The ability to properly manage your funds is one life skill you have to master as a woman so that you don’t end up cashless. Having a good savings plan and high-return investments is a choice and the only way you can truly walk in financial freedom.
You have to be in charge of your money; be in control of your money and not the other way round, and this will make you financially prudent. Being financially prudent has to do with your ability to plan your spending and savings, and stick to it.
Sidney Carroll said: “A bargain is not a bargain unless it’s something you need.” So rather than spend more on things that do not have long-term benefits, you can begin a long-term savings plan that allows you to save towards retirement.
Savings could be long-term or short-term, depending on your purpose of saving. You could save for a trip, your education, retirement, and you do not have to worry about losing your money but rather you get interest for saving.
If you want to ensure financial stability, you need to be financially prudent and develop some habits that will help you stay disciplined. These habits include:
#1Avoid buying on impulse.
#2 Create a monthly budget and stick with it.
#3 Seek financial advice on where to invest your funds.
#4 Keep an account of all the funds you earn monthly.
#5 Buy things based on the value it gives you, especially long-term value.
#6 Have an automated savings account where you save some of your monthly income.
If you are thinking about what percentage of your income you should save monthly, 10% is a good place to start. You can then jack it up, depending on your financial status and monthly financial obligations.