The 10 Most Important Money Management Tips for Women
Can using these money management tips help you create more wealth and financial freedom?
Only if you apply them.
Women have come a long way when it comes to understanding money, but there’s still room for improvement. I must admit I had the Managing Money Isn’t Fun Blues for many years. As soon as someone started talking investing or money management all I heard was Blah Blah Blah, this isn’t fun, Blah Blah Blah.
As I got older (and wiser) I came to understand that you have to take responsibility for your own finances and pay attention to your beliefs about money. It’s so important to educate yourself in order to have a healthy and happy relationship with money and to have money goals.
My mother became a widow at the age of 59 and didn’t even know how to write a check. Thankfully, times have definitely changed.
Since most of us women today are earning our own money, we need to be more educated about how to manage our money and create money goals to ensure financial freedom.
Can Money Buy Happiness?
Some say money can’t buy happiness, but money can certainly help you live a fuller, richer, independent, and more stress-free life. Money problems are one of the biggest contributors of divorce, stress and anxiety.
The best way to make sure you have a healthy relationship with money is to learn how to manage it. Keep track of your money – you may be surprised when you sit down and analyze where your money actually goes. I know I was.
Don’t become lazy or apathetic about managing your money. It doesn’t have to be a hair-pulling, frustrating experience. Here are some money management tips to help you get on track and stay there.
Top 10 Money Management Tips for Women:
Take action on these money management tips and watch what happens.
- Make sure your beliefs about money are serving you well. Do you believe money is the root of all evil? Do you believe you’re worthy and deserve to have money and a life full of abundance?
If you don’t find a way to believe that having money is a good thing and that you’re worthy of it, you won’t attract financial freedom. You have to conquer your fears and limiting beliefs about money before you can be financially free and abundant.
This is the most important of all the money management tips.
No money management book, software, or expert can help you overcome money issues until you have healthy, optimistic, and positive beliefs about money.
- Don’t bury your head in the sand – Get Educated. Take an interest in your financial situation and never just “hope for the best”. Educate yourself about money.
There’s no excuse these days for being ignorant about your own finances. There’s a ton of information available – read books, look online, take a class, read money magazines, or talk to a financial adviser to get more money management tips.
You probably don’t want to seek advice from friends if they too are struggling with money issues.
Too many women let their lack of confidence about money impact their financial well-being. You don’t have to become an expert in financial speak, but you must know where your money goes and how it’s coming in. Money management is like anything else; once you learn it, it’s easy.
- Don’t hand over the management of your finances to someone else – even a spouse. What if something happens to that person? You have to know at least the basics and have input to the decisions about your own finances. Take responsibility.
- Live within your means & get out of debt. Don’t buy those shoes if you don’t have the money NOW to pay for it. Millions of people are in dire financial shape today because they spent money they didn’t have. Save up for the shoes and then buy them.
When you are able to pay off your debt it will feel like taking a 50 pound weight off your chest. It will feel like the most wonderful RELIEF.
- Pay yourself first and make it automatic. Just do it. You won’t miss the $1, $10, $50 or even $500 a month. Really! Start small and keep building.
Even if you’re over 40 or 50 and haven’t invested one dime – START NOW. Save at least 10% of your paycheck; you won’t miss it. Invest automatically through your bank account so you don’t even have to think about it.
- Track your spending. For a 2 month period keep track of every penny you spend. You will be shocked at how much money you spend without realizing it. A book here; a cup of coffee there – it sure adds up. This can be an eye opening experience which may be jarring enough for you to change some of your spending habits.
- Use software to help you track and manage your money. Your perception of where your money goes and where it actually goes is often very different. There’s a wide variety of inexpensive money management software available to help you so it’s fast and easy. You don’t want to spend a lot of time on this, so these software programs are great time savers.
- Transition from “working for money” to “having money work for you.” No one gets rich from working a 9 to 5 job. People with lots of money understand the importance of compounded interest and investing money so that it works for them without any heavy lifting on their part. Investing in real estate or the stock market; earning residual income from royalties or online businesses are examples of this.
- Have a retirement plan. Do you have a 401k or 403b? An IRA? Money under the mattress (I hope not)? Whatever your plan, don’t leave it to chance.
- STOP WATCHING THE GLOOM AND DOOM NEWS PROGRAMS. This is one of the most important money management tips of all. There are millions of people thriving in today's economy. Don't let the negative media impact your money goals and beliefs.
Don’t limit investing to the financial world. Invest something of yourself, and you will be richly rewarded. ~Charles Schwab