When it comes to saving as a woman, there are a number of considerations that you will need to take into account. Whether you’re looking to save so you can become financially independent, whether you’re looking to head on your next holiday, or you simply want enough cash to be able to treat yourself as and when possible, there are a number of different money tips that you may want to think about. Here, we’re taking a look at the top 10 money tips, especially suited to women.
The easiest way to save money is to set financial goals that you are willing to keep to. Whether these are short or long-term goals, there are a number of different things that you can consider in order to stay on top of your finances. Set financial goals and stick to them, and you’ll find yourself being able to save more money than ever.
Don’t Rely On Someone Else
One problem that many women can face is the fact that they begin relying on their partner or even their parents when they take time out from work in order to raise a family. While this is not always the case, there are a number of instances when this has happened, and this has led women to struggle with their own funds. Make sure that you are financially prepared to take time off work if necessary, and don’t rely on your partner for money unless you really have to.
Spend Less Than You Earn
Spending less than you earn may seem like an obvious point, but there are a huge number of people who end up spending a lot more. Whether that’s because they’ve got themselves in a large amount of debt and need the help of other loans in order to pay them off, or simply because they have a habit of overspending, there’s plenty of areas where people end up spending more than they learn. Do the opposite, and you’ll remain on top of your money.
Have An Emergency Fund
Having an emergency fund in this day and age is more important than ever. Whether your car breaks down, you have to fork out for an unexpected bill or you're facing another financial emergency, having a separate, dedicated fund can help to ensure that your finances remain intact.
Manage Your Family’s Finances
If you have a family, one of the best ways to ensure that the household’s funds are level is to manage everyone’s finances. Whether that’s through the help of a joint account, or simply having access to your partner’s finances, or even simply educating your children about good money management, this can all have a good impact in the future.
Don’t Take On Your Partner’s Debt
When getting married, many people will take on their partner’s debt, and with a number of divorces happening due to arguments relating to finances, it is important that you are both debt free before you tie the knot.
Learn From Your Mistakes
If you’ve struggled with managing your money in the past, make sure that you learn from your mistakes and use this to your advantage. This will lead to you not ending up falling into the same traps over and over again, helping you to manage your money better.
Pay Off Debt
Paying off your debt is the best way to ensure that you lead a life of financial independence. You must first prioritise the debt that needs to be paid off quicker, whether that’s because the interest rates are higher or because the debt is designed to only be short-term, and then ultimately pay off all of the debt.
3 Sources Of Money
The Women’s Institute For A Secure Retirement believes that women should have a minimum of three sources of money – these being individual savings, social security and a retirement savings plan. Due to the fact that a number of women will take time away from work in order to raise a family or even to care for their own parents, their social security alone may not be able to cover them for their retirement. Ensuring that you have these 3 sources of money will help you to better look after yourself in the future.
Creative Money Sources
If you’re looking for additional income in order to support your current finances, make sure that you think outside the box, in order for your money sources to take off. If you want to start a business, you can consider crowdfunding sources in order to help you save up the initial start-up costs. Co-author of “Birthing The Elephant”, a start-up guide for women, suggests doing that in order for new owners to find the process easier.
Whether you’re a business woman, a stay-at-home mum, or a solo woman looking to make their mark in the world, staying on top of your finances is important. Our most important money tips for women can help you to stay on top of money no matter your financial situation, and can help you to become financially independent sooner rather than later. Stick to these tips, and your money funds are certain to fly.