching client has a number of forms to fill in, including one that asks about goals and dreams.

Invariably this is left blank.

And this isn’t just a female phenomenon. Research raised by Aegon demonstrated that 70% of people don’t have a financial plan because they don’t know what they want. If you don’t know, how can you expect your money to get it for you?

Not communicating with their partner

This is a big one, and also one of the most satisfying to help. It comes down to courage and how safe someone feels in their relationship to reveal what’s going on. Not everyone feels ready at the start to come clean to their partner, but with a plan in place to pay off debt, or clarity over their numbers, it helps clients to open up to them.

Here’s a quick tip: If your partner operates in more masculine energy (any gender can operate in the masculine), then it helps to have data to hand when discussing your finances. This helps to talk about money without emotion, and brings across what you’re trying to say with more clarity and directness. Booking a time often helps too, because trying to have a serious conversation while they have one eye on something else serves neither of you and opens up room for miscommunication.

Not tracking their income

This one is especially true for business owners, but anyone with multiple streams of income would be served well to track what’s coming in. Showing gratitude for every £ and $ that enters your life paves the way for more. Start noticing your income and the value of freebies, gifts, coupons and discounts that show up for you – it’s all abundance coming your way!

Not reviewing their expenses regularly

Like budgeting, this is a task that just needs to be done. It’s amazing how much money you can save by switching between service providers when things come up for renewal. You don’t always have to change, but if you don’t mind, then save yourself some money! Loyalty very rarely rewards. Even if you think you’re good with this, it’s always a good idea to check every 6-12 months.

Not investing money

Most women I see have not invested anything in the stock-market. This is sadly all too common. Just 10% of women have a stocks and shares ISA in the UK, favouring instead the cash version. There are a number of reasons, but a desire for more ethical investing, lack of knowledge and lack of time to learn what to do all play a role. Yet the irony is, women tend to outlive men and need MORE money in their pots not less. The good news is that you don’t need huge amounts to get started, and you can invest more as you gain confidence and understanding. It’s an essential skill that I believe EVERY woman needs to know.

Not working on their money mindset

Money is a proxy for how we do life. If money stresses you out, ask yourself – “what does this remind me of?”. Often we can draw parallels with other parts of our lives and our money personality dictates a lot of how we’ve been showing up around money.

Working on your money blocks is an essential component of long-term wealth creation.

Not having a will or LPA

This is pretty self-explanatory and very very common. Do you have a will? I would certainly recommend getting one, especially if you have children or plan to one day. Keeping an up-to-date will reduces friction among family members and makes your wishes crystal clear after you’ve gone.

A lasting power of attorney is a legal document that enables someone else to take care of your finances if you’re incapacitated for whatever reason. It’s absolutely essential, because without it, no one can do anything about your finances without costly legal bills and time spent in court.

Not knowing their pension details

Having a pension is incredibly important!  Having a “future you” fund means that one day you can give up work if you want to. Gone are the days of workplace pensions that see you through to when you die – if you want to quit work one day, you need to make sure you make provisions for it. This is no time for complacency.

Find out what pension provisions you have and take action to ensure you’ll have the amount you want for your future plans.

Not making time for their money

I know that women are busy. There’s a lot that needs to be done in a day, and this mental load holds women back. However, money is important! Dedicating some time to learning about money and taking action is important to keep sacred. This is the only way to turn things around.

Final Thoughts

I hope that after reading this list you don’t feel so alone. I certainly see my past self in a lot of the mistakes my clients make. All is not lost though, it can be turned around.

Now over to you. Which mistakes are you willing to change? Let me know in the comments.

And if you’d like to work on any of these 10, join me in The Prosperity Plan Academy!

Bye for now,




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