10 Money Habits of Women Who Are Never Broke
Have you ever thought about why some women always seem to have enough money to cover unexpected expenses and spontaneous activities? It's not just about making a lot of money. It's about using what you have smartly. In this post, I will share 10 money habits of women who are never broke.
How do I know these habits work?
Because I use them myself!
I was once a broke university student who struggled to afford my lifestyle (that over draft really came in useful!)
But now, I am financially comfortable and can afford to do pretty much everything I want.
Here are 10 daily habits that I adopted to get myself into the position that I am in today.
The ONE Thing That Financially Comfortable Women Have In Common
What if I told you that there is ONE thing that every financially comfortable woman has in common? You would probably want to know it!
To be truly successful in managing money, start with the right money habits and positive money mindset. It's hard to get ahead without this key ingredient. These women believe things will turn out well and they will get what they need. They work hard to make their financial reality match their positive outlook.
Being good with money isn't just numbers and budgets. It's about developing the financial habits and beliefs for success. Women who are financially secure get this. They focus on having a healthy relationship with money.
These financially stable women are careful with their spending, plan for the future, and save wisely. They know a positive money mindset is key. It's the base for their good financial habits. To improve how you handle money, work on your mindset first. The rest will come easier.
10 Habits of Women Who Are Never Broke (From My Experience)
Over the last 2 years, I have transformed my personal finances to become a woman who is never broke.
Here are 10 money habits that I use in my day-to-day life to manage my finances.
1. They live below their means
If you want to be financially smart and never broke, live below your means. This means not buying everything just because you can. By doing this, they avoid money troubles. This is not about being cheap, it's about being wise.
Being thrifty means making smart choices. You might choose a used car over a new one. These women spend on what they need more than what they want. Also, they find fun ways to save money, like having potlucks with friends. They know how to balance saving and spending wisely.
If you wish to improve your money situation, start by spending less. This habit alone can make a big difference in your life.
2. They have a positive attitude towards money
Financially savvy women have a positive money mindset. They tackle their financial confidence with a can-do attitude. Always keen to learn and improve, they don't focus on errors. They look for lessons in every experience.
This positive view helps them enhance their attitude which can lead to smarter money decisions.
Studies show that when you are worried about money, you are more likely to make irrational money decisions. Which then leads to even more money worries!
They key is staying positive.
Embracing a Growth Mindset
For these women, achieving financial health means having a growth mindset. They believe their skills and knowledge can always grow. With hard work and adaptability, they face financial issues without fear.
My experience: When I was at university, I was desperate to make more money. This meant that I was vulnerable to click-bait scams that led me to lose money instead of gaining it.
When I started having a more positive attitude towards money, these get-rich-quick schemes stopped appealing to me and I made smarter choices.
Focusing on the Positive
Financially wise women turn away from the negative. They instead look at the bright side of their finances. They hunt for chances to do better, rejoice in small victories, and use mistakes as chances to grow.
This financial confidence and positivity allow them to keep a sound money management attitude. Even when unexpected problems arise, they stay strong.
3. They use budgeting
Women who are smart with money understand the importance of budgeting. They use budgeting to control their spending and save. This skill is key for managing both household and personal finances.
Sticking to a plan
They are great at sticking to their money management plan. They set spending limits for things like rent and food. They won't overspend, even if it means staying in.
Keeping track of expenses
Financially smart women track their spending carefully. They might use apps, spreadsheets, or just a notebook. This helps them stay aware of where their money goes.
4. They have a second income stream
Financially comfortable women know it's good to have more than one way of making money. A job is important but having multiple income streams is even better. This could be from a side hustle, passive income from investments, or a mix of different ways to earn.
Starting a second income stream will help you to feel more secure in your finances.
Having multiple income streams means that you can protect yourself against sudden events that may cause one of your sources of income to stop working. It also means that you can control how much your earn my increasing your streams of income.
Here are my favourite second streams of income:
5. They purchase with intention
One thing that I have learned about women who are never broke, they're expert shoppers.
Smart shopping means finding good deals, using discounts, and waiting for items to go on sale. They check the best prices online or get alerts for sales on things they want. Choosing quality over quantity is their rule. They prefer long-lasting items over cheap, quick-to-spoil stuff. Plus, they're great at finding bargains. Instead of buying on a whim, they plan their purchases and carefully consider big buys.
Before you buy, stop and think: "Do I really need this?" By copying the shopping smarts of financially comfy women, you can see your savings flourish. Spending wisely keeps you on the right track with money and keeps you from the trouble of hasty buys.
6. They have an emergency fund
Unexpected costs can come when you least expect them. Yet, wise women who never seem to be broke know a trick.
They have an emergency fund.
This fund helps them stay strong financially during tough times. So, when a sudden bill or repair pops up, they're ready.
Starting an emergency fund isn't as hard as it seems. You can begin with just £20 each week. Soon, you will have enough to cover living costs for three to six months.
It's crucial to keep this emergency fund ready to use for any unexpected situation. Having this safety net means you're prepared for whatever life throws at you.
Top tip: Keep your emergency fund in a high-yield savings account to maximize the amount that you can save.
7. They avoid emotional spending
We’ve all been there. You have a bad day at work and find yourself aimlessly scrolling on ASOS to find something that might cheer you up.
Although these purchases might make you happy for a minute. They won’t fix your problems!
Emotional spending can be very harmful to your bank account.
Buying things on a whim can mess up your budget and stop you from being able to invest or save.
Financially smart wome think hard before buying something, asking themselves if they really need it. They're strong enough to say no to things they don't truly need. They know a quick moment of joy won't be worth going off-budget for.
They're careful with their credit cards. They use them wisely, making sure they pay off every month. They avoid loans and anything that could put them in debt. This way, they stick to their plans and keep their finances healthy.
By avoiding letting their emotions control their spending, these women are always on track with their money. It's a lesson in financial health that all women can take and make their own.
8. They don't make vanity purchases
If you want to be financially comfortable, avoid the brand trap!
Vanity purchases are things that you might buy to impress other people. These are usually high-end designer brands hat cost 100x their true value and are made for the sole purpose of showing off your success.
Most of the time, these overpriced items are no different from the unbranded versions. Women who are never broke know about the brand trap and avoid buying things out of vanity.
They're careful and clear about what they spend on. They stick to their financial goals. This approach to money helps them avoid unnecessary buys.
9. They understand financial literacy
Financially-smart women know how to understand money.
Believe me, it helps A LOT to know what all of the financial jargon means. I started learning about savings accounts and the stock market 5 years ago and it has really helped me to build my wealth.
Once you understand what things mean, you can make informed decisions.
Financially comfortable women read new books on personal finance, follow educational blogs, and listen to money podcasts. These activities help them keep up with impacts, investment chances, and big economic trends. This way, they're able to make smart choices about their finances.
Attending workshops, seminars, or online courses is also key. It improves your understanding of personal finance and wealth-building. By always learning and improving their money management skills, these women stay ahead of the game.
To reach the financial stability they have, it's crucial to boost your financial literacy. The wiser you get, the easier personal finance gets. You'll be better at achieving your money goals.
10. They set savings goals
Let's talk about how clever women use savings goals. They aim to save for things like a mobile phone or a house. To buy that new phone, they save a bit each week. This way, they don't spend carelessly and their money grows.
For big goals, they open special savings accounts. They add money to these regularly. This system helps them stay on track and avoid wasting money.
Setting savings goals helps these smart women stay focused on their dreams. They know without a goal, money just slips away. Whether it's a flat's down payment or an emergency fund, they are clear about their targets. And nothing can stop them from reaching their goals.
How To Start Using These Habits To Improve Your Finances
If you're eager to shape your financial future, these habits are a great start.
The easiest one to start with is living below your means. Simply, spend less than what you earn. This is the easiest habit to kick off your financial journey.
Developing a positive attitude towards money is also key. Use affirmations and visualising your goals. It also helps to be around people who are smart with their money. With the right mindset, budgeting becomes easier. Try using a notepad or a budget app to track your money.
Boost your earnings with an easy side job or an extra income source. This could be anything from freelancing to renting out a room. Make sure the extra money goes straight into your savings. This will help you grow your wealth faster.
By following these tips, you’re well on your way to financial independence. Don’t wait to start; today is the perfect time! Watch how these small changes lead to big savings and future financial security.