Does personal finance for women differ from mainstream money advice? And what do us women need to do in order to be financially secure both now and in our later years?
GET REDEEM CODE >>I have been interested in finance for a very long time but it took me years to start investing and controlling my money. And I don’t mean 2 or 3 years.
GET REDEEM CODE >>Many personal finance blogs seem to be written by men for men and aimed at those who earn six figure incomes who are happy to consider throwing all their money into investments that others may think a little risky.
Where’s the financial advice for women who are juggling work, kids, childcare and home life? They don’t have the time or inclination to be reading company reports and researching investment fund managers.
GET REDEEM CODE >>Something I do agree with personal finance experts on though, is that we need to start.
Start learning, start saving, start budgeting. Not put it off for another few years like I did because it all seemed a bit too hard.
When you strip personal finance for women back to the basics, it’s all about creating a few good habits.
Nothing fancy, nothing hard or too technical, just good money habits that you are clear about sticking to.
These are the money habits that wealthy women have embraced and made their own. So can you. Remember, nothing hard.
Many of us have money blocks that hold us back, we think about money through a distorted lens. Not dealing with the mindset blocks we have about money lead us down the path of bad financial habits.
Good financial habits are not something you should put off until you think you have enough money. We never have enough money, or so it feels!
Embracing habits that other, more wealthy women have will help you improve your financial situation in the short term and long term.
Set Realistic Financial Goals
- Dream big
- Set some realistic goals
- Set short term and long term goals to achieve better results
- Define a time frame to achieve your goals
Without goals, you only have a vision. You need goals and some money rules to guide you along the way.
The second part of setting goals is working out the steps to achieve them. This is where being SMART with your goals is key.
I know SMART can be very much over used when talking about goals and targets but today it really is relevant. Remember SMART means:
- Specific
- Measurable
- Achievable
- Realistic
- Timely
To make your financial goals a reality, and not just a dream, you need to be as specific as possible.
Pro tip – when you are creating your action steps to achieve your goals, remember to focus on the realistic part. You can live on rice and beans for a short time in order to save more money, but is that realistic long term?
Don’t Procrastinate
Procrastination can be one of the biggest hurdles in achieving any of your goals.
If you keep delaying your money goal plans, you will never be successful at saving money for your needs and desires.
I am the world’s worst procrastinator (or so I tell myself) and as a result it took me too many years to be conscious of the need to know about personal finance for women.
I struggled with each paycheck until I eventually got my act together and stop putting off the things I needed to do to improve my finances as an independent female.
If you want to achieve your goals, stop procrastinating. Easier said than done I know, but taking even small steps initially will help build your confidence and ability to keep going.
Live Beneath your Means
I know everyone has dreams of a luxurious lifestyle. But if you don’t earn big bucks, you can’t spend big bucks (not without getting a ton of debt). We can dream a little though, right?
Whatever your earnings are, try to assume you have earned a little less than the actual amount and aim to live on that instead.
For example, if you receive your paycheck of $1000, consider it as $800 only, and put the excess amount into your savings account.
This way you will not spend all your hard earned money on unnecessary things and will be able to save something towards your future expenses.
Living below your means is one of the best and practical personal finance for women habits you can embrace.
Avoid Using Credit Cards
Credit cards can give you rewards and even cash back for using them. But these benefits are there for a reason: to make you spend. More than you planned.
If you do nothing else then please, don’t use your credit card unless you can pay it off in full every month.
When you own multiple credit cards, you tend to spend the money from your future earnings. It’s too easy to spend the money that you don’t have yet. Because you can.
