Women are getting empowered through literacy and employment. The biggest motivation of a career-focused or business-oriented woman is the need to make ends meet, even in the tough terrain they find themselves, as a result of their gender or the country’s poor economy.
The need to reduce financial stress is her top priority, which is why she puts in the hard work to make it happen. Inasmuch as a woman can be highly industrious, there is a number of factors that are detrimental to her finances, and also affect her journey towards financial freedom. They are extravagant spending and a lack of savings or investments.
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Lack of savings has made some women go insolvent. This is why it is vital to cultivate the habit of savings, no matter how small you earn. Savings is very crucial for women because it goes a long way to determine their financial independence in the near future. Though a lot of women are faced with challenges when it comes to savings due to tons of expenditures, if you are determined to save, all it entails is self-discipline.
Also, note that you must not be a multi-millionaire business owner, or earn a lot of money for this to be feasible. You can start with the little funds that come your way now. This will keep you better prepared when the big bucks start coming in.
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Every individual who became rich through hard work certainly passed through the savings stage (big or small percentages) as a means of pooling resources. Some women usually excuse themselves from saving, under the excuse that they earn too little, forgetting the fact that savings are a matter of habit, rather than ability. As a woman, being employed does not make you economically independent; a lot still depends on your ability to utilize the income, by making a sound decision when it comes to savings and investments.
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To attain financial freedom within the next 10 years, here are 6 tips on how to save yourself into financial abundance:
- Get another means of income – This simply means having another stream of income or a side business that generates extra funds for you. Sometimes, your main source of income is not enough to pay your bills, not to speak of putting aside funds for savings. A lot of women make extra income from event planning, cake making, bead making, catering, fashion, hair styling, etc. For you to make extra bucks for yourself, you can decide to venture into any of the above-mentioned, then create your own niche. These side jobs can be structured in a way that you can do them during weekends, or when you are on leave (for career women). Also, you can venture into buying and selling businesses, where you sell your products online. The profit made from your side businesses can then be channeled into your savings account for future purposes or investing it in a viable business.
- Reduce your expenses – When it comes to saving, one major thing that prevents some women from actualizing it is extravagant spending, which has left a lot of women bankrupt. Some of these expenses have to do with purchasing luxurious things like expensive bags, shoes, clothes, hairs, etc., in order to impress people or to stay noticed. Looking gorgeous is a good move, but it should be done wisely. This is why it is advisable to cut down on expenses to enable you to save. Always form the habit of reducing the way you spend, especially on things that will later become a liability. Have a budget put in place prior to shopping; it aids you in tracking your expenses.
- Make daily, weekly or monthly savings – Another tip that helps you to save is having a daily, weekly, and monthly savings plan. Irrespective of your profession/business, it is important to cultivate the habit of saving. You can decide to do it daily, weekly, or monthly, and choose any plan that works for you and stick to it. Saving has to do with self -discipline and good planning. You can decide to automate your account daily, weekly, or monthly to whichever plans that suit the type of job that you do. Reason being that some women earn daily, i.e. for business owners, while some earn monthly for career women.
- Focus more on assets than on liabilities – A lot of people make the mistake of acquiring expensive things just be noticed, and stay relevant, which is not a good financial decision. Always channel your funds to things that will appreciate in years to come, as it is the best way to gain financial freedom. One money-saving tip is, instead of acquiring those expensive clothes and bags, you can decide to go for affordable things and put the remaining money into your savings account; hence, you can be able to invest it in the near future, especially on things that will increase in value.
- Focus on networking with friends that will financially build you – The popular saying, “Show me your friend and I will tell you who you are” applies here. Mingling with friends that are financially inclined, will help you achieve your financial goals; friends whose major discussion is about the best platform to save and invest their hard-earned money. Be wary of the ones that will lure you to lavish your funds on extraneous things, like acquiring wants and not needs. Choose friends that will assist you in making good financial decisions, and flee from the ones that will deceive you to spend all you have earned and saved.
- Have a positive mindset about money – Having a positive mindset about money is very essential when it comes to putting aside funds for savings. It is imperative that you create one, irrespective of how little you are earning.
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If you do not cultivate the habit of saving with the little funds you have, you wouldn’t be able to do so when you start earning trailer-loads of money.
Saving the money in a bank account is the problem because the bank will be taking the money without the customer consent and when asked they will say it is bank charges.
Something should be done about them ie the banks.