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For the most part women, more so than men, tend to be impulsive buyers. Sometimes there will be a spending spree where there is shopping and shopping and shopping until there is the realization that the budget has been gone over significantly. If this sounds like you then you need to form a balance between that of your spending habits and that of your savings habits.
The necessity for this is ever more apparent with the way the economy is headed. Hopefully not but you could be a part of the unlucky millions that have now found themselves unemployed. If you are someone that wants to have financial stability then you have to do that dreaded b word, budgeting. You must adopt and adapt to this and must learn the fundamental trait of discipline.
Investing
Your money is never going to grow unless you stay within your budget and set aside money for investing in something. It could be your 401k through work, a Roth IRA, stocks, etc… Make sure that you study the situation carefully and know where you’re at in your retirement plans to make sure that you don’t put yourself at too much financial risk.
You also need to make sure that you have an emergency fund set aside so you can have the money needed should an emergency come up like losing your job, car breakdown, etc… Anytime that you’re faced with an emergency that you are now prepared for you’ll be thankful that you had done so.
If you continue to throw money away like it grows on the tree in your backyard you will likely find that you’re paying a steep price for that thinking and irresponsibility one day. It’s a hard line to take and to think of but it’s the truth and it’s important to be honest.
Seek Goals
You need to make sure that you have goals set for your future. You should make a list and the very top of this list should be your finances. If you aren’t going to have the money to meet your goals than nothing else on your list is going to matter. This is also where you will set aside your emergency fund. If something should happen with your job you should have at least three months put aside. You can put other fun goals on this list as well but you need to make sure that you put some of the other more important things first.
Below Budget
The goal should always be to come in monthly below your budget. Make sure that you put aside the first part of your check into the emergency fund. It doesn’t matter if you can’t put in 10% right away even if you can only put in 2-3% of your paycheck it will grow. This is only true emergencies like paying your bills, not the new dress you saw in the window.
Make sure that you’re tracking where your money is going and keep a comprehensive list so you don’t lose track. Make sure that you’re including all of the details even if you think it is trivial. It’s the small purchases that really add up during a month and if you lose track of these you’ll really be hurting and off budget.
Make sure that you tally up all of the money that you’ve spent so you can know what you’re spending patterns are. You’ll be able to notice where you are faltering and begin a healthier habit for spending and being more stringent with the cash flow. Smaller sacrifices now will pay dividends in the future.