For independent, self-made women, financial management is a business all on its own and is run like one. The money-savvy woman takes a good look at her financial position and puts the following strategies in place to gain financial freedom and not have money slip through her fingers. Read on The Self-Made Money-Savvy Queen Strategies.
The Self-Made Money-Savvy Queen Strategies
She has an emergency fund on hand
An emergency fund is very handy for those unexpected expenses. This can be something small that she sets aside every month in the case of an unplanned event. Dipping into this fund is for emergencies only.
She always does her research
There are many get-rich-quick schemes out there but the money-savvy woman will always do her research on any financial tool before utilizing it.
She sets some financial goals
Where does she see herself in the long run, moneywise? Short-term and long-term goals are dependent factors on your lifestyle and your income. Money-savvy women jot down their goals first and plan around that to achieve them financially. How are you going to save? Are you looking to invest your money somewhere safe?
She creates a spending plan and tracks it
It is so important to create a budget for yourself and stick to it. Create a plan that tracks your expenses for the month. This can include your bills, your transport, your groceries, rent, education expenses, maintenance and repairs, etc. Allocate an amount next to it and be strict with yourself on keeping to your budget. The money-savvy woman always gives more than she thinks, as the extra can be used for the next month or her emergency fund.
She builds good credit
Every swipe has the potential to impact on your credit score and she knows it. She is very choosey with when and how she uses her credit cards. She checks her credit score annually and pays balances off in full each month—or more than the minimum due—to save interest build up and stress.
She pays off outstanding debt
Debt can be a huge factor in our lives if not managed properly. Do not borrow unnecessarily and do not let debt lay around unpaid. Get into the habit of paying it off monthly even if it is a small amount as this will contribute to a debt-free life.
She resists her indulgences
There may come a time where she is tempted with that new skin care line, makeup, and hot fashion. And yes she can and will get this. However, spending is always within her budget parameters and if she is under extreme budget constraints, she will avoid that boutique or makeup department, she knows she can always get it next month.
She saves, saves, saves
The money-savvy woman automates her savings. She sets aside a portion of her income to be deposited from her paycheck into her savings account each month. This can be used for travelling or the holidays. But be sure to save for your retirement if you haven’t already.
She knows when to say Yes and knows when to say NO
Tying back to your indulgences, it can be so easy to get derailed from your budget when friends invite you over for drinks. But she is bold and strict enough with herself to say maybe another time if it is not within her budget at the moment. There is always another time.
She treats herself
And lastly, she makes it a habit to reward herself for good budgeting and being money-savvy. When money-savvy women spend their money wisely, they are happier and have financial freedom.