9 Things Women with Money Always Do (That No One Ever Taught You)!

Some women constantly seem to struggle to make ends meet, and other women seem to be able to float through life without breaking the bank. Well, it might have something to do with financial management more than luck, so here are nine habits of women who manage to avoid being broke.

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Make a Financial Plan – And Stick to It!

One of the fastest ways to find yourself without any money is not to have a long-term plan with it. Plan for your finances, how much will go into savings and how much can be used as fun money, and most importantly, stick to this plan firmly.

Avoid Impulse Buys

It is a hard habit to break but a very important one. A good trick is to sleep on a decision overnight and see if you still want it in the morning. Usually, this can give you time to realize that you don’t really need that.

Have Two Bank Accounts

It can be tough to try to save money while it’s sitting there, tempting you in the same account you use for shopping, paying bills, and other daily expenses. So have a spending account and a bill paying account, and transfer some money over each week into the spending account; it’ll make it easier to not accidentally spend bill money and to keep your spending under tighter control if you only get a week’s spending money at a time. 

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Direct Transfer For Bills And Savings

‘Out of sight, out of mind’ can most definitely not be your friend in terms of finances, but in this case, it might be. Set up direct debits so that bills and deposits into your savings are automatically made. Then you’ll never need to worry about it, and have a nice little nest egg in no time.

Avoid Using Credit Cards

Credit cards are a slippery slope if you aren’t really careful managing them. You can get yourself into a lot of trouble very quickly with their crazy high-interest rates if the balance is not paid off in time.

If you don’t have to use a credit card (that you can’t pay the full balance off every month), don’t do it!

Know How To Say No

It can be challenging, especially if you’re saying no to good friends, but learn discipline. If you can’t afford that night out, restaurant dinner, or social event, then learn to say no to the people asking.

Avoid Brand Names

People say that you’re paying for the name in brand name products, and often, they can be right. Experiment with different brand products and see which ones are worth paying extra for, and which ones you’re throwing money on unnecessarily. 

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Know What Fun Purchases Have Value

Being on a budget doesn’t necessarily mean you can’t have nice things, but what you need to figure out is what purchases will bring you temporary joy but set back your financial goals and which ones will delight you for years to come. Make sure to sleep on every purchase before you make it. 

Improve Your Financial Literacy

People often get into debt simply by not knowing any better. Keep researching financial matters and see what you can do to help yourself. Find programs that might help you, check out potential investments, and research purchases to see what’s worth paying for and what isn’t. 

So that is it. Financial advice is quite easy in theory and difficult in practice, but with these nine simple tips, you can take the first positive steps towards a more secure financial future by the time you have the next paycheck. 

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Kristen is the founder and content creator at Mom Managing Chaos where she teaches busy moms how to simplify and organize their life and finances. She writes about frugal living, budgeting, productivity and organization.