The modern woman wears multiple hats – from a loving spouse, a doting mother, a selfless careful and a hardworking employee. With over 74.6 million women in the workforce, statistics show that women have come a long way in today’s modern world and finances.
According to a recent study by Fidelity Investments, women save 9% of their paychecks versus 8.6% for men. Not to mention, 42% of today’s women between 18 – 64 have a college degree, versus 1 out of 4 women in the early 1990s. So, how does a woman learn to manage their finances and live within their means? By mastering your cash flow.
Understanding “Needs” vs “Wants”
The sign that says “up to 50% off” is very attractive. The mall can be a fun place to spend your downtime, but it is also packed with temptation. Set some of your earnings aside for some unplanned expenses and make a date to go shopping.
Not only will making plans in advance help your mind focus on what to buy, but it will also reduce the temptations of shopping for unnecessary items. After all, window shopping when you’re on a tight budget can be torture.
Investing in Your Passion
Whether you plan to go back to school, start your own business, or embark on your dream vacation, modern women are not afraid to invest in self-care. There are government and organization loans for new moms looking to study, financial aid for new business owners, and even interest-free credit card programs out there for you to fund your passion.
Looking at the full range of financial lending options and credit lines available is something modern women shouldn’t avoid. Putting your dreams on hold due to the lack of savings shouldn’t stop you from investing in yourself. After all, change is constant and whatever worked for you before may not be working now.
Saving for a rainy day – regularly
When millennials start saving for retirement, they often overlook one basic fact: that one spouse may outlive the other by a good number of years. This is often the wife. So what happens if she runs out of money in her old age? She may have to depend on her relatives and children.
To avoid this, women must continue to put away some money for their savings. While it is a women’s instinct to nurture the family and put them first, it should not be at the cost of her financial security in the long run.
Whether you have children or just starting on your own, having financial self-care means sticking to a plan that will help you meet your future goals. As long as you’re moving forward with these financial habits, you’re moving in the right direction.
