The great news is that you can learn strong financial habits from money-savvy women like her. Women often live longer than men and according to Forbes (opens in a new tab), take more time off work for unpaid caregiving and parenting. As a result, they may face a lifetime earnings gap—making it especially important to build strong 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.
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, practice self-care 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 keep you motivated.
They face their debt.
Many women take on debt at some point in their lives, but with the right guidance, they’re able to pay it down, save strategically and achieve financial freedom. 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.
Expand your financial knowledge by researching, reading blog posts, seeking financial education courses or getting help through financial counseling. The more you know, the better off you will be!
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. Best of all, they're here whenever you need them.
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