3 Lessons For Women: How To Empower Yourself Financially
This may end up being the most important article you read all year. Really!
Minimize and Track
As glam girls on the go, we’re exposed to so many fabulous products and services that we often have too many choices to choose from. But the problem is, not every product and service is good for us, even if it is good to us.
I know, I know: I sound like such a MOM. Ug. But let me explain what I mean.
Skipping those three trips to Starbucks a day, or packing a lunch instead of buying one, will save you almost $20 dollars a day; invest the $600/month you saved, tack on compounding interest, and voila — in 30 years you’ll have over a million dollars saved.
Wondering how we came to that? It’s easier than you think. Check out this handy calculator. All that saving, if invested well with a good financial planner, could add up to a lot more than you imagined it would, over time. Just imagine what you could save if you skipped those a few (admittedly, unnecessary) seasonal Montclair or Prada purchases and invested the money instead!
It sounds banal, but it’s time to start taking full responsibility and accountability for your spending.
Step #1 is to set up a budget. It’ll help you figure out where all your money is going and where you can cut back a little. Until you step back and properly assess your financial situation, you won’t be an effective saver.
Radius Bank‘s banking platform has built-in budgeting features, and doesn’t drip-drain your bank accounts by charing hidden fees. Instead they drip money IN and help your savings grow by adding interest! Ka-ching!
Step #2 is to emotionally commit to living a low-waste lifestyle. There’s a big movement amongst bloggers and other influencers to lead a less consumer-focused lifestyle. Minimal is the new luxury! Between the book The Life-Changing Magic of Tidying Up (seriously, read it!), which caused an absolute sensation, and all the news about the zillions of pieces of plastic packaging in the ocean, this is a trend that’s here to stay.
If you want to build (and keep) your financial worth, don’t spend much of your money on non-appreciating assets like luxurious clothes, cars, toys, yachts, or a giant collection of designer handbags. Before you buy an item think, is it a want or a need? What about that gym membership, club renewal, or that third pair of cute little black heels? Cancel your $150 cable subscription and get Netflix instead. Use my tips to shop on eBay and get your heels for 90% off. Cut and color your hair at home to save on expensive salon fees. I do!
Radius offers a free Money Management Academy, and I highly recommend you check it out. It’s full of useful info that could make the difference between you saving enough to upgrade to the house of your dreams, versus getting stuck with ‘that house that was all you could afford’.
Once you’ve mastered the art of consumer minimalism, and seen how much money you were actually wasting of stuff you don’t need, it’ll be easier to spend less and save more. As they say — a penny saved is a penny earned!