Today, more women than ever are the sole breadwinners in their households. Don't just bring home the bacon; save and spend it smarter with these money management tips for women.
Stay in Tune
Not that you would ever do this but...don't come home and blindly hand over your paycheck to your husband or significant other. Living in a combined financial household is okay but stay on top of where your money is going. Ultimately, you are responsible for your credit score and financial situation.
Cut Spending
Get excited about cutting your spending. Saving a few dollars here and there by catching a sale is nice but to really cut spending, be deliberate. Make cost-cutting goals for yourself today. Plan to cut spending by ¼ in just six months. Deliver on your personal promise by creating a realistic plan of action.
No More Highs
Don't treat money as a "high." When you have a down day (and we all do) resist the urge to shop to feel better. Getting high on shopping won't fix the core problem. Find new, less expensive ways to empower yourself.
Rainy Day Fund
Set a portion of your earnings aside and place it in a savings account. Save 5% to 20% of every paycheck to prepare for emergencies like job loss, natural disasters or sickness.
Listen to Yourself
Don't agree to get someone out of debt, even your sweetheart. In cases where loved ones want to "borrow" money, listen to the practical inner voice, not your nurturing one. Everyone needs a hand occasionally but when something doesn't feel right, it probably isn't. Avoid co-signing too. A default payment could put your credit in the tank, quickly.
Marry Up or Even
Encourage your partner to take personal responsibility for his or her bills. If you plan to marry, insist that your fiancée get out of debt first. It is not unreasonable to insist on fiscal healthiness. If this isn't feasible, or even if it is, ask your partner to sign a prenuptial agreement.
Know Your Worth
Don't under value your skill set. There's no shame in asking for pay equal to your worth. Ask for the raise. Set your fees and prices at a competitive level. Don't sell yourself short.
Shake Off Unworthiness
Dealing with money may seem uncomfortable at first. A significant percentage of women say they experience feelings of fear, shame and unworthiness when handling their own money. Own your money decisions, the good ones and the bad ones. Practice makes confident so get involved.
Invest!
Don't mute those investment commercials—pay attention. Look for worthy ways to invest your hard-earned cash. Put your money to work and give it the care that you do other areas of your life. Fuss over the extra pound and your extra dollars.
Life Insurance Savvy
It is admirable to want to care for your little ones if the unthinkable happens to you. However, you should know that if you die before your child reaches 18 years of age, he won't get the money; even if you list him as your sole beneficiary. The rules are that children under 18 are not legal recipients of life insurance policies. If there is no one you care to bestow guardianship to then setup a trust for your child.
*Top Ten Money Tips-Fall in love with fiscal happiness!*
Diva's Nation
*Join The Conversation*
No comments:
Post a Comment