Have you ever felt like managing finances is too much to deal with on your own? You’re not alone! Financial management can be difficult, but it becomes exponentially more challenging for young women. Financial independence is a goal for people of all backgrounds, but it’s particularly important among women. The experience and security that come with having one’s own finances can help empower women in many ways.
That’s why we created this blog post about 25 things that will help empower and educate other females in finance-related matters. We’ll talk about budgeting apps, proper ways to save, and all of the good stuff in between!
Identify Your Priorities
Your priorities are the key to managing your finances. If you don’t know what they are, then it’s hard not only for yourself but also for other people regarding how their lives will turn out because of all these decisions that affect them.
Everyone is unique, which means no two people have exactly similar financial needs and desires; figuring things like budgeting can be tricky without guidance! But by identifying those areas where YOU need extra attention (like saving more money), as well as understanding WHY each area deserves its own focus, you’ll get a hold of managing your finances efficiently.
Create a Monthly Budgeting Plan
There are many benefits to creating a monthly budgeting money plan. For starters, it helps you stay on top of your spending habits and make sure there’s enough money left over at the end of each month for vital necessities like food or gas if an emergency arises! Creating a monthly budget allows you to see your current status on managing your finances and also gives you insight into how much you’ll be able to spend and save the coming month.
Seek Financial Advice
Managing finances can get overwhelming and confusing, especially if it’s your first time. Don’t be shy to seek out financial advice from a professional if you’re feeling overwhelmed by how much you need to budget for everything. There’s no shame in asking someone who’s been doing this their whole lives what they think! You can ask a mentor, budgeting professionals, friends, or even family members and ask them to help with your struggle.
List Down Your Priorities First, and Your Wants at the Bottom
When listing your monthly bills, a famous trick that has helped a ton of people is listing everything from the most important to the least important. With that, you are training your mind to look at the least priority and avoid spending money on them.
If you have never managed your finances before, it can be daunting. But if there are some things that money cannot buy for us, then what is? A sense of security and peace of mind! First, list down all priorities, so they get attention when needed most – emergencies come up suddenly, sometimes without warning but having an idea where one’s head financially helps prevent future stressors or surprises.
Set Aside the Money for Your Bills
This is one of the most important things you need to know when it comes to managing finances! After making a list of all your bills and what they cost each month, set aside enough money in an envelope or jar before payday arrives. It’s essential to set aside money for your bills. You can’t pay them if you don’t have the cash, right? One way is by making a budget and sticking with it until payday every month so that there are no surprises when interest rates go up or taxes come outswing on top of everything else!
Use the Best Budgeting Apps that Work for You
There’s an app for everything these days, and it seems like there are a million different budgeting apps out there. There are so many budgeting apps out there these days that can make managing finances easier and quicker! But, what if you’re looking for the best? It really depends on your needs! The following list will help narrow down all of your options and get things moving in that direction.
What if you could get cash back just for using your favorite card? With Dosh, it’s possible. Dosh offers the best way to save money. With saving features like “Bills & Prices,” it’s never been easier or more convenient for you! In addition, they have a rewards program that gifts you with all kinds of benefits. These include guaranteed cash back every day, exclusive offers from top brands and restaurants, and much more.
Albert is a financial app that automates your savings and helps you out with managing finances. With the push of a button, it safely withdraws money from any account and puts it into an automated investment fund or retirement plan for you! Albert Savings is the perfect app for all of your banking needs. It has been designed to be user-friendly and easy to navigate, with a simple interface that will have you up and running in no time at all! With everything from checking accounts or savings accounts and loans on hand, too, the Albert savings app can help you with so much of your financial management.
Qube Money is an innovative budgeting and banking app that takes the hassle out of tracking and managing finances. Qube Money is a budgeting and banking app that will help you save money. It’s easy, quick for on-the-go use, or even just at home on your phone! You can set up monthly transactions to track cash flow, plus get alerts when you’re low on budget so you can avoid overspending.
Assign Different Bank Accounts for Savings & Investments
Splitting up all of your transactions between multiple accounts gives each segment its purpose instead of confusing them with everything. You can use this simple hack to make sure that every dollar counts towards something meaningful. Whether it’s an emergency fund or vacation budgeting, having separate bank accounts for your short-term and long-term financial goals is a great way to stay organized. Here are some of the best banks and investing platforms you can use to store your savings after finishing your household budgeting:
Betterment is a platform where investing is made easy. The Betterment app is a great investment tool for those who want to be more financially independent. Users can invest in stocks, bonds, and mutual funds from mobile devices or online through this simple program that automatically sums up all the details into one easy-to-understand chart!
CIT Bank is a great place to find high yield savings accounts. With their competitive rates and flexible lending options, there’s no limit on how much you can earn! A high-yield savings account is the best way to set aside money for emergencies, unexpected expenses, or long-term goals. It earns interest and can act as an important complement in your checking account too!
Acorns is a simple app where you can track your investments. It also displays suggestions to help you decide on your next investing journey. Acorns is a revolutionary investment app that encourages people to invest in their future. You can do it without ever having any money! All you need are the spare change from everyday purchases and Acorn’s magic secret sauce, which they call “roundabout.”
Establish a Savings Goal
A savings goal can be very beneficial for people who enjoy the thrill and excitement of saving money. Find an amount you’re willing to save each month, then set up automatic payments through your bank account or credit card with just one click! A great way of establishing a positive habit like this would be setting aside 10% of all income towards building up emergency funds in case there’s ever some unexpected event come along.
Have a No-Spend Month
It’s not as simple as it sounds to figure out how to minimize spending when it comes to managing finances. This could be because you may not notice where you’re overspending, and it’s challenging to overcome long-held habits. Why not try a no-spend month? This will give you more time to manage your finances, save, and maybe even get out of debt. This is also a great way to train yourself to avoid spending, budget appropriately, and prioritize what to spend.
Unfollow Some Social Media Influencers
The internet can be an excellent place for knowledge, but it’s also very persuasive! You might find yourself drawn into commentaries and opinions from influencers on social media who encourage and push certain products or services – even if those things aren’t relevant in your life at all! Suppose you’re someone who gets easily influenced by what to spend on. In that case, unfollowing influencers on social media is a great way to prevent yourself from getting sucked into a spending vortex with things you don’t really need and sometimes want.
Invest with Your Savings
The time to shape your future is now. Invest in yourself and prepare for a brighter tomorrow by improving the way you practice managing finances today! If investing isn’t something new or easy, it can seem daunting. But, there are strategies out there explicitly made with women like us in mind. There are numerous ways you can invest with your savings. You may also want to consider increasing other income sources through things like pension contributions too. This ensures an easeful retirement lifestyle later down the line.
Don’t do Your Grocery Shopping on an Empty Stomach
When you’re hungry, it’s hard to make smart food choices. It may get extremely tempting to buy something when you are hungry, but this can lead to overspending and buying groceries that you don’t really need or want. When you go grocery shopping, make sure that you’ve eaten and that the food is only for cooking and not to eat right away. It can be very easy when we are hungry or thirsty to impulse buy snacks. Don’t get caught up with this common mistake during your trip to the grocery store. Hitting up entire shelves full with nothing more than hunger as motivation is a financial pitfall.
Track Your Spending
How often have you been in a situation where it is easy to spend money on things that may not be good for your finances? It’s so much easier to track our spending and see how much impact each purchase has on the overall account balance. If you don’t know how much money you spend each month or where it goes, there’s a high chance your personal spending habits could be better.
Spending awareness is the first step toward better money management and managing finances. Using a money management tool to monitor your spending can help you discover how much you’re spending on essentials and non-essentials. You should list everything from daily coffee to bills to fully track your daily spending and see where you can cut expenses. You can establish a plan to improve your habits once you’ve educated yourself on them by tracking your spending.
Don’t Commit to Any New Recurring Monthly Bills
When it comes to managing finances, it’s important not to commit to new recurring bills that you’re not sure you can pay for in the future. To avoid getting caught up in the rat race, you should take note of your current recurring monthly bills. From there, check out your income and gauge if you can commit to more monthly bills. This way, if something goes wrong or your finances change drastically, there is no obligation for future months, and all previous debts will be cleared off with ease!
Save Up for Big Purchases
One way to save money is by buying in bulk. By doing this, you can purchase items throughout the month instead of purchasing them individually and pay less because it’s a package deal! This will also help your wallet from being too full with everything bulging out at once while shopping for groceries or other staples that you’ll need every day.
Give Yourself a Limit for Unbudgeted Spending
The net income, or the money left over after deducting your expenses from your revenue, is an essential aspect of managing finances. You can utilize whatever money is left over for pleasure and enjoyment but only up to a specific amount. We all know the feeling of wanting something so badly that it feels like an absolute necessity. But when you’re in debt and money is tight, sometimes there just isn’t enough left over for what we need- especially if our wants are outrunning needs by about 100%. So try giving yourself limits on unbudgeted spending! Try setting aside a comfortable percentage (around 10%) every month with which to purchase whatever items strike your fancy without worrying too much about whether they will be worth their cost later or not; after all, we deserve to enjoy the fruits of our labor!
Avoiding Spending Shocks
With a little forethought, you can prevent the majority of spending surprises. You can revise your budget or savings plan and know exactly what shocks are coming by taking 20 minutes each month to complete a basic account reconciliation and looking at your receipts. You can never really prepare for unplanned spending, but taking a few minutes every couple of months to check on the state of finances and planning ahead of time can help.
For example, if your car is making an unusual noise, scheduling a mechanic check-up next month is cheaper than paying for an emergency repair. When it comes to your house, spending a few minutes twice a year checking for leaks on the roof is significantly less expensive than discovering mold and having to pay for future renovations.
Analyze Your Income
This may seem self-evident, but it is critical to know precisely how much money you make. So, instead of calculating your gross income, take a moment to calculate your net income after taxes. With this number, you’ll be able to budget more precisely when it comes to managing finances and spending smarter. A person’s income is a significant factor in determining how they spend their money. By analyzing your own, you can budget better and avoid overspending on unnecessary things. You can stop spending on trips or entertainment when other needs are more urgent, such as food or your loans.
Have a Contingency Plan in Place
You might wonder why it is so important to have a backup plan. The purpose of this is to have protection from the worst possible case scenarios by ensuring the continuity of financial stability. Knowing such threats could be a big help in taking optimal steps or actions in managing finances when a crisis comes. One of the most essential things for any financial management is to be prepared. You never know when disaster or success could strike, but you can make sure that it won’t catch you off guard with a plan in place!
Cancel Subscriptions You Don’t Use
Save money by canceling subscriptions you don’t use to avoid spending on something that’s not going anywhere. Do your favorite subscription services have too many unnecessary fees? It can be easy to get caught up in the hype and sign-up for things without realizing how much work will go into using them every month. You might find yourself paying more just because they’re there, or worse yet, feeling bogged down with an endless list from other websites demanding payment each time their content is accessed.
Let’s stop wasting money on things we don’t use! Managing finances can get easier by cutting out unnecessary subscriptions. You can easily do this by canceling your subscriptions or even stop renewing them. If you don’t need them anymore, why bother spending another cent on them?
Lower Your Utility Bill
Utility companies are always looking to lower their rates. But, you can take matters into your own hands by using energy-efficiency measures. Nowadays, it’s not just the environment that needs protection. With utility bills being important to pay every month, it can get daunting thinking about the upcoming bill amount! necessities like electricity every single month! Be more cautious of water consumption and try not to use too many lights to lessen the bills every month.
Turn to DIY
DIY is the way to go when you are looking for a cost-effective solution. Many things can be done with just your own two hands, and they don’t have to break the bank! Instead of buying them at high prices in stores, you can DIY tons of things, from home decorations to clothes. Plus, this is a fun way to build up new hobbies and take time off of work!
With a bit of creativity and determination, you can be the woman that gets excited about budgeting. Spending your money responsibly is something to feel good about – not embarrassed by! The earlier you begin budgeting for your future self, the better off you will be in the long run. So, get inspired, start saving, and become a strong, independent young woman in today’s world. And don’t forget to have some fun along the way! You’ll be shocked! One day, managing your finances will come naturally to you.