Women are usually labeled as spendthrifts; ironically, they are the ones who mostly manage household expenses. Most of the studies show that women are much better at managing and controlling expenses. Managing money is an art, and most women are pro at it and practice the art daily. But some can do it better than others, so let us take a look at some pointers that will help women become smarter at managing money.
Make a budget and stick to it:
Many women often complain of overspending; if you too are unaware of where your monthly spends go, then it is time that you start making a budget and note down all the expenses that you make. This way, you will become aware of your spends. Once you know about your expenditure, then you can easily make a budget and try and stick to it. As a rule, try and keep at least 20 % of your salary for savings. You could also use the good old pencil and paper to note down your expenses, or you could use one of the many available apps to control your spends.
Make use of Offers/ Vouchers/ Credit card Rewards/ Sale:
We all love to shop, but smart women shop smartly, they make the most of the shopping buy buying things at optimum prices. They make most of the sale and purchase stuff when on discount. They also have the best credit cards for the best deals. They might have a separate card for a cashback or a best shopping credit card for getting discounts on store merchandise. Be it buying the best cosmetics or branded clothes or grocery shopping; smart women don’t compromise on quality; they use all the tricks under their sleeve to get the best discounts and offers.
Learn to limit yourself:
Our wishes are endless, but smart women know when they want to say a No. We all want the latest clothes, the best gadgets, but then smart women know the difference between need and want. They manage their expenditure wisely and stick to their budget. They don’t overspend their credit cards or start EMIs unless it is absolutely necessary.
Save first spend later:
We all love shopping, but we all must learn to save for the rainy day. Yes, a foreign holiday does look tempting but so does money in the bank. With inflation and cost of living rosining up rapidly, it is time that we look to save money first. We can also look to set up financial goals and then save accordingly. Smart women keep different funds for different goals; like education fund for children future, a retirement fund for a comfortable senior life, etc.
Explore new income sources:
Smart women are always on a lookout for finding new sources of income. They are always eager to learn new skills or embark on a new journey. Many women who are unable to go back to the job due to childcare or home responsibilities often take up work from home jobs or give freelancing services just to earn an extra buck.
Set up an emergency fund:
It is always good to have a contingency fund that you can use when things go wrong. An unexpected hospital visit or a pink slip from the employer should not send you in a tizzy. A contingency fund can help you get out of the tricky situation easily. A smart woman can stay calm even in a tough situation because she knows she has saved enough for a rainy day.
Value time and money:
Financially smart people always value time and money. They are prompt when paying their bills so that they don’t have to pay late fees. They keep important financial paper organized. Smart women also keep a check on the family spending and overall expenditure. She knows that sticking to a budget is important, and she values the thought of staying in control over expenditure.
Are you are financially independent women? Are you financially smart? What tips would you like to share with us?