4. She Puts Any Extra Money into Her Savings

I heard a great tip on a podcast about saving money, though I can’t remember the name. The guest suggested something simple but clever: keep track of any money you save when shopping, and add that to your savings at the end of the month. At first, I didn’t think I had many chances to do this, but I was wrong.

It’s all about noticing specific moments where you save money. For example, if your receipt shows you saved $6.58, put that $6.58 into your savings. I’ve found these opportunities happen more often than you might think, especially when you pay attention. Even small savings, like finding cheaper gas, can really add up if you consistently put them into your savings.

5. She Doesn’t Eat Out Much

I made this its own tip because eating out can really drain your wallet. If you want to save money, cutting back on dining out is key. This means not spending money on food or drinks outside your home. Personally, I rarely go out and don’t spend on alcohol. But for many people in their 20s, it’s common to go out. A good tip is to drink less (if you’re not driving).

When I decided to spend less, I knew eating out would be tough to cut back on. It’s so easy to grab food on the way home or order delivery. Plus, having a café at work makes it even harder to resist buying food. To help, set a weekly limit on how much you spend on dining out.

6. She Uses Credit Cards Wisely

Credit has been important to me since college. When I checked my credit score on Credit Karma, I found it was lower than I wanted. So, I got my first credit card at TJMaxx, the main store in my college town. But just buying and paying off things quickly didn’t help much.

Managing credit is like a game. You should use only about 10% of your credit limit or make regular payments over time. If you don’t do these, building credit becomes harder. Also, don’t use your credit card too often. I use mine every three months and pay it off right away. I only have one credit card to avoid overspending.

7. She Earns Money from Different Sources

In today’s world, being smart with money means having more than one way to earn. With the high cost of living, just one job might not be enough. I realized this fast and now I’m looking for two or three extra ways to make money. I’m focusing on investing in stocks because it’s a good way to earn on the side and it fits my goals.

8. She Plans for the Future

Planning for the future is crucial for financial stability. This includes setting short-term and long-term financial goals, investing in retirement plans, and having an emergency fund. Financially smart women understand the importance of planning ahead to ensure they can handle unexpected expenses and enjoy a comfortable retirement.

FAQs

Q: How can I start budgeting if I’m new to it?

A: Begin by tracking all your expenses for a month to see where your money goes. Then, create a simple budget that outlines your income and allocates funds for necessities, savings, and discretionary spending.

Q: What’s a good way to tackle debt?

A: Focus on paying off high-interest debts first while making minimum payments on others. Consider consolidating your debts or refinancing to lower your interest rates.

Q: How can I save more money on a tight budget?

A: Look for small ways to cut back, such as reducing dining out, canceling unused subscriptions, and shopping for sales. Every little bit saved can add up over time.

Conclusion

Becoming a financially smart woman is a journey that requires discipline and planning. By adopting these eight habits, you can take control of your finances, pay off debt, and build a secure financial future. Stay tuned for the next post, where I’ll dive deeper into planning your finances as a woman and how you can save for the future.