According to a Sanlam online study of South African women, 72% of them believe they are living in “survival mode. “According to the report, financial concerns account for 86.4% of South African women’s sleepless nights, with health concerns coming in at a close second place with 65.4%. Due to needing to focus on everyday necessities, they find it difficult to concentrate on the long term, particularly financial planning. On the plus side, research indicates that women are 8% more likely than males to stick to their budget.
Money Habits of Never-Broke Women because they understand that they are building an intergenerational wealth, they are building a Legacy.
1. She Plans Her Expenses Carefully
- She spends less than she makes; to do this, she needs a financial plan, which she can only have if she consistently follows a budget plan. She avoids using money she does not have.
- She can distinguish between a want and a need.
- She avoids emotional spending.
- She creates a budget to allow her to live on 90% of her income and save the other 10%.
- Perhaps she can survive on 80% of her income and she saves 20%.
- She might be able to live of 70% of her income and saves 30% of her income.
- She must establish a proper budget, and then she will learn what is feasible.
- She sets a spending limit.
2. She Reduces Her Bills
- She pays her bills on time.
- She must increase her income or reduce her spending.
- Making more money is difficult but so is cutting costs.
3. She Sets Financial Goals
- She automates savings, she has a monthly debit order into her savings.
- She invests.
- She sets short to medium goals to reduce debt.
4. She is Fully Insured
- She plans ahead,
- She plans for long term, she has life policies, she plans for retirement.
- She plans for short term; she insures her car.
- She has a Will.
5. Most Importantly, She Tries
- She educates herself and her family about money.
- She has multiple income streams.
- She educates herself about different types of marriages and their financial implications.