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As we round up our resolutions at the start of the New Year, it’s time to think about making some wise decisions when it comes to your money. Would you like to end the year in a better position than when you started? Well, it’s never too late to start creating strategies. Here are five financial tips for women to implement today!
5 Essential Financial Tips For Women
#1) Pay down your debt
Drowning in debt can be financially crippling, getting you no closer to your goals than when you had first thought about them. Having a huge chunk of your income going towards bill pay and other financial impeding factors can make a significant impact on your intentions to save.
Make it a point to reduce your debt within the next 12 months so that you can relieve yourself of owing more money within the following year.
#2) Save and invest
If you are in good standing with what you already owe with credit card companies and bills, then you should work to save instead. Having money set aside to invest in your future will put you in a better position financially.
Short-term savings should be put somewhere safe and accessible like a high-yield savings account, or for long-time savings you might consider a brokerage account. Both of these investment types will help you find your place within the stock market.
#3) Start an emergency fund
This financial tip is often overlooked. However, unexpected expenses are bound to come up. Be ready for them by starting an emergency fund today (here’s a great emergency fund tracker to help you keep track o=f your savings)! These savings will help keep you from ending up financially devastated from something such as medical bills or damage to your property.
Having an emergency fund assists you in not having to take a massive portion out of your debit or credit card so that all you’ll have to do is write a check, and you’re done!
#4) Start a gig
Gigs are always good to have on standby to help supplement your income. There are plenty of opportunities when it comes to side gigs (also known as side hustles) that pay well too. Also, having multiple streams of income helps should one stream dry up. You’ll always have another source of money on hand.
Getting laid-off can be a scary experience, so you’ll want a back-up gig to help supplement until you find another job. This tactic will help put you in a much better position financially.
Think about what you enjoy doing and what you’re good at when choosing a side gig. It can be your own business or even you working for someone else.
#5) Create a monthly budget
This tactic is equivalent to saving. As you’ll want to put away money and pay off your debt, you should also have a budget in mind. It is always a good idea to pay bills and other vital things off before spending on any extraneous entities.
Also, having a financial plan forces you to spend your money in smart ways before it has a chance to spend itself. It’s a pay-off to sit down and see what your primary payments are, such as groceries, entertainment, or even transportation. A monthly budget is the cornerstone of any financial solution.
If you’re like many people, many of your financial aspirations seem to fall short once the year gains momentum. Being smart about your money shouldn’t be something that falls to the wayside. Instead, with these five helpful financial tips, you’ll be that much closer to the economic freedoms that you’ve always dreamed about.
Whether you’re in your ideal situation monetarily or not, everyone could use some room for improvement. Fortunately, with an old year behind us and the new year emerging, there will be fresh beginnings that will make this year the year to loosen the financial shackles.
What did you get out of this article? Saving is hard when there are so many factors that take your money. But it’s simple to do if you take the time to analyze your expenses and put away an emergency fund. Do you have any other tips and suggestions that you would like to contribute? Your advice is appreciated.