The history of women has evolved as we continue to prove our worthiness and break out of traditional roles. The many Women liberation activists have significantly impacted overcoming suppression and inequalities—some of those fears that we encounter as women still present themselves even with our finances.
To get past the doubt can be a challenge. As we look to many women that have become successful, we can only hope to wonder. How did they do it? Best to believe everyone has doubts and hard times, man or woman. The best way to make changes that stick is by creating habits. The list of practices I will be sharing is known by a lot of successful people today.
Becoming Financially Savvy
I’ve always loved the word savvy. It feels very sophisticated and knowledgeable. Savvy makes me feel unknowingly having the wit to know how to accomplish anything. So what does it mean? Most of the definitions summarize it as the ability to make sound judgments. Now add the word “financially” combined with making good judgments. Does it sound something you would like to master? Are you ready to start making better judgments, oops I mean habits?
Beginning with habits, it’s always good to make sure you have a systematic approach. Many habits I’ve tried and failed but I started again. I enjoyed sharing the ways to make habits successful, which you can read about it more below.
Many other Good Habits to try
- Make Habits out of Great Goals and Sticking to it
- The Habits of the Rich to help you save money
- Stop These Bad Money Habits if you want to save your Money
Habit #1 Positive mindset
A positive Mindset, in my opinion, is the most important habit. I just had to make this tip number one! We live in a world that has a lot of comparisons, especially between us women. After all, the comparisons and judgments are easy to develop doubt, as we explained before. These negative emotions can come out of nowhere, even if we know they are not true. No, you can’t do it? Why are you doing this when others can’t? Who are you to prove this can be done? You female, a mother, a minority…all these obstacles.
It seems a tired song to say to think positively, but it’s helpful. Doing it on purpose and being consistent will change your outcome. When you start to think the worst, first accept there is a reason for everything. There’s either a lesson or a cause for redirection. Secondly, think of something positive, a thought of gratitude, or visualize you accomplishing your goal.
Habit #2 Knowing when to say No
The word NO, something we have been stereotyped to have the most difficulty saying. Why women sometimes second-guessed for a leadership role. So why can’t we learn when to say No? Is it our feminine way of best modest or not allowing someone to dislike us what I would like to call the buttoned lip? Release your resistance and no when to say No! Even if it’s to a person or a temptation.
Most women are known for having intuition and can make intuitive judgments. Before making a decision, it’s ok to level things out. If the answer is disagreeable, disagree. The best way to assert yourself and be an independent woman is to be confident in your decision. You don’t have to apply for a credit card to get a discount on one purchase. The invite to go party out with your friends can wait into your in a better Financial place. I know you might have initial guilt but replace it with an assurance of really getting to know yourself. After all, how are you going to know what you want until you establish what you don’t like?
Habit #3 Continuing to educate in Finance
Once you begin your financial freedom journey, you will get this immersed feeling of getting more knowledge. When I first started my downward spiral of debt, I needed answers. Reading is the best way to learn more about finance. Financial literacy helps many people develop skills to better their money situation.
Successful women build their empire with continued learning. Ever since I’ve continued to read, I feel more confident in my financial decisions. Most of all, my articles are based on what I’ve read and learned. It’s always good to continue to educate yourself. You never know what other ways you can change something that was a struggle. A lot of successful women read to stimulate the mind and to share knowledge.
Habit #4 Saving like a Millionaire
I’m a Millionaire! Feels great to say it. Just close your eyes and say it but now think it! How does one save like a Millionaire? Many of our thoughts starts materialistic. Material things like the house, car, and of course, the purse. All a bunch of nice things. Entirely, on the contrary, the average Millionaire has always been a saver. If you want to save like a Millionaire, this means living more simply, less of the flashy stuff.
Some might ask: Can I ever buy nice things? Yes, you can, but the difference is that you have to save for it. Similar to saving for a car by putting the money aside or cutting back on other expenses. Saving includes not spending money on unnecessary stuff. Starting with extreme discipline by saving every time you get paid. The best way to quickly build up the savings is to start to save 10% of your income. Every year increase it by 10% until you’ve reached 50%. Its alot of hard decisions involved in savings. You don’t want to regret not starting now instead of racing to save for retirement. Once you get to your saving amount desired, you can decrease the percentage. I call this the race to win!
I’ve written a ton of articles on saving money techniques. Do you need to help with saving money? Get some inspiration below
- 31 Money-Saving Days Hacks and Challenges
- How much should you REALLY be saving every month?
- How to start a Saving Money Challenge and commit
Habit #5 Emergencies fully Funded
What is an Emergency Fund? It’s saving for what we call “A Rainy day” You never know when you might have an Emergency. There can be a job loss, or you could have gotten hurt and might have to take extended leave. It’s hard taking from your savings for these unexpected occurrences. An excellent habit for success has an Emergency fund fully funded. If you don’t know how much to save, $1,000 is what most recommend. Eventually, you want to have 3 to 6 months of expenses saved.
If you ever need to take from this fund, you start over by transferring money to your savings to fill it back up. When you’re successful, money trouble will be the least of your worries. The Emergency fund will give you the confidence that you need to take care of any issues that arise. Imagine how much less stressful would you feel if you knew that you always have a backup plan.
Habit #6 Dealing with Debt
As much as you can stare at it and wish for it to go away, it won’t. Well, at not least right away. Most debt in collections can stay on your credit for a minimum of 7 years, depending on your state. So as you are wishing, the best thing you can do is deal with it. How does a person that has it all figured out how to deal with debt? My first tip is to make a plan of action. As it’s impossible to get everything right, at least what you can do is have a plan. Stop hiding from collection calls, notices, and to top it off your credit.
Pull up your credit report and list all your debt, smallest to largest. Take the time to include past due bills that you have fallen behind but have not gone to collections. Closed accounts may not on your report yet, but it’s just a matter of time. The best thing we can do is address them during which they haven’t reported. First, tackle the ones that are not on the report. The credit reported accounts have already done their damage, so don’t worry about these just this moment. Call all the creditors for the bills that have not been reported and see if you can do a payment arrangement or a settlement.
As for the ones on the credit report, start with the smaller ones, and work your way up. Schedule time to contact each creditor to see if there is a settlement amount to rid the debt. Write down the amount and if a time limit on the settlement for payment. After you are done contacting each one, write not the newly revised amount next to the original on your list. I have a sinking fund labeled debt, so every payment, I send over small amounts to fill the fund. Once I’ve reached an amount equal to one of the accounts on my credit report, I make the payment. Every month I serve with this sinking fund until I reach my goal of no debt.
Habit #7 Controls impulse buying
You can’t keep up with the habit of saving money if you have no control over your spending. Many women will call this impulse buying, and yes, we are known for being guilty of it. When you have goals to be successful, buying for feeling takes second; buying for worth and quality is smarter. Don’t think that it’s the thought of having the stuff to be fulfilled; financial security is a better fulfillment. Just think you will always keep buying more things because there is still something you don’t have that you want.
The best thing to do if you must buy something is to set aside a personal allowance every paycheck for stuff you want. If it’s a larger priced item, save for it over time, then buy it. Always purchase things after looking for discounts or coupon codes. Pick out the best season to purchase larger items when they would usually go on sale. For example, buying an air conditioner in the winter season, odd but confirmed that it would be less costly. Lastly, don’t shop to put yourself in a better mood; find free alternates, and then shop when you are in a better place.
Habit #8 Tracking Income and Expenses
If you want to be successful with money, tracking the incomings and goings is the best thing. Budgeting monthly is the way you keep track of your money. Expenses trackers work better as it is a list of all your expenses. Reviewing the list gives an idea of what categories you’ve spent the most money on. Create a solution to align with your personal goal in finances. If you noticed that you are paying more than you should for groceries, make a goal to shop for more sales.
There are money ways to track expenses; now, we have apps and software that can track and sort them. Take the time to see what is more useful or something that would have your attention. Is your life super busy? Try looking for a phone app. Are you more of a pen and paper planner? Purchase a planner or journal to make a list of expenses. Highlight similar categories and review each month. Whatever your preference is, commit always to check where your money is going.
Habit #9 Setting Financial goals
How can you work towards any success without having a goal? Everyone starts somewhere in the beginning but following a path leads them to where they wanted to be. If you’re going to achieve financial freedom, then let that be your goal. Breakdown, your goal into smaller goals, be specific, give them time limits and dates. Even a great plan can change sometimes. Always review where you are and make adjustments. The important thing is to not give up even through struggle, analyze the situation, and see if you need to change it. Becoming a master of your money is a very long road; that’s why I need to have a goal. Goals inspire me and remind me of why I need to take action.
Habit #10 Balance work and Family
Women can have a lot of plates to carry, especially if they are a parent. An All-time questioned the subject is how to balance work and family life? To the women that have mastered this, we are all scratching our heads, trying to figure it out. The main tip that I’ve received after reading other articles and studying known Women in business takes time. No one solved their time management overnight. Finding what works for everyone is not that simple; it’s better to find what works for you.
Next, you create a schedule based on the time you want to be available for your family. By making a schedule, you advise when you are at work versus when it’s time to be with family, being present. Speaking of being present: a balanced life also means giving yourself days off. The time benefits you and your family. Once you are spending time with them, you will feel more energized when you do return.