10 Habits of Women Who Always Have Money
Are you ready to get your finances in order and become a woman that always has money? Having your own money and being able to rock your finances is such a great feeling.
Yes, ladies, you can be your own personal money manager and there is no need to rely on anyone else!
According to CNN in the 1960s women 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 CNN.com). This is a sad scenario and of course, would not happen today. But this just shows you how far we have come.
In today’s world, we can handle our own money as women. 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.
Women can do it all and taking control of your finances should be a top priority. Use these money tips to help you become a woman that always has money.
10 Habits of Women Who Always Have Money
1. Own Your Debt
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
If you do not have a budget, living within your means will likely be very difficult. It is so easy to overspend when you are not paying attention. Therefore, creating a budget is key to become a woman who always has money.
Make sure to pay specific 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:
Budgets 2017: New Year, New Budget
21 Things to Stop Buying to Save Money
5. Build an emergency fund
Women with money are covered in case of an emergency.
So 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
6. Stop wasting 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.
Wasting money is often a habit. Yet, after you track your spending take a look at areas that can be cut. If there are subscriptions you are paying for that you no longer use, cut them out of your budget.
If you have a hard time finding savings, let the pros do it for you. Have you heard of Trim ? Trim can find you discounts and save you money.
Give Trim ? a try and start saving money today.
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. I recommend investing in a low-risk index fund such as Vangaurd.
Don’t forget to take advantage of any employer contribution that matches 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.
Many are often scared to invest. It seems complicated and risky. Yet, did you know you can start small and build your investments? Acron is a great way to get started by investing your spare change. (You can also multiply this so you are investing more than $0.25 per month.) Acorn also allows you to add money to your account. Since you are starting small, you can see the benefits with low risk and get your feet wet with this easy investing tool.
Give Acorns a try and start investing today.. You will soon realize this is a budget challenge worth taking on because you can take advantage of compound interest and make money.
8. 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.
Check Your loan rate here
9. 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!
Check, your Refinance Rate here
10. 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:
- 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 hacks to have more money as a woman
- 7 Money Mistakes and How to Fix Them
- Thinking of Taking Surveys for Money? Ask These Five Questions First
- 75 Frugal Living Tips that are Surprisingly Easy
- What Should I Spend Money On if I Want to Splurge
- 41 Ways to Cut Your Food Bill
- 25 Smart Ways to be More Frugal
- How to Save on Girl’s Night Out: 10 Fun Tips
10 Habits of Women That Always Have Money 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!