If you live paying high-interest rates, still don’t have solid assets, and are always spending unnecessarily, it’s time to learn how to deal with your financial life — just like these women. Check out 7 attitudes to follow below!
1. Rethink your relationship with money
Many people, even if they have a high income, cannot get out of the red. This happens mainly because they spend more than they earn, based on a series of excuses and internal blocks that prevent them from changing.
What sets a successful woman apart from others is her mindset and her relationship with money. She uses emotional intelligence and, therefore, does not need to work exhaustively or live as a prisoner of the salary she earns. On the contrary: she manages to use it in what makes sense, she starts to do more with less and lives more freely.
2. Plan your expenses
For the Irish physicist William Thomson, “Whatever cannot be measured cannot be improved”. And this also concerns financial expenses. The more aware you are of your money, the easier it will be to control it.
The successful woman dedicates part of her daily time to writing down all her income and expenses, from the day’s coffee to the installment of her own house, and periodically monitoring how her financial situation is going. Everything that is not connected to housing, transportation, health, and food is considered superfluous spending and, therefore, needs to be planned to fit well into the budget.
Many times, you dream of investing in something big but believe that you will never have the money needed to do so. And, with small cuts in some expenses, you can easily achieve this goal. Having control is not about wearing a “straitjacket”, but about allowing yourself to have more freedom in the future.
3. Set realistic goals
When it comes to money, it is common for many people to set goals that are far from reality. Winning 1 million reais in the lottery, for example, is not a goal, but a dream. Goals must be tangible, achieved through practical actions, and within a defined deadline.
Therefore, before defining them, take stock of your current financial life, put them on paper, divide them into execution steps, and create a strategy to complete each one of them. Imagine that your monthly salary is $2,000.00 and you have physical expenses that take up more than half of it. Still, you need to buy a car.
So, how can you afford the financing installments? Is it more advantageous to buy a new model? Is it possible to cut any expenses — on leisure, for example — to invest in this dream?
4. Consume intelligently
One of the women’s main enemies is excessive consumption. Based on facilities, such as a credit card, and advertising appeal, which makes us feel attracted to the trend of the moment, the miracle cosmetic or the weight loss medicine, we often end up buying more than we need.
Even if you’re not in such a desperate financial situation yet, consuming wisely is one way to reduce waste. Furthermore, it will be possible to have extra income to invest in something that brings your personal development.
Therefore, before running to the mall to buy another white blouse on sale — even though you already have ten in your closet —, assess whether you need it or are being motivated by impulse.
The internet can be a great ally in the search for more conscious consumption and a minimalist life. Dozens of websites and YouTube channels provide valuable tips to reduce excess unnecessary items and help you live better with less.
5. Think long term
Everyone wants to live with comfort and quality. But this desire, when associated with an extravagant lifestyle — that is not consistent with your standard of living — turns into a disaster. Rich people are not those who accumulate assets, but rather those who think about the future and are ready to face possible setbacks (like a layoff, for example).
So, before spending everything you earn on short-term goals, like a trip or a new car, evaluate your long-term goals. The sooner investments are started in them, the easier it will be to reap the rewards in the future.
6. Save in the right measure
Many economists advocate that each person save or invest at least 10% of what they earn to have a healthy financial life. However, living in bad conditions or skipping bill payments, even when you have money, is not smart behavior.
Even to make a savings or an investment you need to be wise. To do this, study the different market possibilities, such as the stock market and fixed income, and choose a strategy that makes your money pay off and doesn’t leave you “tight” every month.
7. Avoid toxic behavior
Something that successful women have as a habit is self-evaluation. They recognize when they are out of control and look for alternatives to get rid of toxic behaviors, such as: consuming unrestrainedly, making wrong investments, taking out unnecessary loans, and getting into debt.
If you are losing track of your financial life, reflect on how you got to that point. Are you experiencing any personal problems? Facing stress or anxiety? Did you have a childhood deprived of financial resources?
Are you spending more than you should to be socially accepted? If the answers to these questions are “yes”, seek help and avoid behaviors that could make the situation worse.
For example: avoid going to the shopping center if you can’t leave without buying something; seek psychological support to heal past traumas; leave your credit card at home to avoid new debts, and so on.
And you? Do you dream of having a financial life like that of a successful woman? So, subscribe to our newsletter and receive first-hand tips!
