Gone are those days when women would bury their heads in the sand when it comes to finances.
These days it’s very important for women to get involved in the ins and out of their household money issues.
Being financially savvy will mean different things to different people. But a common trait that the money-smart share is an affinity for long term financial planning and goals. … To be financially savvy, you should have a plan and manage your cash flow with a budget.
Financially Savvy Women are the in thing.
In most cases women are the ones who oversee the running of the household, so it only makes sense them to be involved in the money issues as well.
The beauty about women being money savvy is that they can not only run an efficient house, but they can pass on their great financial literacy to their children and family.
You know the saying “You teach a Women, you teach the Nation”
Characteristics of a Financially Savvy Women are;
- She invests the time in educating herself about her finances and how to improve them.
It’s important to take the time to learn about the ins and out of money and our financial situations. This will enable one to make better decisions and be in a better place to improve their financial health.
- She keeps an eye on her spending habits and teaches her children how to be financially responsible and independent.
We know as women we love to spend, keeping an eye on your spending will save you from buying unnecessary things with money you could use for more better items or activities.
When a woman knows and understands her finances she is a good position to teach her young how to properly handle money and how to become financially savvy from a young age.
- She has a 3 – 6 months budget.
Yes, budgeting for 3 – 6 months or even longer will relieve a lot of stress for you. Remember there are birthdays, anniversaries, family vacations or gatherings etc. And all those things need money.
- She uses credit wisely.
Most of us own credit cards these days, a wise woman knows not to use her credit card for luxury items. But rather use it for necessary large purchases and for investments or activities that could result in a cash generating streams.
- She has a Solid Wealth Creation plan.
When a woman puts her mind into something she can come do and achieve great things, having a wealth creation plan should be on her list.
She could contribute dearly and assist her partner (if any) to reach these goals.
- She is honest about her finances.
The worst thing a woman can do is not to be honest with her financial status.
First, you must be honest with yourself about where you are financially, what your priorities are, what financial goals you have and be honest with those around you, including your partner, family and friends.
- She pays her bills on time and automates most of them.
Exercise the habit of paying your bills ahead of time each month. Paying your bills before they are due, helps you become more responsible with your finances and helps you to avoid any slip ups where you may spend money that you needed to go elsewhere.
- She defines her own budget and lives within her terms and means.
We all know that there is so much pressure out there about living the best life (Instagram lifestyle) so this can cause many women to try living a Champagne lifestyle on a Sparkling water budget.
A Financial Savvy Woman will not go broke trying to look rich! She knows that financial freedom comes when one puts in the work. She does not support an expensive lifestyle through credit.
She earns it, invests and only then does she POP the Champagne!!!
- She increases her earning potential – monetizing her passion.
Savvy women don’t always rely on one source of income. She continuously looks for ways in which she can increase her earning potential.
As women we are usually multi skilled or have passions/hobbies that we could use to make extra cash. If not, learn a new skill or find ways to achieve additional income.
It’s not to late to be Financially Savvy
Starting your healthy financial journey might not be easy, as you must change your whole mind-set about how you approach your finances.
No matter how busy you are, there’s one task you shouldn’t put off — planning for your financial future. Married or single, with or without dependents, you need a comprehensive financial plan.
So, what are some of the habits you have as a Financially Savvy Women?
“Beware of little expenses, a small leak can sink a Great Ship”