The 5 Best Money Success Tips for Women in Business
/“If you cannot control your emotions, you cannot control your money.”, Warren Buffet
January is the month so many women head back to the gym to slim down and shape up.
Isn’t financial fitness just as important for health and happiness? Did you know that food and money are both master teachers because they bring up emotions such as insecurity or comparisons with others who seem to have more or look thinner.
We tend to think no one else has the same challenges that we do. Not true. They’re just not talking about it.
Over the last year, I’ve been asking financially successful women what they think women need and want to know about their money and here’s what they shared.
1) If you are employed by a company that has a 401K make sure you set up an automatic monthly contribution. Remember employers match. That’s FREE money and you’re never too young to start. Better to start small than not at all.
2) Women need to value themselves more and that will show up with their money. Sheryl Sandberg, COO of Facebook, says women don’t ask for what they’re worth when interviewing or getting annual reviews. I see that self-employed women tend to give too much time away.
3) Do you need everything NOW? Pace yourself. When looking for your first home and furniture, or redecorating - think about not just what you want, but how it’ll feel every month making the payment.
4) Have Life Insurance and Disability job insurance in place. I know, not as exciting as facebook or hanging with friends. We never like to think about the what-if’s. But they happen. We often insure husbands, but not wives. Yet, last week a friend shared a young woman with two children died. Grief is hard enough without financial struggle.
5) Have a budget. I know, I don’t like the budget word either, so think of it as a plan. Many women don’t want to feel limited so live for today and spend, spend, spend. ATM’s and online shopping allow money to slip right through your fingers. LearnVest.com recommends a simple formula: 50% of take home pay for fixed expenses like mortgage, rent, utilities, food, insurance. 20% of take home for a savings cushion (6 months expenses) and retirement, 30% for Lifestyle Choices – dining out, gym, fun.
Money Challenge: You may have heard these money tips before, but have you taken action? Pick one of the Money tips and Start It Now!!
BONUS: Every small change with your money makes a difference today and for your future.
Here's my gift to you - Free PDF 50 Ways to Boost Your Money
