Becoming a financially successful women is a journey that requires a combination of savvy saving strategies and intelligent investing. Building wealth is a gradual process, but with the right mindset and careful planning, it is possible to pave the way towards financial independence.
To start, cultivating a habit of saving lets start here. By creating a budget , setting financial goals, and prioritizing expenses, you can lay the foundation for a secure financial future.
Now investing comes in later but investing plays a pivotal role in wealth creation. Diversifying investments and simply understanding investing are essential steps toward building a robust investment portfolio. With dedication, knowledge, and perseverance, any women can embark on a path to becoming a financially empowered and prosperous individual.
First things first…
The Power Of Not Owing Anyone
Debt is like a ball and chain. Get rid of it..
Heres a simple mapped to do just that.
- Write down all of your dedt minus students loans, morgage, or any large dedt over 50K.
- Look up their Interest rate and pay the one that is highest first, then the next, then the next…
To start paying debt off you need need to figure out your real monthly take home income. Then subtract your expenses and what ever is left is what you use to pay off your debt until it is $0. You will need to be in a motivated stat of mind to do this, because more than likely you will not have leisure money for a few months. So, this will be hard for people who like to treat their self often. It would help if you give your self a really good reason to why your doing this.
Example of Debt
| Braces – $2,500 |
| Car upkeep – $1,500 |
| Credit Card – $900 |
| Total Debt = $4,900 |
| Bi-weekly check – $1,000 X 2 = $2,000 (monthly income) NOTE: the $2,000 is left over from your check after you have paid your mandatory bills like rent, utilities, car note, and all reoccurring bills |
| Now, subtract monthly income from the debt column until the debt column is $0 or in the negative. |
| Debt = $4,900 – $2,000 = $2,900 |
| Debt = $2,900 – $2,000 = $900 |
| Debt = $900 – $2,000 = -$1,100 remaining |
| So, it’s going to take you 2 1/2 months to pay off this debt. |
| This pretty much means no shopping for 2 1/2 months! We’re on a mission. |
We’ll come back to the larger debt later, but keep paying a little bit more than the minimum on your larger debt for now.
What I don’t buy
Here is a list of things I don’t buy anymore to save money!
A side note; I am not a minimalist! I purchase HIGH-QUALITY items so they last.
- Mouthwash (I just brush my teeth)
- Trending Clothing (My capsule wardrobe. I switch out my top 40 timeless pieces each season)
- Shaving cream (I use oil, conditioner, or laser)
- The newest electric version (if my iPhone works, I’m gonna use it )
- Fragrances (I purchase 2 at a time and use till they are gone)
- Designer bags (1 or 2 every few years, never over $400)
- No Costume jewelry (gold or gold plated only)
- Plastic plates or cups (in my home I use my dishes)
- Cabel (use free apps/ channels on Firestick)
- Wallets
- High end make up
Find Your Budget Sweet Spot
Your monthly expenses are going to look different then anyone else’s expenses, so yes your budget will be different. Saying that, don’t compare your self to someone else. Just wanted to mention that because some people feel they are not going as fast as others but you have to remember that we all have different situations.
Now that thats out of the way.
You Are Going To Need To Find Your Personalize Budgeting Sweet Spot.
You are going to need to be so real with yourself at this point. List every bill and expense you have throughout an entire month. Then start by canceling any expense you find that is not absolutely needed. This could be multiple entertainment subscriptions, multiple memberships to things that are similar (like 2 activity classes, 2 similar apps) & services you can live with out (for now). For example save $20 on a phone bill by getting 4g instead of a 5g phone package.When you do this you should see a couple extra hundred dollars in savings every month. Now, you need to stick to this budget for a while, because those savings are either going to your business you need to get off the ground or your investment portfolio. All of this may sound like a lot, but I did it and if I can you can too. I did one thing a day. Literally ONE thing a day.
Be Ready For Inflation
It will always come around again… This is also why tip #2 is so important. You need to have funds set a side just incase there is an increase in cost of living. If your expenses are already low inflation wont hit you as bad. But we all know what goes up must come down, so it will pass but when it does come around you will be ready.
DO NOT Wait On Student Loan Forgiveness
You shouldn’t wait on the government. Keep up with your accounts at all times. Keep, applying for payment plans every year regarding-less. Always hope for the best, but prepare for the worst.
Beware Of The New And Improved “Pay later” Options
Its not called “afterpay”. Don’t get me wrong I use them. They are helpful in some cases, but you can easily use this option on multiple sites and end up in a pretty big mess. Multiple payments coming out of your account every week is a bad habit we want to avoid.
Pay Attention To How Much You Spend On-Line
With googl, apple pay and so many other click and buy systems out there not it is so easy to get cought up. So, evertime you are about to buy online take a paule walk a way even for a day and if you forget about that item you didnt need it but if your still in need of that item purchase it. This might be a bit might for some but it saves your money here and there becasue inpulse buyin gonline line is becomeing a big thing!
Make Sure Your Emergency Fund Is Funded Fully
Im sure we’ve all heard of the 6-12 month emergency fund; where you add up all your bills X 6 or 12 months and that is what you need to set aside for a rainy day or job lose. This is easier said then done, so here is a do-able solution for those who find it hard to save actual cash.
When you purchase jewelry only buy gold, when you have change throw them in a large water container, if you purchase luxury bags keep them looking brand new, purchase your cars in cash if you can and keep them running and looking nice, want to buy something? buy up-to-date electronics, stocks, investment properties and hold them. All these items are things you can trade or cash out for large amounts of money when needed. This is a safe way to hold your money then in a bank or loose cash.
If you can’t save it, spend it ON THINGS THAT HAVE AND WILL ALWAYS HOLD THEIR VAULE.
Use Credit Cards and Pay Off Every Month In Full
P.s – this will do wonders for your crdit score if your looking to increase it.
Personally my favorite credit card is American Express and my favorite reward card is Target. These cards get you tickets, free upgrades, free items, free dinning, discounts on car rentals and super discounted hotel suites. So, I would high recommend using credit cards and paying them off in full to get the most bang for your buck.
Pay Small Debt First
I have learned over the years that paying me small amounts first and helped me get rid of my debt faster. How I did it is a little more detailed than Im explaining now but I will make a separate post on that later. For now, yes it makes you feel like you are making a difference and I want to keep going. Starting with small debt got me in the habit of paying everything in full. So, I picked one bill a month and paid in full until I got to my medium and large bills.
If your you are the type of person that like to cross things off your list now then a small bill payoff routine would be a great option for you.
Keep Investing, Keep Investing
Remember in the section “Make sure your emergency fund is fully funded” I mentioned if you want to buy something buy stock… What I meant was if your going to buy some new Nike’s always have in your mind I have to buy the stoke too. Even if you don’t buy the stock at that time this will remind you to keep investing! The shoe is for instant gratification but the stock is for the future you.
Here are some professionals and influencer that are amazing in the investment field that your should follow.
Here is the were I purchase and hold all of my stocks – TD Ameritrade
Lose the Savings Account And Get A Roth RIA
Simple as that. Your saving account is doing nothing for you and making someone else rich. Read more here about Roth RIA.
If Your Ready To Buy A House, Jump
The time is now. If your ready, that means your ducks are already in a row or getting there. There are hundreds of leaders out there that work with all kinds of people in the home buying process. To find a leader, you can go to an open houses, you can go to your local credit union or bank but last option, ask a home owner for a referral if they liked their lender.
It will never really feel like the perfect time to buy a home because this is a huge investment. Interest rates will always rise and fall, housing will be in a short supply one year and surplus in another. So, if your ready girl just jump.
Always Remember Your Why For Your Money
What are you saving for, why are you budgeting, what is the end goal. If your money always has a purpose it will all ways give you great results. No purpose = wasting money & time. Always remember what your doing this for.
Never lose Hope For Your Money… Keep The Faith
Period.
Invest In Yourself – The Best Investment For Over All Happiness..
Never stop investing in your self. The most lucrative project you can work on is yourself. You can’t do anything for anyone else if you are not ok your self. Take care in all ways such as, physical heath, education, spiritually, mental health, career wise and beauty.
You go this.
Xxoo Lulla
This blog post was all about growing into your rich girl era.
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