11 Financial Habits of Successful Women

Success comes in many shapes and forms and it is a fact that does not happen overnight. But behind every successful woman are financial habits that keep her on track and financially secure. Because she knows that she is in control of her finances and that her finances do not control her.

I take money management very seriously. After all, it is a very important and misunderstood part of our lives. So, copy these habits, add them to your day and make sure you know that the 11 habits of every successful woman are habits that you can start today.

She knows exactly where her income is and where it comes from.

How much did you earn in the last fortnight? Do you earn money from shares or interest from accounts? Do you know how much? A successful woman knows exactly how much money she has made and where it comes from. She answers for everything and makes sure that every penny she earns is working hard for her.

She knows all her expenses, when they are due, and has a limited amount of unpleasant surprises.

A successful woman never pays late fees because she is organized and knows what she owes and when it is due.
She knows that her water bill is due in two weeks and is budgeted for it, knows that her business registration taxes are due at the beginning of each month, and she always pays them on time. She avoids unpleasant surprises as much as she can but knows it can happen sometimes, but guess what? She has a budget for that too. When it comes to money, she is well organized and on top of everything.

She never lives a champagne lifestyle on a beer budget.

A successful woman does not live on credit – she does not buy beyond her capabilities and she does not live a champagne lifestyle on a beer budget. She understands that that is just an appearance of wealth and that she has no desire to have it, she is motivated by real wealth and knows that it means much more than just the symbol of the colon on her bank account.

She has a budget for each payment and sticks to it.

Do you know those budget planners who let you have only one budget for the whole year? Yes? Get rid of them. WHEN have you had the exact same budget week after week? Even if you are lucky enough to have a stable payment, your expenses change. The electricity bill? Are you planning a trip a bit far and you need to budget for extra gas? Maybe you are going out to eat out on the weekend with your family and you need to add that expense? Budgets that are realistic and taken into account on a day-to-day basis are much easier to follow and allow for greater financial control.

She pays the most expensive debts first.

A successful woman knows how much her debts are costing her and pays the most expensive ones first. She also knows the difference between the debt she owes the most and the one that is costing her the most money.

She understands the importance of investing in herself.

A successful woman knows her value, she knows how important it is to invest in herself and allow it in her budget. It can be easy to get carried away with sticking to a super strict budget and not spending any money on yourself, a successful woman knows this makes it harder for her to stick to a strict budget in the long run. She rewards herself when she achieves financial goals and allows money for herself in her budget – even if it’s something as simple as a magazine or a manicure. She knows the importance of feeling good about herself.

She avoids unnecessary expenses and cuts them when possible.

A successful woman knows that she can easily save excessively at least 10,000 colones per week, simply by making coffee herself at home instead of buying it on the way to work. She buys her favorite beauty products when they’re discounted instead of paying full price and fills up her car on Tuesdays because she knows diesel is cheaper that day. She never has to pay late fees because her bills are paid on time. A successful woman has much more important things to invest her money in than unnecessary things. But she is able to do that, without feeling like she is missing something.

She understands that just because she can afford it, it doesn’t mean she should buy it.

Just because you CAN afford the latest fashion bag, the latest iPhone, a coffee every day, or other lavish expenses doesn’t mean you have to buy them. We should all have rewards and occasionally buy the item with the most expensive tag, but they are casual and calculated expenses, not frequent and impulsive purchases.

She has savings.

And she contributes to her savings regularly. A successful woman knows that she needs a backup plan, she knows that sometimes unexpected things can happen that could leave her without any income for a period of time, or an emergency could appear, which could require a greater outlay on her part. Whatever the circumstance, a successful woman is ready. She is also smart enough to know that these savings need to be easily accessible, in case there is an emergency.

She has money that goes directly to her pension fund.

And these are separate savings. You should be contributing to your pension from an early age, starting in your 20’s – don’t wait until you’re 50 to start contributing. But remember, you don’t have to concentrate all of your contributions in one “fund” as such to build your wealth. You can do this by adding another long-term investment to the mix and thus not being completely dependent on your pension fund. Smart.

She does not let money control her happiness.

Most important of all, she knows that her happiness does not lie in the amount of money in her bank account. She doesn’t get depressed if there is less money than she would like and she doesn’t need a massive amount in her account to feel good about herself. She is in control of her happiness and her money. She doesn’t let her money control her.