We often discuss successful women, and in this post, we’re focusing on the habits of women who always have money.
And yes, you can be one of them too!
They set and meet financial goals
Dream. Set Goals. Achieve. Repeat.
Set short-term and long-term goals.
Set your goals to be achieved within a specific timeframe. When you have a plan of action, it’s easy stay focused. This will help keep you disciplined.
They know how to motivate themselves
Positivity is something we all need more of, especially in today’s often cynical world.
Stay motivated, even on days when you can’t quite meet your financial goals.
Think happy thoughts, stay inspired, and remind yourself of motivational quotes each morning. Surround yourself with people who share uplifting, positive content to keep your energy high and your mindset focused on success.
They know how to set and keep a budget
Set a monthly budget in advance and stick to it as much as possible. This will help you manage your finances effectively and prevent overspending.
On a smaller scale, consider setting a daily budget as well. This can help you stay on track and resist the temptation to spend impulsively, like splurging on weekend nights out, ensuring you live within your means.
They can differentiate between ‘needs’ vs ‘wants’
Separate your needs from your wants. While you might have your eye on that Chanel bag, ask yourself—do you really need it?
Make it a habit to evaluate whether something is a necessity before making a purchase. This will help curb your spending and prevent impulse buys, like shopping on a whim or heading out every weekend just because you’ve had a busy week.
Learning to mentally say no to things that don’t fit into your daily or monthly budget is a powerful way to stay financially disciplined.
They save like a boss
A smart approach is to divide your paycheck into three parts—not literally, but in a more abstract way.
One-third should be allocated for savings, while the remaining two-thirds can cover your expenses and investments.
If you prefer, you could even split it into four parts, setting aside one portion as an emergency fund.
To make it easier to stick to your savings goal, consider opening a separate bank account for your savings so it’s not as accessible.
They invest
Invest in stocks, mutual funds, gold—whatever works best for you, but make sure you invest!
While you might not see immediate returns, over the long term, your investments can grow significantly. Whether it’s for future medical expenses or as an emergency fund, allowing your investments to grow can provide a strong financial safety net.
Let it grow, let it grow! (Cue singing in Elsa’s “Let It Go” tune from Frozen!)
They keep a personal ledger
Maintain a ledger book to track your income and expenses. This will help you see where your money is going and give you a clear picture of your financial habits.
By analyzing this information, you can make informed lifestyle changes to better manage your money.
Alternatively, you can use personal finance apps on your phone, which offer the same benefits and allow you to easily track your finances on the go.
They prioritize tasks
Here’s a helpful tool/activity that can make a big difference.
At the start of each morning, or even the night before, list out your tasks for the day (or the next day). Next to each task, assign a priority level from 1 (top priority) to 5 (least priority).
Begin with the highest priority tasks and work your way down throughout the day.
This approach helps you avoid getting sidetracked by less important tasks, ensuring you focus on what truly matters and don’t run out of time for your top priorities.
Checking off tasks at the end of the day is such a satisfying feeling, isn’t it? It’s like a little reward for all the hard work you put in. Am I the only one who looks forward to that moment, or do you feel the same way?
They have an emergency fund
Any extra income you receive—whether from a side business like selling jams, selling your previously loved clothes at a garage sale, or even a birthday cheque from your aunt—should be set aside as part of your rainy day or emergency fund.
Having this extra cushion can provide peace of mind and relief during unexpected situations. So, when you get that extra cash, you know exactly where to put it!
They get financially educated
I can’t stress the importance of financial education enough!
If you’re unsure where to start, consider taking an online class or enrolling in a short course on personal finance. This can be incredibly helpful. You’ll learn practices you might not have known about, or at the very least, it could help you get out of debt.
In today’s world, being financially informed is crucial. And remember, gaining new knowledge is always a good thing!
CONCLUSION
In conclusion, the habits of women who are never broke are rooted in smart financial management, discipline, and a mindset focused on long-term growth. By saving consistently, setting clear goals, staying motivated, and making informed financial decisions, you can build a solid foundation for financial stability. Prioritizing needs over wants, budgeting effectively, and investing in your future will empower you to live within your means and prepare for any unexpected challenges. With these habits, you’ll not only stay financially secure but also create a healthier, more balanced relationship with money.
