With all the finance articles about good financial habits and budgeting and saving, there are very few that focus on women. One that I found that stood out to me was from Kim Duke and I could relate as I live in an expensive state too. Money for women as well as spending and saving is different than that of men.
You have to think about what works for you. Not everyone lives in a place with a low cost of living. Some people live in cities or regions or states that are very expensive, are not paid well, or are unemployed. Whether you have a job right now or not, it is important to be intentional with money and focus on developing good financial habits in this season of stillness and waiting. In turn, working on building good money habits will help you to not go back into old habits when businesses start reopening again.
I want to share 3 key money tips I’ve learned since my unemployment and in this season of stillness and waiting. Anyone can follow these tips, but they are especially important for women.
1). Gratitude
Now I know this is one you hear all the time, but gratitude is so important! For me, during this time, I’ve definitely been more appreciative of what I have. There are so many great blessings in your life and even in the midst of trials, there is always a blessing that comes out of it! Being grateful also helps you to resist the urge for instant gratification to just spend money for the heck of it. It reshapes your view by helping you appreciate all you have in your life so you don’t have the urge to always want and in turn, buy more and MORE and MORE.
2). Intentional goals
As I’ve said before, a goal without an objective is just a dream unfulfilled. Setting your goals and objectives is key to your financial success. Whether it’s placing 15% of your income every paycheck, into a savings account or eating out just twice a month (this one’s gonna be a good challenge for me), setting these goals will help set you up for success, especially when things go back to normal or the new normal.
I want to encourage you all and myself to set aside at least 10 minutes a day to review your budget and goals. This will help you to stop and think about where your money is going throughout your busy week and to keep you motivated to keep crushing your financial goals!
You know yourself, so being intentional means knowing what triggers your spending. Especially for women, going out, going shopping and just being out and about can easily break your budget.
Make sure to avoid these hot zones or limit how much you go out each month:
- Malls
- Restaurants
Some great ways to have a fun experience without breaking your budget include:
- Having date night at home (could be with your boo or by yourself)
- Doing your own makeup for most dates (get it done for special occasions if desired)
For me, my largest expenses were restaurants, shopping, and movies. You can still have fun while staying on track with your budget.
3). Effortless saving
As our transactions have become more frictionless with contactless payment methods, we can easily spend money without even looking or thinking about it. What if we started to look at saving without thinking about it? Yes, that’s right. Saving without looking is the best way to build good saving habits.
When you save without thinking about it, it helps to delay that instant urge to spend. When you see what you can actually spend after you’ve saved your money, then it helps you to spend on what you actually need.
Every little bit counts. Whatever your financial situation is, everyone can save, even if it’s just $1 a day or $5 a week. Save up and it will add up especially if you have an investment account like Acorns or a high-yield savings account like Credit Karma Savings. You can do this by scheduling automatic transfers into your savings account or doing it as soon as you get your paycheck.
I encourage you to keep these tips with you especially once businesses reopen.
In the meantime, happy saving!
Busayo
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Disclaimer: I’m not a financial expert, but these are my tips from my personal experience that work for me. Please do your research with careful consideration or consult a financial expert when making important financial decisions.
