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10 Steps to Becoming a Total Money Babe

Are you ready to get your finances in order and become a money manager babe? Having your own money and being able to “work it” is such a great feeling!

You can be your own personal money manager and there is no need to rely on anyone else!

According to CNN in 1960’s woman could not open a bank account or a line of credit without a man to co-sign for them and if a woman wasn’t married the bank could refuse her (source This is a sad scenario and of course, would not happen today. But this just shows you how far us ladies have come.

It is now 2018 and “us” woman can and will handle our money. We are totally capable of being the go-getter, investor, homeowner and if you are single, YES – you can do it on your own and if you are married, of course, you can have an equal say. You’ve got this!

If you are married it is always beneficial to include both people in the money decisions and you can add SO much value to the budget and use of extra money in your house.

In fact, I know many households where the woman IS the money manager and handles the finances, budget, and bills.

If you are single, you can handle this “money thing” on your own and be ready to pay off debt and plan for financial freedom.

With the “Time’s Up” movement, in full effect after actress Michelle Williams HUGE pay discrepancy between Michelle and her male co-part Mark Wahlberg, it is more important now than ever, that women know their worth and are able to handle their finances. Don’t get me wrong, men have valuable contributions as well, but it is now time we are all included in money management and we can work together to be debt free and save for our futures!

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Here are 10 Ways to Become a Money Manager and a Total Money Babe:

1. Own it – Do you have debt? The first step to becoming a total money manager babe is to own your situation. If you got yourself into credit card debt, it is time to take a look at the bills and decide what to pay off first.

Acknowledge it and own it. If you are married have a conversation with your spouse and come up with a plan.

Learn how to pay your bills on time and become organized. Create a calendar with your bill due dates for the entire year! Set a timer on your phone or request “payment reminders” so you do not miss payments and risk hefty late fees.

All of this may sound somewhat boring and it is hard to admit when you are in over your head, but once you put it down on paper you will feel so much better than you did.

Side Note – This is not to imply that all women are in debt! There are many women out there killing it and rocking their budget! Yet, if you are in debt, now is your time to turn things around!

2. Pay cash – One way to help save money and pay down debt, is to stop using those plastic pieces of instant joy and start paying cash. Yes, ladies – Put those credit cards away. Use the cash envelope system to take it a step further and budget your money accordingly. You can buy envelopes on Amazon using the link below:

3. Pay off your credit card – I LOVE the debt snowball method made popular by Dave Ramsey. In this method, you first find the source of all of your debt and then pay off the smallest debt first, but continuing to pay the minimum on your other debts.

For example, if you have three credit cards that are maxed out, begin paying the lowest balance off first. After it is paid off, take the amount you were paying on the first paid off card and add it to your second smallest debt payment, rolling out the debts just like a snowball.

For more information on Dave Ramsey’s Methods check out this post: Dave Ramsy: Financial Peace is within Your Reach

4. Budget your money – One thing I love to preach here at I Heart Frugal is living within your means. If you do not have a budget, living within your means will likely be very difficult.

You cannot be a money manger without a budget. You must pay attention to how much money you have coming in and how much you are spending.

Start tracking your spending using a spending journal and use this to decide how much you have going out and subtract that from how much you have coming in. Cut areas that are “wants” and plan for “needs.”

Use my Budget Tracker to help you:

Suggested Reading: Budgets 2017: New Year, New Budget

Suggested Reading: 21 Things to Stop Buying to Save Money

5. Return or sell unused items – Do you have items in your closet that are “New With Tags”? Return those items if the store policy will allow. However, if this is not an option these are best-selling items online.

I sell my gently used clothing on a website called Poshmark but LetGo and eBay are also good options.

Let’s not forget Facebook. There are groups that allow you to sell items like a garage sale or mom to mom.  You can use your extra money to pay down debt or start a mini-emergency fund.

Best Sites to Sell New or Used Items:

  • Poshmark
  • Letgo
  • eBay
  • Craigslist
  • Facebook Local Garage Sale Groups
  • Facebook Mom to Mom Groups
  • Mom to Mom sales
  • Community Garage Sales

Suggested Reading: Poshmark Review

Keep Reading for More Ways to Become a Total Money Manager Babe:

6. Build an emergency fund – Once you have your debt paid off, it is time to start building up your emergency fund. An emergency fund is SO important and can help save you when life’s little “What Ifs” pop up. Start by saving around $1000 and then work towards 6-9 months of your expenses. It will feel great to have this insurance in case, God forbid, you lose your job or have a medical emergency.

Suggested Reading: How to Save for an Emergency Fund

7. Don’t waste money – Are you a spender? You can retrain your brain to stop impulse spending and change your habits. A great way to stop impulse buys is to find other ways to help when you are stressed out. Find out more in my Six Ways to Become a Saver post.

8. Invest – Are you ready to run with the big dogs? Sign up for a Fidelity or Etrade account and invest your first $100. Play around with it and find out how easy it really is to start investing. Let compound interest and dividends work in your favor.

Don’t forget to take advantage of any employer contribution matches to your 401k or 403b. If these are not an option, open up a Roth IRA, which can also be done through Fidelity.

Instead of owing money, let your money work for you.

9. Buy a home – You CAN buy your own home and pay ALL the bills. Start looking around on online sites such as Zillow or Trulia.

Use a mortgage calculator to help you decide how much you can afford and start your house search.

It is free to find a realtor and they will help you find something you can afford. You will pay them at closing, so it doesn’t hurt to look.

Pro Tip: Make sure you calculate property taxes and utilities as well as any HOA fees before you buy anything.

10. Refinance if you own a home – Check with your bank or other banks to see how much you will save by refinancing your house. My husband and I refinanced our mortgage and were able to save around $300 per month after it was all said and done. We did have to put money down, but it was worth it.

Shop around for the best rate and let the bank take care of the rest!

Suggested Reading:

Becoming a Money Manager Babe Conclusion:

Managing your money is not hard! It just takes a little planning and consideration. You can pay off debt and learn to stop wasting money.

Investing in yourself and your money will help you build confidence and grow. You are now on your way to becoming a total money manager babe! Congrats!

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What is your best money tip? Leave me a comment or question! I would love to hear from you!


Take care – Sarah