Saving money should be an important part of every woman’s life, no matter how much she earns.
For many young women out there, earning a large income is something in the foreseeable future so they don’t save, rather they live paycheck to paycheck and hope they get a better job or they get a raise. When you ask them why they don’t save they tell you it’s because they don’t have a huge salary, they barely have enough to feed.
Its time for women to change that mindset, the secret to saving is not because you have a larger income that can provide for all your needs, saving is more of the mindset than the amount you have.
Here are 5 tips that would enable every lady to save better.
1. Keep a saving journal
There’s no way to know how much money you are truly spending unless you track it. So carefully review your expenses to see where your money goes. You also can use spending journal spreadsheet templates or smartphone apps that can help, but the bottom line is to find a system that works for you.
2. Start Small
You can learn a lesson or two from children. They start saving at an early age. This early lesson has built many women up and now as adults, they can proudly discipline their spending culture. If you find it difficult to save because you earn very little, start small. Plan to save a certain amount for one week, then move on to two weeks and continue like that. Remember little drops of water makes a mighty ocean.
3. Create a realistic budget
Budgeting is a logical step when your plan to start saving money. And just like your method of keeping tabs on spending, budgeting can be as simple. Whether you use notebook paper or sophisticated personal finance software, a combination of both, or anything in between, your goal is to decide where your money is going to go each month and stick with it.
4. Try fixed deposit
If you know your spending attitude, then you find a way around saving your money. Try opening a fixed deposit account, that way you have money in a bank account and you can’t have access to it until a stipulated period of time.
5. Plan For The Future
Regardless of how you see life in your later years, it’s going to take money to make it happen. And unlike some of life’s unexpected expenses, it’s a given that as you age you’ll still need income, whether you continue to work or live on your savings. Have the future in mind and plan ahead for it.