10 Money Habit Of Women Who Are Never Broke

Women are notoriously bad at budgeting, with a whopping 80% of us not setting up a household spending plan. With finances like these, it is no wonder that 51% of adult women have less than $5,000 socked away for emergencies. But there are some girls who know exactly what to do with their cash; namely the ones who have created habits that keep them away from being broke all the time.

Here are some money habits of women who are never broke.

1. They know how to spot a deal

You may think that it’s the boys who have the sharpest eye for a good deal, but the ladies can pick out a bargain just as well, especially if they pay close attention to sales and discounts.

In fact, it is just one of their money habits that keep them from being broke all the time. Women who set aside some time each week or every month to look at sales ads and print coupons are on their way to being financially savvy. They also refuse to buy anything before checking out Amazon reviews first.

2. They have a good budget

You know those ladies who never seem to have money problems, even though they do not earn as much as someone else? The secret lies in their budgeting skills. Those women are actually more familiar with what they spend on different things, which allows them to plan ahead and avoid unnecessary expenses.

It is of the utmost importance that you identify those areas where you tend to overspend and find ways to either reduce them or completely eliminate them from your budget. Start by tracking your spending for a month or two, and then make adjustments based on your findings.

3. They remember their priorities

Having a life and having money are not mutually exclusive. Spending a little extra on yourself or the people who matter most to you can greatly boost your self-esteem and financial independence. It is not hard to find ways to create a balance between spending and saving, if you know what you want in life. Do not be surprised if after some time, your goals start aligning with your budget.

4. They do not make impulsive purchases

One of the biggest money mistakes that women make is always using credit cards whenever they feel the urge to buy something. It often happens when someone else gives them a gift for their birthday or Valentine’s Day and it feels like the right thing to do in those instances of “surprise”. But it is never worth falling into the trap of credit card debt, regardless of how appealing a shiny new thing may be. If you really want to buy something, use cash to keep yourself away from being broke all the time.

5. They do not let others determine their financial priorities

There is nothing more boring than spending your paycheck on something that would eventually end up in someone else’s hands. Those are usually people who have no idea how much money you earn or how much debt you carry, and yet they still tell you what your financial priorities should be.

It is not real until you have it in your pocket. Don’t let others tell you what your financial priorities should be. It is also only right that you determine it for yourself, because they might not like the choices that you make.

6. They stay on top of their finances on a daily basis

According to a survey by CreditCards.com, more than half of the respondents stated that they do not keep track of their financial spending on a daily basis.

They either do it every couple of weeks or even once a year, which is definitely not enough to call yourself financially independent. But there are some women who have learned their lesson after being broke all the time and make sure that they do not overspend even without a budget.

They know exactly how much money they earn and how much money they have at any given time and act accordingly. If you really want to be on top of your finances, stay on top of them throughout the entire month, as well as in your head!

7. They always pay bills on time

If you want to avoid getting into trouble with the money that you have, make paying your bills a priority. It is one of the key money habits that keep women from being broke all the time.

In order to avoid last-minute payments and even late fees, sign up for automatic bill pay, which makes it easier than ever to stay on top of your financial situation.

Then you can use any excess cash that you might have at other times of the year, like during tax season or near Christmas.

8. They do not take out credit cards lightly

Women are significantly more likely to take out a credit card and use it for their everyday purchases than men are. But it is not a good idea to use them for all of your expenses, especially when you cannot afford it. Starting with slow, low-cost payments can help you develop a relationship with your credit card company over time and establish yourself as a reliable customer to whom they would like to lend you more money.

9. They know their monthly budget

Women who remember their monthly budget are going to avoid being broke all the time. Set up an automatic transfer from each pay cheque to cover your monthly expenses so that every month, or at least once a month, you will be able to produce the exact amount of money that you need for the next step in your financial journey. Once you are able to cover all of your monthly expenses, you will be able to start saving as well.

10. They are not afraid to ask for help

Personal finance is all about numbers, but there are some numbers that are too difficult to figure out on your own. If you do not know how to add two and two, ask somebody who does it very well and is willing to explain the process to you in detail. It is only right that you do the same for others when they need your help, especially when it comes to figuring out their finances.

Finally

Being broke all the time is not the end of the world, because there are ways to prevent it. When you are willing to make some small changes in your financial habits, you will be able to get your life back, and start on this journey of financial independence with a positive mindset and financial resolutions that will lead you to more than just surviving on the bare minimum.

However, if you want to live a life where money is not an issue, there are steps that you can take in order to make sure that your financial life ends up being “truly not broke”.