Are you scared about having to depend on your husband, son or sibling for future financial support?
Well you donÔÇÖt have to be if you manage your current income well. Different women have different approach to money management. Some are more structured, and disciplined with good knowledge about how the investment market works, while others prefer to let their hair down and seek trusted advisors to manage their money.
DoesnÔÇÖt matter which category you belong to, itÔÇÖs important you develop consistent habits thatÔÇÖll make you financially healthy and happy!
HereÔÇÖs a peek into steady financial habits that smart successful women follow.
Work towards specific goals
Everyone sets several goals in their life. But smart women work towards measurable, feasible, specific goals. They rethink their budgets in such a way so that it will be aligned with those goals.
Build multiple income streams
To support the goals, they increase their earnings and divert the extra earnings to their saving and investment accounts. For example if they find that a portion of their home or any other property is idle, they rent/ lease it out for an additional income stream. Or if they have an extra skill, they leverage the same to boost their income.
DonÔÇÖt eat or wear it all
Smart women donÔÇÖt spend all their money on expensive dining, partying and shopping. They exercise discretion, save and then spend the rest.
Pay debts off
A smart lady always pays her most expensive debt off first. Paying interest for the debts costs one so much of money. Hence when you pay off debts first, it helps you save a lot of money in the long run.
Not always can we fight impulsive spending temptations. So shrewd women automate their accounts in such a way that as soon as their salaries are credited, the amount apportioned for investment automatically leaves into their respective accounts. For eg 15% of salary goes into the retirement fund, 10% into emergency account, 30% into spending account, and so on!
Use credit card wisely
Credit cards are a real boon when used wisely. But if you get reckless it will land you in insurmountable debt. Successful women are not necessarily risk averse but they exercise discretion about the kind of sensible risks they would take. They avoid the temptation to overspend by setting their credit limit in such a way that is easily affordable for them. They ensure they never just pay only the minimum repayments, as it will land them into the vicious cycle of more debt. HereÔÇÖs another important tip. During the rainy days, the emergency fund should be accessed and not your credit card.
Keep emotions out of money
Smart women try their best to keep stress, jealousy, anger, fear and sadness away while making financial decisions. Though money provides a certain amount of security, it doesnÔÇÖt always have to be the source of happiness. Secure, confident, savvy women find other priceless ways to make themselves happy.
So put into the practice the financial habits mentioned above and share your experiences with us!