Women who are wise with money have mastered that it is not always about how much you make, but how much you spend and how much you keep. Being careful with your money -- from your monthly grocery shopping to regular Shopee budol, all that can have an impact in your finances.
Let us uncover the 7 Habits of Women Who Always Have Money:
1. She Budgets for Everything -- and Sticks to this Budget
If you want to always have money, you need to accumulate it. Read that again. Every time paycheck comes in, you must spend less than what you earn.
I have learned about the 10-20-70 rule when I began reading financial books back in 2013. Every time money comes in, you set aside 10% for tithes, 20% for savings and investments and live on 70%.
But later I realized that the above rule can be very difficult for most of us, regardless of how much we want to tithe, save and invest, because a sudden 30% cut on our current lifestyle can be close to impossible, especially if we are already struggling to make ends meet.
But we can always start somewhere. And for a start, you can set up your budget to live on 90% of your income and set aside the 10% to build your emergency fund and savings. When you have already saved enough, you can message your trusted Financial Advisor so you can start on protecting your future income, too, through getting a life insurance policy and automated savings plan. As for tithes, you can support your spiritual community by devoting your time to do volunteer work, or give in kind.
2. She is a Cash Back Queen
What cash back apps do you use? Personally, I double check if I have ticked off all available vouchers before I check out on Shopee, including the ones that give the highest cash back percentage.
Take advantage of cash back apps as this is an easy way to earn free money.
3. She Lowers Her Bills
Other ways of accumulating money is by making more and spending less. And one way of spending less is by lowering your bills.
I cancelled subscriptions from apps I do not make the most of, and have availed of my favorite apps annually as they are cheaper compared to paying monthly.
4. She Uses Rewards Cards
Take the leap. Try earning cash back with a credit card. They are not dangerous as long as you intentionally spend less than you earn, and always pay your total amount due. That means no debt, no interest payments and no late fees. It becomes no different to spending cash, except that you earn points every time you use your credit card. These points can be converted to air miles, shopping vouchers, credited back to your card, or credited to your savings account.
5. She Automates Her Savings
You can't spend money you can't see. Good thing that there are companies that have set up an automated savings plan for their employees. If your employer has this, take advantage of it. You may also want to consider increasing your savings every time you get a salary increase.
As for me, because I am not employed, my Insular Life policy does that through an auto debit arrangement (ADA) for my monthly premiums. Because this policy has an investment component, my amount saved grows over time, too.
6. She is Insured on All Fronts
If you are a breadwinner and brings income to the family, insurance is a definite must. Your life insurance policy protects an insured's income from critical illness, hospitalization, disability and sudden demise. It makes sure that a breadwinner's family will not suffer financially in case he or she is no longer around or unable to work.
But if you are a stay-at-home mom, do you know that you also need to be insured? Believe it or not, you have tremendous value! Have you ever considered the cost of hiring out the work you do everyday? From child care to food preparation, to keeping the home clean, plus all of the errands. That costs a lot! And because of this, your life needs to be insured, too.
Protect yourself and your loved ones with an affordable life insurance plan. To ask for a quotation, click here.
7. She Tries
If you want to accumulate money, you cannot just sit around waiting for it to happen. You have to try. Try setting up a budget. Try earning cash back. Try lowering your bills. Try using a credit card with rewards. You can also try earning more by becoming an InLife Financial Advisor to increase your income.
Final Word
These are all ways to accumulate money. But don't just read about it. Take action. Stay focused on your goal. Start planting these habits today, nurture them, and your harvest will come.
Be very blessed!
P.S. Got money habits to share? Post them in the comments below or you can email me at financialplanningforpinoys@gmail.com.
P.S.2. I hope you find this post useful. Thank you in advance for sharing this post!
