Simple Tips for Creating Sustainable Financial Habits for Successful Women
Financially successful individuals understand the importance of making their economic health a top priority. Often you will find that they are always aware of their current financial state, have an updated plan in case of emergency, and make smart monetary decisions on a daily basis. Every financial decision a successful woman makes is often carefully considered, and always requires a plan of action. So, what are the fiveroutine rules that these women live by in order to be prosperous?
Creating and Closely Following a Consistent Budgeting Strategy
Start with a simple monthly or weekly budget template that outlines all of your income streams and monthly or weekly bills and expenses. Once you’ve outlined each of these items, you will have a clearer idea about what amount of money you will have left over. From there, you can decide what amount of the remainder will go to your savings and adjust it as needed over time (The Muse 20194). This can also help you to stay alert to your overall financial situation at all times.
Start Investing at a Young Age
Investing can seem to be an overwhelming concept, but it is something worthwhile to investigate, especially while you’re younger and have fewer financial responsibilities to balance. If you’re unsure of how to get started with investing, first educate yourself about the right options for your current financial situation. If you’re still having a difficult time getting started, it may be time to ask for advice from a trusted financial consultant.
Set and Share Your Money Goals with an Accountability Partner
Accountability helps to motivate individuals to take responsibility for their actions and make the necessary changes required to see results. When it comes to your finances, set bite-sized money goals, and build on them over time. Then, find a trusted friend or accountability partner who can hold you to your goals and celebrate your monetary successes over time (Forbes 20142). Having this person to answer to will automatically encourage you to make better financial decisions and reach larger monetary goals in a shorter amount of time.
Allocate at Least 20% of Your Income for Important Priorities
Whether it’s an emergency fund, paying down credit card debt, or saving for a down payment on a new home, allocating at least 20% or more of your income each month can help you to achieve your financial goals at a steady pace. While you’re developing your budget, you can automatically incorporate this percentage as if it were an expected bill so that you’re sure to follow through with saving some amount every paycheck!
Tackle Debt in Less Stressful Ways
If you have a significant amount of debt, cutting the overall amount owed into smaller pieces can help you feel more confident about paying it off steadily (The Muse 20194). If you have multiple types of debt, see which has the highest interest rate and start with that debt first. Once you’ve finished paying it off, dedicate a slight increase towards the next debt. Before you know it, you will be debt free!
Creating financial habits early on can help you to be successful in life, which is a secret that many financially successful women will share with you. Still, these tips should be incorporated into your daily life rather than trying them every once in a while. According to the National Institutes of Health, forming a new, automatic habit takes an average of 66 days (Healthline 20191), so the sooner one starts incorporating these concepts into their day-to-day lives the sooner it can become a true habit.