It doesn't matter if you are a young entrepreneur or a girl working full-time job and a side hustle. Or maybe just landed your dream job. It does not matter, there are the financial habits that that every successful girl should adopt today!
1. She knows exactly what’s coming in and where its coming from
How much did your side hustle earn last month? Did you earn money from your high interest account? A financially successful girl knows exactly what’s coming in, where it is coming from and when it is coming.
2. She knows all her expenses and when they are due
A financially Successful girl never pays late fees because she’s organized. Not only does she know what’s coming in, she knows exactly what’s going out, and when. There are so many tools to help you manage your expenses and due dates. I prefer to track my bills on paper using a basic calendar. There are also some great budget apps out there as well. There is pretty much no excuse for missing a payment. Paying a late fee is like throwing money away.
Tip: If you do somehow miss a payment, and it is your first time, call the creditor and ask for a them to waive the fee as a curtsey. If you have a constant history of on time payments they often will waive the fee if you ask.
3. She has a budget and sticks to it.
Nobody likes the “B” word. But, a financially successful girl knows where every penny of her hard-earned money is going. She also makes it work for her. Budgets don’t have to be restricting but the opposite. Your budget should be flexible and change as the events in your life change. You can buy nice things and go on great vacations by working them into your budget. A financially successful girl plans for these events and budgets accordingly.
Tip: Use a cash envelope system for managing your daily spending.
4. She has savings.
And she contributes to it on a consistent basis. A financially successful girl has a backup plan. She knows that life happens, and when it does, she is prepared for it. Life is unpredictable, emergencies happen. Unexpected car repairs don't catch her by surprise. Unexpected changes that can sometimes leave you without income for a period of time. Big or small, the financially successful girl is prepared.
TIP: The standard emergency fund is three months of income. If you are new to saving money that number can seem daunting. I’m a big fan of Dave Ramsey’s Baby Steps to financial freedom, in which baby step #1 is to build $1000 emergency fund. $1000 is not going to keep you going in the event that you find yourself without a job, but it can cover most minor car repairs.
5. She knows her personal net worth.
Knowing your personal net worth gives you a big picture overview of where you stand financially. Your net worth is the calculation of the value of all your assets (things you own) minus all your liabilities (debts you owe). The financially successful girl knows that knowledge is power, especially where her finances are concerned.
Calculate your personal net worth with this easy to use Net Worth Worksheet
6. She plans for tomorrow
A financially successful girl knows the importance of saving for retirement. Start contributing to your retirement fund now- not waiting until your 50’s.
Financial success is not about how much money you have. It is how you manage what you’ve got that measures your success.