8 Habits of Financially Smart Women

Have you ever wondered why some women are better at handling finances? Are they more qualified or intelligent than us? Does managing money in a better way is in their genes? Maybe, any or all of these reasons are true. I personally believe being on top of your finances is a lifestyle. It’s a choice. It’s a habit. The smart ones achieve it by practising it on a daily basis. So what is that these smart women do which make them better than most of us in handling the money matters. Read 8 habits of financially smart women:

1. Always try to stick to the budget

habits financially smart women

Budget without a doubt is the first step towards streamlining your finances. Every smart woman starts at this step. She makes a budget and sticks to it. There are many ways to do that. Some prefer pen and paper to record their expenditures. Others use technology. There are many apps which can help to stay on top of your finances. Our in-house Money View app is one of them. Try it. Make a budget and track your spends on it. This would help you to modify and update your budget according to your long-term financial goals.

2. In control of their expenditure

habits financially smart women

A financially smart woman knows when to say no. She knows how to prioritise. She can keep a check on her and her family’s spending habits. Women are often labelled as spendthrifts. But a financially smart woman doesn’t fall into the temptation of retail therapy, discounts and sale. She spends wisely. Hence, she is able to stick to the budget. The source of income is always limited. Our financial standing is determined in the ways we manage our expenditure. And a smart woman manages to save where she can without compromising on the quality of life.

3. Make use of discount, deals and vouchers

habits financially smart women

Saving money doesn’t mean compromising on the quality of life. And a smart woman is aware of that. She buys the best cosmetics but stocks them while they are on sale. She surfs code and vouchers before placing an order online. She keeps a track on her favourite brands and stocks her wardrobe during the end-of-season sale. She uses all the tricks up her sleeves to spend the minimum to get the best products in the market.

4. Maintain an emergency fund

habits financially smart women

Women always have savings. Be it in the form of FDs, cash stacked on the top shelf of the closet or gold which can be liquidated any time. In addition to that, most financially smart women have an emergency fund. These are separate from their savings. A smart woman always saves for the rainy day, and she always has a contingency plan. She doesn’t leave anything to chance. That’s the reason she hardly panics. She is always calm because she has always ready for an emergency.

5. Keep their finance-related paperwork organised

habits financially smart women

Just like how she maintains her home, she does the same with her paperwork. She keeps it organised and keeps it in a safe place. One reason why she doesn’t pay late fees or misplaces any financial document. She understands losing finance-related paperwork would cost her both money and time. And she values both.

6. Use apps and journal to keep track of their spending habits

habits financially smart women

A smart woman knows where the money is coming from and where it is coming. Hence, she is aware which expenses are about to increase, where she can cut down and which are absolute frivolous. To have this much grasp of money, she tracks it. She either uses a journal or uses an app like Money View.

7. Follows save first, spend later approach

habits financially smart women

I truly believe you can’t save at the end of the month. If you are serious about saving money, you need to set aside the amount in your budget. A financially sound woman does that. She reserves a specified amount in her budget towards savings. The old school rule of saving 25% of your monthly income is good. But I would suggest investing this sum to earn better returns. Don’t simply put it in a bank account. An easy way to make sure you save is to automate your savings from the salary account.

8. Explore new avenues of income

habits financially smart women

In addition to her regular income, a smart woman tries to find out new avenues of income. Be it expanding her house and renting it out. Freelancing in her free time. Taking tuition to earn some extra bucks. Or simply investing in the sources that can increase her monthly income.

Are you a financially smart woman? What tricks do you follow to handle your finances? We will be glad if you can share it with us in the comments below.