The Power of Planning
- Create a budget.
- Set financial goals.
- Take advantage of technology: Apps like Mint and Personal Capital can help you track your spending and make sure you’re staying within your budget, while apps like Acorns can automatically invest small amounts of money in the stock market (even if it’s just $5 per week).
The Ability to Delay Gratification
Delaying gratification is a skill that will serve you well in life. It’s the ability to say no to something now in order to have more later on.
When you’re hungry and there’s nothing in your fridge, it can be hard not to buy something or go out for dinner–especially if someone else offers you some money for doing so! But if you can learn how to delay gratification, then it won’t matter what anyone else does or says: You’ll stick with your plan and save money instead of spending it all immediately on food or other things like clothes or shoes (which are also fun).
The Discipline of Saving
Saving money is a habit that can be learned, but it takes discipline. The first step to saving is making saving a priority and finding ways to save money. Setting up an emergency fund is also crucial for any woman who wants to be financially secure. This fund should contain enough money to cover at least three months’ worth of expenses in case you lose your job or experience another unexpected setback that prevents you from earning an income for an extended period of time.
The Habit of Investing
Investing is a habit that can be learned. It’s important to educate yourself on investing, and then take calculated risks. Diversifying your investments is also key!
The Art of Negotiation
It’s not enough to simply ask for a discount. You have to research the prices of similar items and use that information to your advantage. If you’re shopping at an electronics store, for example, look up what other stores are selling the same item for online and then ask if they can match those prices.
If they say no, offer up another option: You’ll buy two or three products if they give you a discount on all three items combined–this creates win-win scenarios where both parties get what they want (you get cheaper products; they make more money).
The Mindset of Generosity
- Giving to others.
- Investing in communities.
- Investing in yourself.
The Courage to Take Risks
You don’t have to be rich to live a life of abundance. You just need the courage to take risks and learn from your mistakes.
If you’re not sure what your passions are, start by asking yourself these questions:
- What do I love doing?
- What do I hate doing?
You’ll probably find that the things that bring you joy are related to some aspect of your life goals–for example, if one of your goals is being financially independent then it’s likely that anything related to money will make an appearance on this list!
The Confidence to Network
- Building relationships
- Taking advantage of opportunities
The Wisdom of Mentorship
The first step to becoming a woman who is never broke is to seek advice. You don’t have to do everything on your own, and you shouldn’t try. There are people out there who have been through what you’re going through now and they can help guide the way.
Learning from others is one of the most important habits of women who are never broke because it allows us to learn from their mistakes, as well as their triumphs. Surrounding yourself with success will also help propel your success by showing that it’s possible for anyone if they put their mind into it!
The Attitude of Gratitude
- Appreciating what you have.
- Acknowledging your successes.
- Celebrating your accomplishments.
Understanding Financial Literacy
Financial literacy is the ability to make sound financial decisions, and it’s a skill that can be developed. If you want to live a life free of debt and stress, it’s important that you learn how money works.
To develop your financial literacy:
- Read books about money management. There are plenty of excellent books out there that will teach you how to manage your finances effectively and develop good habits around spending and saving. Some of my favorites include “The Total Money Makeover” by Dave Ramsey, “Your Money or Your Life” by Joe Dominguez and Vicki Robin and “The Wealthy Barber” by David Chilton (the latter two are fictional stories).
Setting Financial Goals
One of the most important habits of women who are never broke is setting financial goals. This can be a difficult task, but it’s also something that you should do every year to help keep yourself accountable and on track for your financial future.
Setting goals is an essential part of any successful person’s life because it helps them achieve their dreams and aspirations without having to worry about whether or not they’ll be able to make ends meet at the end of the month. Setting financial goals will help prevent any unnecessary stress that comes from worrying about money all day long.
Creating a Budget
Creating a budget is the first step to living your best life. But what if you don’t know where to start? We’ve got you covered.
Here are some tips on how to create and stick with your budget:
- Make sure it’s realistic–don’t set yourself up for failure by creating unrealistic expectations for yourself (like “I will save $100 every month”). Try setting smaller goals that are more achievable, like saving $50 per month or cutting back on one thing each week (like eating out).
- Keep track of all of your expenses in one place–whether it’s on paper or online doesn’t matter as long as it works for you! This way, when something comes up unexpectedly like needing new tires or having an emergency doctor visit due to illness, there won’t be any surprises when looking at how much money has been spent over time rather than just seeing everything all at once in one place instead of being able to plan ahead better because they didn’t know what might happen next month until now.”
Developing Healthy Spending Habits
As you’re developing healthy spending habits, it’s important to understand the difference between needs and wants. Needs are things like food, shelter and clothing–things we must have in order for our bodies and minds to function properly. Wants are things that bring us pleasure or enjoyment but aren’t essential for survival (i.e., ice cream).
It can be easy to lose sight of this distinction when you’re surrounded by advertisements telling you how much better your life will be if only you buy this new item or service. But remember: You don’t need any more than what’s already in your closet! Advertisements often try to convince us that we need something simply because they want us to think so; however, there are usually other options available at lower prices than those advertised on television commercials or billboards around town.
Saving for Emergencies
- Save for emergencies.
- How to save for emergencies.
- Where to save emergency funds.
Making Smart Investments
When you’re broke, it’s easy to think that investing is only for rich people. But it doesn’t have to be! Investing is simply putting your money into something that will grow over time and provide you with income later on. The key here is finding investments that are low risk but still give you good returns.
For example, if you want to invest in stocks (which is one type of investment), then look for companies whose products or services are popular and likely to stay in demand over time–think Apple or Coca-Cola instead of some random startup company no one has ever heard of before!
- Types of debt:
There are three main types of debt: credit card, student loan and mortgage. Credit card debt is the easiest to manage because it’s not backed by an asset like a house or car. Student loans and mortgages have fixed interest rates that can be negotiated down over time if you’re having trouble paying them off quickly enough (more on this later).
Creating Multiple Streams of Income
- Having multiple sources of income is one of the best ways to ensure you’re never broke.
- It’s not as hard as you might think!
- Here are some ways to create multiple streams of income:
Understanding Credit Scores
A credit score is a number that represents your financial reputation. It’s calculated by looking at how you’ve managed credit in the past, and it can affect whether you get approved for loans and mortgages.
A high credit score means you’re considered to be a low-risk borrower, which makes lenders more willing to lend money to you at lower interest rates. A low score means that you have been late or missed payments on bills in the past–and that makes lenders wary of giving out loans because they think there’s a higher chance of defaulting on them.
Credit scores are important: They help lenders determine whether or not they want to give someone money, so understanding what factors into them (and how) can help improve your chances of getting approved when applying for new lines of credit like credit cards or mortgages!
Seeking Professional Financial Advice
As a woman, it’s important to seek out financial advice. The benefits of this are numerous, including:
- You can get answers to questions that you may have about your finances.
- You’ll be able to make informed decisions about your money and how it’s being spent, which will help keep you from making rash purchases or spending too much on items that aren’t necessary.
- If there are any problems with the way that someone else is handling their finances (such as an ex who won’t pay child support), having professional advice will help ensure that everything gets taken care of properly so that no one gets hurt financially in the process.