10 Healthy Money-Saving Habits Every Woman Should Know!

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Today, I'll share some habits that helped me pay off $13,000 in student debt in less than a year while working minimum wage with extra to spend, save and invest.

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My Story:

First of all, I know $13,000 doesn't sound that big of a deal to some people, but for someone making about $22,000 a year and saving up to 300 dollars extra per month, I think it says a lot about my financial habits. Moreover, anyone can benefit from learning a thing or two about a thing or two.

I left college in 2017 due to a financial hold. What started as $5000 in debt soon became over $10,000. As a timid and lost young lady, I thought ignoring my debt was wise; besides, out of sight equals out of mind.

I started working at a restaurant to get myself going, paying monthly expenses such as my $25 phone bill. Lol. But I still had no set goal or plan to take care of my increasing debt.

About a year later, I left the restaurant job and was introduced to my last employment job, working at a nursing facility. It reminded me of my medical school aspiration and how it wouldn't happen if I kept ignoring my financial crisis.

Almost one year later, I called my loan servicer to discuss different repayment options and started rigorously attacking that monster bill. Before the end of another year, I finished paying off my debt and was making plans for business school. This experience got me interested in financial literacy.

10 Healthy Money Saving Habits Every Woman Should Know! (+1 Bonus Tip)

Quick Outline:

1. Have the Right Mindset

2. Work

3. Have a plan (Set Goals)

4. Remember to Give

5. Do a Declutter

6. Set a Budget

7. Invest your money

8. Read Books

9. Do your hair

10. Choose quality over quantity when possible

11. Exercise

Having the Right Mindset:

The right mentality is the first step to financial Independence. If you like to blame others for your circumstances, think the government is your way out or that someday everything will magically resolve itself, that needs to change.

The most crucial mental transformation, in my opinion, is taking responsibility for your financial choices. Be responsible for your income, investments, financial goals, debt, expenses, and every area that affects your financial health.

When you realize that you're solely responsible for your finances, you are on the right path to financial independence; this is also the first step to better saving habits.

A good book I recommend for this is Rich Dad Poor Dad. (Leave a comment if you'll like a review)

Work:

While mentality is step one, you need to make money; this isn't wishful thinking. Lol. It's always a good idea to find ways to increase your income and investment potential. Getting a job or any revenue stream will give you more leverage and the opportunity to better your finances.

Work is not limited to a 9-5 job. Any pursuits, side hustles, etc., bringing in revenue in the short and long term equally qualify.

Have a Plan

Set financial goals and evaluate them to understand your money habits. Looking through your bank statements, for example, will give you an idea of revenue streams and expenses.

You must understand what you're hoping to achieve for yourself. I recommend writing it down or creating a vision board. If you know what you want, navigating the world of investment and financial literacy will be a lot easier.

A clear vision will also help you stay motivated when things get tough. For example, It's easier to give up an expensive handbag to buy your dream home.

Declutter

You should review your expenses to see what is costing your vision. Make sure to include cash, gifts, subscriptions, everything!

I advise decluttering after setting your goals because you will be more objective in ruling out unnecessary expenses.

Give

I know giving isn't what we think about when discussing money-saving habits. However, I advise that you consider it when setting your budgeting and financial goals.

Give to your church, family, charity, etc., as this will help you gain more perspective on your vision. I noticed that if I only think about my expenses, I'm not as ambitious as when I think about taking care of other people, like my mom.

There are also many personal, spiritual, and financial rewards to givers. When you give, God rewards you, others will appreciate you, and you will be self-gratified, knowing that you made a difference in people's lives. (Some of that is true)

Set a Budget

We all talk about budgeting when it comes to saving money. I think every woman needs to have a budget. Budgeting is not just about cutting corners. It involves present and future habits that get you the most for your money.

Effective budgeting doesn't mean self-deprivation either; you need to set a budget that can cater to your needs while trying to save money.

Quality over Quantity

As earlier mentioned, budgeting isn't about self-deprivation. It involves thinking about the long-term benefits of your decision. If I purchase a good pair of socks, I will be careful not to lose them. They'll be comfortable and long-lasting. If I don't, I could end up with lost and founds or an assortment of damaged socks, after only a week's purchase.

Invest

Investing takes the extra money you could have spent on Uber eats, and works for your future. Of course, there are more ways to invest in your future than putting money into stocks.

Every woman should invest in self-growth. The more value you gain, the more you have to offer. As the saying goes, "knowledge is power.". Being informed will put you in a better position to make the right financial decisions.

Read Books

Reading is crucial for gaining financial independence. Many women may not invest right or at all because they are in the dark about the stock market and other capital opportunities.

Invest in books about finance, areas of interest, skills, and information that will make you credible. I recently picked up "Learn how Investing works, grow your Money" by Mrs. Bola Sokunbi. While I haven't finished it, it's great for newbie investors, easy to understand, and arguably one of the best finance books on the market today.

Do your Hair

Some of you might hate me for this, but if you can do your hair, you'll be saving 'mucho dinero.' I know not every woman knows how to braid hair. Consider reaching out to friends who will give you a great deal or even free.

According to a blog post by Essence on black hair, "African-Americans spend $1.2 trillion each year, and that number is projected to rise to $1.5 trillion by 2021." (Essence, 2020). I know this isn't the case for every woman, but I think we all agree that going to the salon can be costly.

Exercise

Exercise is crucial in the list of money-saving habits. In the long run, exercise can keep you youthful, mentally sound, and away from outrageous hospital bills. (If you live in the U.S., you may get me).

It's not about becoming a bodybuilder, but about maintaining a good fitness routine. A routine will boost your morale, increase mental and physical capacity, and remind you that life is a marathon not a sprint.

Conclusion:

You made it to the end, Gracias! Leave a comment, share, and follow me on social media for more personal, business, and finance content.

Check my last post on why I majored in Business Administration and Accounting here! Thank you!

Reference:

Barnes and Noble. (2022). Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not! by Robert T. Kiyosaki. https://www.barnesandnoble.com/w/rich-dad-poor-dad-robert-t-kiyosaki/1112255784

Cgf. (2022). Learn how Investing Works, Grow You Money. https://www.clevergirlfinance.com/investing-book-for-women/

Essence. (2020). Feature: The Industry that Black Women Built. https://www.essence.com/news/money-career/business-black-beauty/