Pennies For Cents

Let’s talk about the financial habits of a successful woman. Actually, why just women? These are habits that any successful person has – man or woman.

The thing is: people work hard today in order to achieve a better tomorrow. You want to be successful in life. You have dreams you want to realize and goals you want to achieve. A holiday you want to go for, a dress you have been eyeing or that shiny new car. The more important thing is: Achieving your goals most often boils down to having good money habits.

It has been proven that successful people have a lot of good habits in common. Today, we will be talking about these habits. These are super important and easy to form, I promise.

The fact is: developing a good new habit takes time. This means: it is possible to form these habits. The more important fact is: You can form these habits, too!. Yes, YOU!

So, how can you help yourself to become successful? Here are a few habits of a successful woman (or man) that will help you.

Disclaimer: I am not an accountant, a finance professional or a money guru. These are just some lessons I have learned over the years managing my life and some thoughts from the top of my head. These should not be taken as financial advice.

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A successful woman knows exactly what her income is and where it comes from.

It is very likely that she has more than one source of income. She has a day job, a side hustle, she earns interest on her savings and investments. The important thing is she understands each source of income. She knows how stable each one is, the factors it depends on and what she needs to do in order to grow them.

You need to know every dollar you earn and how you earn it. This will help you become accountable for your money and put it to good use.

A successful woman keeps track of her expenses and knows when they are due.

She runs her personal finances much like a small business. This woman knows expenses and costs can be the downfall of any business and need to be kept in control. She knows what bills she has to pay and when they fall due. Paying late fee on her bills is her bugbear – she avoids it religiously. She pays all her bills on time.

Your journey to financial success starts with keeping track of your expenses. Start noting every single one of them. Very soon you will see patterns emerging – how much you spend on groceries each week, what bills you need to pay each month or quarter. You will have an estimate of what your bills are likely to be and start budgeting for them. Before you know it you will have a great idea about the expenses that are coming your way. But to get there, you have got to start tracking your expenses.

A successful woman has a budget that she sticks to and is proud of the lifestyle she achieves.

She makes a budget for her expenses. Her budget is realistic and she is able to stick to it. She focuses on her regular monthly expenses first  – rent, utilities, groceries, and other monthly payments. She has a budget for personal expenses and saves some of her income for achieving her goals.

READ MORE: Simple mantras that will help you start and form a budgeting habit.

This woman is aware of the lifestyle she can afford to lead and is not ashamed of it. She aspires for a champagne life and will work for it. But for now, her lemonade lifestyle rules.
A budget allows for better financial control. Keep your budget simple and give it time to evolve. Make it your own as you go along. It will change from month – to – month.

Special occasions like Christmas or a vacation trip can have their own budgets. Make sure you include a total amount in your main budget to avoid overspending.

READ MORE: Want to form a budget for Christmas? Here is how.

Successful women have financial goals.

Yes, she sets financial goals for herself and makes plans to achieve them. A successful woman will put in the effort required to make her dreams come true.

She has formed a habit of saving and uses the power of compounding to grow her savings.

Get into the habit of saving something right from your very first income be it 50% or a dollar. The point is to create a habit of saving in order to achieve your money goals.

She invests in herself.

In order to pay others, you gotta pay yourself first – emotionally, physically and spiritually.

This one may seem obvious, but you will be surprised how many women completely stop thinking about themselves when they start to budget. Let’s be honest, a lot of people are forced to start budgeting for their household during tough times. Tough times means cutting down to bare essentials. Others may simply be surprised by their total monthly expenditure when they first start to budget. This results in pruning expenses.

Whatever be the reason, if your budget envisages a lifestyle that is far removed from your actual one you are unlikely to stick to it in the long run. A successful woman knows this.

So go ahead, allow yourself to buy a new dress. Budget in the pedicure that gives you some time away from your daily humdrum. Invest in yourself so that you can invest in your house and family.

A successful woman stays away from credit card debt.

A credit card is a convenience. She knows that if she is unable to pay her bill at the end of the month then she is living beyond her means. She uses a credit card for the convenience it offers and the reward points she earns for using it.

What if you do need to incur credit card debt?

Make yourself aware of the cost of incurring the debt i.e. what you will actually end up paying for keeping an amount outstanding after the due date – the interest as well as fees. Know that this will bump up the cost of your purchase, often significantly. Then decide if you can afford this debt.

She knows she needs to start small in order to start investing.

A successful woman invests regularly even if it is a small amount. She puts in money for her retirement. Most of all, she knows the importance of starting early.

If you are concerned that you do not have enough fund to invest, let me reassure you there are lots of avenues where you can invest with even a handful of dollars.

Investments are in addition to her savings. She knows life can throw curve-balls at her. Guess what, she has a plan for them too. Putting in money into an emergency fund has prepared her for times when her income may suffer or when she needs to make a huge outlay.

You should also know that there are no get rich quick schemes.

A successful woman surrounds herself with friends who are like her.

Just like her, her friends have aspirations too and plans on how to achieve them. They hustle hard to realize their financial goals. Her friends have similar financial habits like her and are a positive influence on her. They learn from and help each other grow and become better.

Surround yourself with friends who will be supportive of your financial goals and help you achieve them. Make a conscious effort to stay away from spendthrift friends.

She is not afraid to negotiate.

Negotiations are tough, but a successful woman is tougher. She can step out of her comfort zone and knows how to ask for her due – be it a salary raise or a better business opportunity.

She is not afraid to say no.

If you find it hard to ask for things that are rightfully yours, then make changes now. Practice how to speak to your boss in front of the mirror. Work out different scenarios that might play out and how to respond to them. Ask your spouse or a friend to help you.

A successful woman learns continuously.

Learning is a life-long process.

She learns from experiences, her own or those of others. A successful woman loves to read. Oprah has her own book club through which she inspires others to read and learn

Reading blogs and articles is a great way to learn from others.

A successful woman is grateful for what she has.

She never forgets her past or how far she has come. She is grateful for the good financial habits her frugal parents have instilled in her or how lucky she is to have a partner who shares her values.

As you aim for the stars, remember to appreciate the good things that are in your life

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