8 Habits of Financially Smart Women – Sequins and Sales
I listened to an amazing podcast about saving money (and the name is escaping me and it’s seriously bothering me that I can’t remember), and the woman whom they interviewed gave a really amazing tip. She said that any money you would have spent, but ended up saving, to total that all up during the month and add it straight into your savings! I first thought that I don’t have any instances where I have money like that, but I was wrong.
In this case, the money you’re looking for is very specific! If you go to the store and your receipt says that you saved $6.58, then THIS is the money you’re looking at to add to your savings. I realized quickly that things like this happen more often than you would think and they appear if you make sure to remember to look for them! If you found gas for $0.15 cents cheaper than you almost paid, add that money to your savings.
If you’re a Target lover like I am, download the Target Circle app. Add coupons to your app throughout the week, then when you get groceries, they’ll sent you a push notification with how much you were able to save! Even if it’s only a few cents (which it sometimes is), you’ll occasionally save DOLLARS on a trip and after time that can add up to a good amount.
5. Doesn’t Eat Out Often
I added this as it’s own tip because HOLY COW can this expense add up. When it comes to saving money, this is one of the main things to stop buying to save money! Eating out encompasses everything that involves you spending money on food or drinks. I don’t go out ever and so I’m never spending money on alcoholic drinks! I understand that MOST people in their 20’s are not like this, so a good rule of thumb is to drink a little beforehand (if you are NOT driving).
When I realized I wanted to cut back on spending, I knew this would be the hardest to cut back on. It’s so easy to grab food on the way home or order food to be delivered to your door through delivery services! It’s also hard for me because my building at work has a cafe at the bottom so the convenience of quickly buying food is even harder to avoid. Be sure to limit yourself to a certain amount per week and this should really help!
6. Is Smart About Her Use of Credit Cards
Credit is one thing that has been important to me since my junior year of college. I had finally downloaded Credit Karma and realized that my credit was way lower than I wanted it to be! I signed up for my first credit card at TJMaxx (because, let’s be real, it’s the only place to shop in a college town that’s in the middle of no where). I soon learned that purchasing items and immediately paying it off didn’t matter!
Managing credit is in and of itself a game. You have to make sure to only use about 10% of your limit OR be sure to make consistent payments over time. If you don’t do either of those things it’ll be even harder for you to build credit! You also have to make sure you don’t use your credit card too often. I try to use mine at least every three months and then pay it off right away! I also only have one credit card so I can’t be tempted to overspend.
If you’re looking to find out more about credit repair, I partnered with Lexington Law Firm in order to share my tips on how I planned to repair my credit. They’re an awesome company who has worked with many of the largest banks and credit firms for years! I love them too because they offer insight into errors on your credit report and fast credit repair too.
7. Has Multiple Streams of Income
Any money savvy woman has additional streams of income. In this day and age where the cost of living is too high for most positions, you almost need to have additional revenue streams just to survive. I realized this VERYquickly and am currently trying to find two or three additional income ideas for myself! I’m looking more into investing/stocks and these are two great ways to make more money on the side.
If you’re interested in starting a blog like I did, I also have an entire post about How to Create a Blog for Free and Make Money that you can read (here)! Blogging has allowed me to have so many opportunities that I wouldn’t have had otherwise. It’s a great way to work with companies, meet women all around the world, write about what you love, AND make additional income.
8. Saves for Retirement
One of the main requirements I had when looking for a full-time job was making sure a 401K was a part of my benefits package! Although I’m personally scared climate change will destroy the world before I can retire (joking but not), I still like the idea of having a cushion. I know eventually this will probably end up being my future child’s college fund, but right now it’s nice to think I will be able to retire one day!
The best way to find out how much to contribute is by talking to whomever your company uses for their benefits. My company even gave us a packet that discusses how to sign up and login on that company’s site as well! It’s also important to know how much your company will match and if they do. Ours only matches if we’re contributing up to a certain amount. Be sure to know if you company does something similar!
I hope you guys enjoyed this post about 8 Habits of Financially Smart Women! If you follow these steps you’ll be on your way to a financially sufficient future. I personally am implementing these steps to keep myself on track for this year and I think you should do so too. If you have any other advice, feel free to leave a comment below!
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