You want to be successful. Want to live life on your own terms and also want to be financially secure. So let’s talk about the financial habits of successful women!
Think about it (visualization is a big part of success!); how would it feel like not to live pay check to pay check anymore? To deal with emergencies with less stress knowing you have enough savings to cover what may come your way? To stop worrying about whether or not you will have enough money to cover all of your upcoming expenses if you buy that dress?
It would feel good wouldn’t it?
In order for you to be financially secure, you need to know how to manage your money properly and this rarely happens by accident. In fact, it’s been proved that successful people have a lot of financial habits in common; so why not take a closer look at what they do? We can all learn from them.
So here are the 11 financial habits of successful women that you should have too
1. SUCCESSFUL WOMEN TAKE RESPONSIBILITY FOR THEIR FINANCES
First thing first, successful women take full responsibility for their finances.
They understand that their financial health is their responsibility, and it’s only up to them to reach their financial goals. They don’t wait on someone else to buy them the things they want, they take charge and put in the amount of work that is necessary for them to have the lifestyle that they want.
Successful women don’t depend on anyone financially speaking, they make their own money and know how to take care of themselves.
2. THEY ALWAYS KEEP TRACK OF THEIR INCOME
Successful women often have several sources of income and they know exactly how much they make and where their income comes from.
They know how much they made last month, last year, which income stream brought how much money, and which income stream is the least profitable. Keeping track of their income allows them to know what area they should focus on, and what they need to do to grow it.
3. THEY ALWAYS KEEP TRACK OF THEIR EXPENSES
Knowing how much you spend is as important as knowing how much you earn, and successful women know this very well.
Most importantly, they know when their bills are due and because they have the time to see them coming, they are organized and pay these bills on time. Everything is budgeted so they never have to worry about whether or not they’ll have enough money to cover their expenses; they know. And if they know that they don’t, they’ll cut back on unnecessary expenses to make sure they have a funds for them.
Also, successful women know the importance of automating their bills and savings. Once they know how much money they have to have to cover all of their expenses, they don’t have to waste any more time on these bills.
4. THEY HAVE A BUDGET THEY STICK TO
As mentioned in the previous point, one of the key financial habits of successful women is to have a budget for everything. and stick to it in order to avoid any nasty surprises.
Knowing exactly how much you make and how much you spend on a monthly basis will allow you to create a realistic budget and go stress-free for the rest of the month knowing that your finances are under control. Successful women manage the art of budgeting and they stick to their budget no matter what.
5. THEY HAVE FINANCIAL GOALS AND PLANS
Goals are successful women’s main driver in every area of life, so obviously successful women have financial goals set for themselves.
Most importantly, they have a concrete plan to reach these goals and they will put in the effort required to achieve them. They know that just writing their goals on a sheet of paper isn’t enough, they take action!
These financial goals can be anything from reaching a certain dollar amount in their savings, to growing their business’ income. No goal is too high!
6. THEY MAKE THEIR FINANCIAL HEALTH A HIGH PRIORITY
Everything in life is a matter of priorities, and successful women know that their financial health has to be one of these priorities in order for them to be financially secure.
This means that they won’t hesitate to cut back on some of their expenses to stay in good financial health and reach the financial goals that they set for themselves.
7. THEY DON’T LIVE ON CREDIT
“Credit” is a word that doesn’t even exist in successful women’s minds; they don’t live above their means. They live accordingly to their budget and if that means that they can’t buy something they want the minute they want it, then so be it!
They’d rather save for some time to be able to purchase it than getting into debt for it.
8. THEY INVEST IN THEIR FUTURE
Successful women know the importance of seeing the bigger picture and planning their finances ahead. Not only do they have retirement savings, but they also invest in all kinds of projects that they have whether it is buying a house or starting a new business.
They know that in order for them have the lifestyle that they want, they have to start investing as soon as possible no matter how small the investment might be in the beginning.
It doesn’t matter how slowly you go, as long as you keep going; this is true for every area of your life, and especially for your investments.
9. THEY AVOID UNNECESSARY EXPENSES
Do you really need all of the things you spend money on? Maybe it’s that daily stop to the coffee shop on your way to work, eating out when you could bring your own lunch instead, or any expenses that could easily be avoided with a little bit of organization.
It doesn’t mean that you shouldn’t treat yourself from time to time, self-care is important. But all these small expenses end up adding up at the end of the month, and successful women are aware of that. For that reason, they are smart about what they spend and try to cut back on any unnecessary expenses.
10. THEY DON’T IMPULSE BUY
Just because you can buy something doesn’t mean you should, especially if it is something you didn’t even know you wanted 5 minutes ago.
Successful women have a pretty simple rule when it comes to buying anything: if you were not planning on buying it, then don’t.
Whether it’s a skirt you just saw in the shop window or the latest iPhone if you don’t really need it or weren’t planning on buying then keep your money for more important projects, even if you can afford it. Your future self will thank you!
11. THEY HAVE SAVINGS
Last but not least, successful women know the importance of having savings and contributing to them regularly.
Whether they’re saving for bigger projects, their retirements, or simply to have an emergency fund, they know they can handle any expense, expected or not, that life throws at them because they’re saving money every month with one goal in mind: to never be taken by surprise!
Well, that’s it.. Don’t forget to share
Related read; HOW TO SAVE MONEY