Have you noticed that there are a few common habits of women who are never broke? You may be struggling to save money.
We all know, saving money is important, especially if you are a woman. Having a proper money-saving plan will help you get rid of tons of debt and a credit score that is below average.
Women who are never broke share similar habits when it comes to saving money.
If you want to start growing savings accounts and no longer live your life paycheck to paycheck, keep reading.
8 Habits of Women Who are Never Broke
These 8 habits of women who are never broke will help you dig out of the hole quicker than you imagined!
1. Start Living Below Your Means
It’s so easy to spend money recklessly. Especially when we’re stuck to our phones and social media almost 24/7, we can get tempted by everything we see on our screen.
If you’re living paycheck to paycheck, make sure you don’t spend all of it. If you have $1,000, teach your brain to believe that you actually only have around $700 to spend.
Yes, it is possible to start living below your means.
2. Always Set Your Budgets
Budgeting is one of the easiest ways to save money. When you have an unstable income, budgeting can help you a lot in making a shift in your financial goals. Start budgeting on how much money you need on a weekly and monthly basis. Ask yourself these questions:
- Where are you spending your money at?
- How much money is coming in?
- Do I need these things right now?
- Or, do I just want them?
3. Diversifying Your Income
We’re living in a world where diversifying income is important for us to start building wealth.
If you put all of your eggs in one basket, you are risking a lot of things. By diversifying your income, you open more opportunities to save yourself if one thing doesn’t go as planned.
Start planning on having multiple streams of income. I suggest you start a blog, that’s how I earn over $5000 per month in passive income. This is a free blogging course on how to start a blog that will show you exactly how to do it right.
4. Figure Out Your Needs vs. Wants
Let’s face the fact that as women, we tend to buy a lot of things that we want instead of something that we necessarily need at that moment. One of the best tricks to see if you really want something is to wait for a couple of days.
It’s even better if you can wait for the whole two weeks. If you still want it after two weeks have passed, then you can get it. Most of the time, women buy things on an impulsive decision. B
ut if you give yourself extra time to think about it, you will find that you are perfectly fine without buying the items that you want.
5. Having a Savings Account
If you are serious about working towards your financial goals and being debt-free, having a savings account will be tremendously helpful.
If possible, create a long-term savings account as well as an emergency funds account.
This account should be dedicated only for emergencies. This way, you will not consistently touch your long-term savings account every time you are in an emergency situation.
6. Pay More Than The Minimum
If you want to pay off your debt and start saving money quicker, paying more than the minimum will help you in the long run.
If you have any debt bills or credit card debt, pay more than the minimum every time you have the chance to do so.
7. Buy, Not Lease or Borrow
Not everyone has the luxury of buying a house or a car right away. But if you have a dream of owning something, it’s best to save up your money and buy it instead of leasing or borrowing money.
If you want to buy furniture, instead of using your credit card for another purchase, save up for that amount. Yes, it will take a few months until you are owning it but it’s better to buy it than swiping your credit card.
The same rule goes to owning a house or a car. It’s better to buy a used car or a smaller house first. You can always get better ones once you start building your wealth.
Remember this: You should never impress other people. The only one you should live to impress is yourself.
Every time you are making a purchase, always ask yourself the question, “Is it necessary?”