We all have that one financially independent friend. She has plans for her money, manages a fierce budget and grows her wealth. She has great financial habits and inspires you to improve yours.
The great news is that you can learn from money-savvy women like your friend and create strong financial habits. According to Forbes.com, women often live longer than men and take more time off work for unpaid caregiving and parenting. Thus, women could expect a lifetime earnings gap and develop better money habits and long-term financial plans. Here are nine habits of financially savvy women that you could adopt:
They prioritize their financial well-being.
This could mean identifying and trimming unnecessary expenses like streaming services and lattes or intentionally taking time each month to review your finances. While it may require a bit more willpower, this habit could help improve your finances over time.
They create financial goals.
Getting honest about your short- and long-term goals will help you create a budget and save for your purchases. We recommend following these four guidelines when setting your financial goals.
They set, evaluate and stick to their budget.
Creating a step-by-step personal budget to fit your lifestyle can help you control your spending and saving habits and achieve your financial goals. Abide by your monthly budget and periodically re-evaluate when significant life events occur.
They prioritize what is essential.
What do you love and want to spend money on? These spending priorities look different for everyone. For example, you may love manicures but do not desire the latest technology. So, budget for a monthly manicure and keep your old devices.
They save money.
From paying yourself first to treating savings like monthly bills and using less energy at home, there are many saving strategies and options to help you reach your goals. Consider saving for an emergency fund to provide a safety net and help cover unexpected expenses.
They build and monitor their credit score.
Building a good credit score and history could lead to lower loan interest and insurance rates, increased likelihood of being approved for a loan or credit card and more. Review your credit score carefully and dispute errors, as these corrections may help to improve your score.
They reward themselves.
Financially savvy women work hard to maintain their financial health habits and understand the importance of enjoying life and celebrating wins. Whether you take a day off or treat yourself to something new with the Visa® Credit Card rewards you earned, these small actions can help to keep you motivated.
They face their debt.
Most women incur debt during their lifetime but plan to pay it down, save money and become debt-free with the proper guidance. While you may hit some bumps in the road and make mistakes along the way, know we are here to help prepare you.
They seek financial education.
There is much more to personal finance than most of us ever learned in school. Expand your financial knowledge by researching, reading blog posts or seeking financial education courses.
Financial stability comes down to being proactive about your finances and not being afraid to ask for help. As a member, you have access to a personal concierge—your go-to for help setting and achieving your financial goals. It's their full-time job to help you navigate the details of spending, saving and planning for the future. Best of all, they're here whenever you need them. If you are interested in financial education courses, contact our financial education team at email@example.com.