Men are capable of taking bigger financial risks, and women approach finance with caution and careful planning – now that’s a cliché right there. Women are becoming more empowered and taking charge of their futures, and proudly so. However, while some women are taking full control of their financial future others are slowly learning the ropes. Find out how you can start building a financial future for yourself and be financially independent with these 6 saving tips for women.
If you aren’t where you should be financially, take a step back and reassess your financial position. Try to understand where you’re spending most of your money. This is where you whip out those bank statements, set up a budget and see where you can spare a R100 or more.
Here are 6 savings tips for women that will help you secure a better financial future for retirement.
Live within your means
If you want to be comfortable for retirement, you’ll have to get into the habit of living within your means. It’s become the norm to use a credit card when purchasing the simple things in life. Find the balance between your lifestyle and your bank account.
Create a budget
We can’t talk about saving without talking about budgeting. Your budget is the financial plan that steers you in the right direction. When you set up your budget include your income, living expenses, any debt and financial goals that you might have. Your financial goals may include any short-term savings goals or long-term retirement goals.
Invest in yourself
You won’t have that dream retirement lifestyle if you have debt. Debt tends to hold us back, preventing us from doing what we really want. It takes hard work and dedication. But once your bills are settled, you’ll have the freedom to do what you really like. So, leave that debt behind and move on to bigger and greater things that make you happy.
Get in the habit of saving
Saving on a regular basis will help you achieve your financial goals. It is important to try and save as much as you can, whenever you can. Most people think that they need extra at the end of the month money before they can start saving. When, in reality, we can start saving at any time, all we need to do is start saving. We easily forget that every small amount that we save, is a small step closer to our financial goal.
Take more risks
Let your hair down and let loose every once in a while. We’re not suggesting that you go on a shopping spree in Sandton. But rather invest your money where it can earn interest and grow over time. Investing is not only for rich people; you can start investing with any amount you want; all you need is a bit of know-how.
Being financially independent means that you don’t have to rely on your spouse for support. Money has a way of creeping into our emotions and we connect it with power, love, or control. Educate yourself about money so that you can have conversations about how you spend the money in the household.
We hope enjoyed this article on savings tips for women. We would like to hear what you have to say. So, share your thoughts in the comments below.
Subscribe to our newsletter for financial advice on how to budget and save, invest and manage your debt better. We send out weekly newsletters to keep you on the top of your game that will help you reach your financial goals.