When will women appreciate the wise advice given during personal finance presentations? After all, women represent a rapidly growing percentage of the workforce. What are their secrets to financial success? Let us count the ways.

1. They Create A Budget

Financially smart women start on the road to managing money properly by creating a budget. They start with every source of income, and they use the same income figures throughout the year. If women earn raises, they adjust the income figure for subsequent months. For expenses, you should calculate necessary monthly expenses such as car and mortgage payments. Whatever you have left over is referred to as discretionary spending. The Your Balanced Budget (Monthly Planner) is a great place to start when it comes to figuring out a budget that works for you.

2. They Minimize Their Debt

Credit card debt can quickly snowball into a financial crisis that sends you into a deep hole. Women who smartly handle their finances minimize credit card debt. In fact, credit cards only come into play whenever there is an emergency. Financial emergencies can include unexpected medical expenses and damage to a home not covered by insurance. Financially savvy women operate under the principle of “If I don’t have the money, I’m not using credit to buy something I don’t need.” Whether you want to buy a house, a car, or refinance your current mortgage it is imperative that you minimize your debt and improve your credit score.

3. They Develop a Plan to Get Out of Debt

When the worst case scenario happens, and you have to use a credit card to pay for an emergency, you must produce a plan to get out of debt as quickly as possible. For financially smart women, this means devising a clear strategy on how much to pay off according to a carefully thought out timeline. If you have incurred substantial debt because of impulsive spending habits, focus on paying off the card that comes with the highest interest rate first, before whittling down other sources of credit card debt.

If your debt comes from student loans, use Education Loan Finance to refinance any federal or private education loans and lower your monthly payments or total student loan costs.  They offer variable and fixed rates from 2.69% APR* to 6.69% APR* and flexible repayment terms.

4. They Set Long-Term Saving Goals

To achieve financial independence, the best female money managers set long-term goals. The setting of goals includes debt reduction, substantial purchases, earning a raise, and cutting back on spending. You should shoot for attainable goals to boost confidence. If you quickly exceed most or all of your financial goals one year, enhance your financial vision the next year by generating more difficult financial goals to achieve.

An easy way to set long-term saving goals and not get off track is to set them and forget them. You’re probably wondering how that is possible? Hear me out. By using a saving app such as Digit you can set it and forget it. Digit is an app that helps you to save money without thinking about it. If you can not remember to save yourself, why not recruit an app to help you. Digit focuses on making financial health such as saving and paying down debt extremely easy.

By saving a little bit every day, people that able to save themselves save, on average, $2,500 per year with Digit! This is one of the apps that helped me save for a down payment on my new home, I saved an EXTRA income of $1,000 a year.

5. They Make Retirement A Priority

One of your long-term goals should include saving your hard earned money for retirement. Financially successful women begin retirement savings programs early in their careers to reap the benefits of compounding. If your company offers a retirement package, it most likely matches what you contribute by a percentage spelled out in the employee manual. Savvy women put a little money away each pay period for retirement and take advantage of retirement funding tax breaks. You should take an active role in managing any retirement plan you participate in, whether the plan is company-sponsored or you go outside the company to start an IRA.

The first step to making your retirement a priority is signing up with Blooom to ensure that you are on the right track. Blooom is a registered investment advisory firm where anyone can register for an account with Blooom to analyze your 401(k) for free. It is a simple straightforward process that takes less than 10 minutes. Start by creating a bloom account, once you sign up you can then link your 401(k) by selecting your provider. To demonstrate the health of your 401(k) Blooom uses a flower as a symbol. Bloom shows you how your existing allocation is faring and suggests ways to improve it. 

This is the website that helped me to get on the right track with my 401(k) plan, there was so much I did not even know I was doing wrong. I no longer stress about if I am getting the most from my 401(k) plan or if I will have enough money put away when I retire.

6. Speaking of Tax Breaks

The United States tax code changes every year, with 2018 ushering in some of the most dramatic changes in several years. Financially adept women stay on top of tax changes and take advantage of any additional tax breaks. If time or and complexity becomes an issue, women who manage money have no problem consulting with a certified tax preparer.

7. They Invest in Their Career

One of the most effective ways to earn a raise involves improving your professional skill set. Financially aware women use the money saved by not buying more jewelry or adding to a wardrobe but to pay for continuing education classes. Returning to school might also mean pursuing an advanced degree online or passing a certification class required for a better paying job.

One of the easy ways that I invested in my career this year is by signing up for LinkedInLearning. LinkedIn Learning is an extension of the professional website LinkedIn they offer over 10,000 courses for every step of your career. The courses are taught by industry experts with real-world experience.  

This is the website that helped me to discover and develop my business, tech, and creative skills. Some of the courses they offer include content marketing, software design, video editing, and much more.

8. They Possess Incredible Self-Discipline

You cannot expect to win the money game by buying on impulse the items you do not need. Financially smart women see something they like in a store window and immediately review the monthly budget to determine if the purchase falls within spending restrictions. Women who have their finances in order ask an essential question: “Do I need this product.” Impulsive spending is often a problem for women who receive raises and have more cash to burn for the purchase of fantastic products and services.

9. They Use A Computer Software Program to Organize Their Finances

If you still keep track of your finances by crunching the numbers on a legal pad. You have fallen behind the savvy women who organize their funds by using computer software programs. The best personal finance software not only accurately calculates what you have left over each month, but it also projects what your finance picture should look like in the future. If you are in search of a reasonably priced personal finance software consider checking out Quicken Personal Finance Software, it can help you manage all aspects of your personal finances and it is very straightforward to set up and use.

10. They Know Their Net Worth

This tip seems like a no-brainer, although you might be surprised to learn that many women do not know how much they are worth. Net worth calculates by adding up all of your assets and then subtracting liabilities. Assets include physical objects such as vehicles and financial instruments like long-term government bonds. Smart money managers know exactly where they stand financially at any given point.

Finally, let’s not forget the importance of income. If financial goals are not met, smart women discover alternative ways to increase revenue. This can include taking on a second job, earning money as an independent contractor, and receiving an increase in salary.

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