We as women need to acknowledge that having economic independence requires great financial planning, good research, time management, risk tolerance, and wise investments. We need to understand that there are differences between how men and women use, feel, and speak about money and as an empowered woman, you must know your money and know how to manage your financial independence.
Your financial health is dictated by the ability to follow habits, change your mindset around money and stick with your goals and money-related decisions in the short, medium, and long run.
Here are 3 sexy brilliant money tips outlined by Devina Kaur, author of Too Fat Too Loud Too Ambitious, you should think about adding in 2023 to step up your game, regain control of your finances and feel more comfortable with how much you're saving, spending and investing.
Make money your new best friend: Talking about money is not easy but the more we remove the shame and stigma around taboo conversations the more power we have. Money is a topic that impacts almost every aspect of our lives in some way. It's too important to ignore and sweep under the rug. Have those uncomfortable conversations with your friends, family, and colleagues just like you discuss sports, politics, and travel. Know that you deserve to be friends with money as it is only an energy exchange tool. So empower yourself, and get comfortable with knowing that you deserve to live an abundant, gracious, and full life. Financial empowerment could include different things for different women. For some it could include asking your boss for a yearly raise, for others, it could mean negotiating the interest rate on your loan. Understand your level of risk tolerance, ask for help, and use those skills that you learned in college to make money with your new best friend.
Know your money: To know your money, you need to know yourself. You need to know about your financial personality. There are 3 most common types of personalities:
Spenders: Love to have the latest and greatest of everything.
Savers: Savers are the exact opposite of spenders, they are mindful of how much things cost.
Shoppers: Much like spenders, shoppers can't resist spending money.
Once you know which type you belong to, you can modify your money habits and you can start spending money more wisely. Spending wisely means understanding your everyday routine with short, mid, and long-term goals. Be aware of the source of your income and keep tabs on where you are using your money and how. Getting used to an accounting system to track your spending habits early on in life is always a good idea.
Planning: Start planning your monthly budget. Divide your financial goals into the short, medium, and long term. Short-term goals could include taking a trip with your friends or getting married. Medium-term goals could include buying a home or a new vehicle. Long-term goals could include retiring by the age of 50. You are never too young or too wise to think about your future and how soon you can gain financial freedom. Study the market, know your investment style, and start investing money toward your future as soon as you receive your first paycheck. This could include a direct deposit into your retirement savings account. Do your research, learn, and watch from other successful people in your social circle. Speak to trusted mentors and professionals who can guide you toward better financial health and independence.
To think and plan around money can be a very heavy and stressful topic. It is very important to not judge yourself or others for any spending, investing, and saving habits. Always be realistic and honest with yourself, having a financial cushion or emergency fund might give you some assurance and comfort during those stressful moments.
The U.S. Chamber of Commerce, the American Bankers Association and the Investment Company Institute, among other business interests, warned the rule could raise costs, significantly limit investment options and increase the risk of lawsuits.
Credit card hardship programs are ideal for balances that can be paid down over a few months. Terms vary by issuer, and relief is generally granted on a case-by-case basis.
Six years ago, six of Iowa's 19 casinos were led by women, a figure that has since declined to five, according to Wes Ehrecke, president of the Iowa Gaming Association.
