From the day we receive our first pocket money, we are given a small piggy bank to teach us the importance of saving money. These small habits that are basically the habits of financially smart women if inculcated in a long term make you financially successful and ready for any financial emergency that may come your way.
Women need to be smarter as they obviously have more expenditure and all of us might not be the bread winners, but we all can be smart savers. But, the question arises, what are the habits that all financially smart women share? Have a look:
1. Start saving as soon as you can and take up the habits financially smart women
Start saving early, say when you are 20, don’t wait till you are 50, the earlier you save, the more you have for your retirement
2. Plan your budget for everything and stick to it
Make a budget and stick to it, suppose you want to spend 30,000 rupees in a month on everything, keep 5000 for clothes, 10,000 for groceries, and 15,000 for all the miscellaneous expenditures and bills.
3. Splurge!! But on quality
Make sure everything you buy, is of a good quality, so that you don’t spend your hard earned money on the same product again and again. Also, make sure you buy the things that you need. Avoid useless expenses.
4. Know your worth, and ask for it
It’s not all about saving but earning too, earn what you deserve, don’t get down paid and don’t let anyone take advantage of you for being sweet. If you are doing a great job, let your salary reflect that.Here’s where you can learn more about it.
5. Have some self-restraint: Best habit of financially strong women
Know what to buy and what not to buy, an extra pair of boots or a purse might not be a required investment. It’s never a good idea to spend all your money trying to copy someone else’s lifestyle whether it suits yours or not.
6. Set realistic and smart financial goals and work for them
Set goals that are specific, measurable, actionable, realistic and achievable. For example, buying a new property over the next two years, or planning a trip to the Maldives in the next year.
7. Don’t take debts till you really need it
Taking a debt is easy, re-paying them is not. There’s always an interest rate added to the core amount that you will have to pay. Every cash crunch doesn’t call up for a new debt.Know why we are telling you this
8. Make your money work hard.
Invest your money for the long-term and never time the market. In order to increase your wealth, you need to invest money in products that will give you a good return on your investment. Building wealth takes time and so you should not just let your money sit in low-interest savings accounts.
9. Always on a lookout for new ways to earn
It is always good to have a little extra side cash, with increase in the online earning opportunities, it is a smart idea to work and find something that suits you and adds in your financial value.
10. Believe In Giving Back
Know that the totality of your finances includes being generous with your money. Always believe that it’s not about the amount you give, but the art of living a generous life, that will lead to happiness. Be it a charity, or your domestic help’s family.