6 Habits of Financially Savvy Women, Make the Most of FLM
Financial literacy and independence are important skills for everyone, regardless of gender. However, studies have shown that women often face unique financial challenges such as the gender pay gap, career interruptions due to caregiving responsibilities, and longer life expectancies. Despite these challenges, many women have successfully navigated the world of finance and built strong financial foundations for themselves. Learn some of the habits of financially savvy women below.
Financially savvy women have a budget and stick to it.
Financially savvy women understand the importance of having a budget and sticking to it. They know that creating a budget is the first step towards gaining control over their finances. A budget helps them to track their expenses, identify areas where they can cut back, and prioritize their spending. By living within their means and avoiding unnecessary expenses, financially savvy women are able to save more money and build wealth over time.
They prioritize saving and investing.
Financially savvy women understand that saving and investing are key to building wealth over time. They prioritize saving a portion of their income each month, even if it’s just a small amount. They also invest their money wisely, taking into account their risk tolerance, investment goals, and time horizon. They seek out advice from financial professionals when needed and stay informed about market trends and economic indicators.
They educate themselves about personal finance.
Financially savvy women are knowledgeable about personal finance. They take the time to educate themselves about financial concepts such as budgeting, saving, investing, and retirement planning. They read books, attend seminars, and seek out advice from experts in the field. They know they can save time and money by getting good advice from trusted professionals.
By staying informed about personal finance, they are able to make informed decisions about their money and build a strong financial foundation.
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They have a long-term financial plan.
Financially savvy women understand the importance of having a long-term financial plan. They set goals for themselves, such as saving for retirement, buying a home, or paying off debt, and create a plan to achieve those goals. They regularly review their plan and make adjustments as needed. By having a long-term plan, financially savvy women are able to stay focused on their financial goals and make progress toward them over time.
They practice good credit habits
Financially savvy women understand the importance of maintaining good credit. They pay their bills on time, keep their credit card balances low, and avoid opening too many new credit accounts. They check their credit report regularly and dispute any errors they find. By practicing good credit habits, financially savvy women are able to maintain a strong credit score, which can help them qualify for lower interest rates on loans and credit cards.
They seek out opportunities to increase their income.
Financially savvy women understand that increasing their income can help them to achieve their financial goals more quickly. They seek out opportunities to increase their income, such as asking for a raise, taking on freelance work, or starting a side hustle. They also look for ways to advance their careers, such as taking on new responsibilities or pursuing additional education and training.
In conclusion, financially savvy women understand that building wealth takes time, effort, and dedication. They prioritize saving and investing, educate themselves about personal finance, and have a long-term financial plan. They practice good credit habits, stick to a budget, and seek out opportunities to increase their income. They partner with a professional whom they can trust to give them guidance when they need help. By following these habits, they are able to build strong financial foundations for themselves and achieve their financial goals over time.
Which of the above do you need to work on this month, which happens to be Financial Literacy Month?
Going at it alone is not always easy. Let me guide you in your journey so you can achieve your financial goals! Book a meeting here.
Sheilla Vidal is a Retirement Income Certified Professional RICP® and life insurance broker. Sheilla is also a physical therapist, wife, mother of two, and one of the caregivers for her 85-year-old father. She is an avid learner. She writes, speaks, and recognizes that her work in helping clients live with dignity is her God-given mission.
