Guest Author - Sharon Michaels
Money savvy women have learned a few basic “truths” about the importance of money, especially their money. Here are three “truths” that will help build your own money savvy self-confidence.
Money savvy women have money and credit in their own name.
I’m not talking about sneaking out and opening accounts. I’m talking about having accounts in your name to use for an emergency, save for something special or use toward those long-term financial goals.
Money and credit in your own name are not only an added sense of security but also a smart personal financial decision.
Money savvy women don’t leave the financial “stuff” to others. What if, in the worse case scenario, there is no one to take care of the financial “stuff” but you? Handling money is an important fact of life and it can’t be ignored or dismissed.
The facts are clear, more likely than not someday you will be faced with handling your own money decisions. I don’t want to sound negative but more than half of marriages end in divorce and statistically women out live men. Wouldn’t you agree that in the future you might want money and credit in your own name?
Where should you start? We all have to start somewhere and where better than a savings and checking account in your own name. A savings account isn’t going to make you a lot of money in interest but it will begin to add up in dollars and cents.
Money savvy women pay themselves first.
Here’s a rule of thumb - from your paycheck, before anything else is paid, the first chunk of money you spend should go into savings. Determine an amount you’ll pay yourself each month and stick to it. It’s not always easy but eventually it becomes a positive money habit.
Easier yet, have it taken out automatically from your paycheck. Your monthly deduction can go into a retirement account, savings account, etc. The whole objective is to begin paying yourself first.
Even if you think you can’t find that extra money, you can. I’m a big believer in starting with the change at the bottom of your purse. Instead of using the change, keep breaking a “bill” and save the change. You’ll be pleasantly surprised how much you can save each month or two.
Paying yourself first also begins by thinking twice about those impulse buys. Think about this: What if you‘d saved just half the money from the impulse purchases you made last year? How many dollars would your savings account be richer today?
Money savvy women know what’s going to make them money.
Do your homework! Begin reading books like Women & Money by Suze Orman, Smart Women Finish Rich by David Bach or How To Invest $50 - $5,000 by Nancy Dunnan.
Make time to learn about compound interest, mutual funds, passive income and financial planners. Having a general knowledge of the moneymaking basics will give you the added self-confidence and ability to make wise decisions. That’s what money savvy women do, make smart decisions about their money.
Money savvy women keep on learning and growing personally and financially. They believe in and are committed to achieving financial self-sufficiency. Every woman can become a money savvy woman; it just takes one positive financial step at a time.
Here are two links to Amazon.com if you’d like to read more about
Smart Women Finish Rich Smart Women Finish Rich
and How To Invest $50 - $5,000 How To Invest $50 - $5,000
Just below is the link to my review of the Suze Orman book Women and Money located in the Abundance and Wealth shop.