7 Money Habits Successful Millennial Women Have That Build Wealth
Have you ever wondered what makes successful women wealthy? How it is they seem to live the life they want and not go broke? What about taking those lavish vacations? How do they do it?! What you might not be noticing are the money habits they’ve developed over time to get them to where they are today. Here are 7 money habits successful women have that help them to build and keep their wealth.
Money Habit #1: Setting Goals
This successful woman is successful because she has a goal setting system and it works. A goal setting system that works will make it so you accomplish your goals effectively and in a timely manner. Matter of fact her goals are S.M.A.R.T.E.R.
S.M.A.R.T.E.R. financial goals are the way to go
Specific: They are not vague statements like “Save money”. They are “Save $1000 for that December vacay in the Bahamas”
Measurable: Again it’s $1000 and not just “money”.
Achievable/ actionable: This means they are not overreaching goals like “save $10,000” when she only makes $10,000 a year. She can also break this goal down into monthly bite-size goals.
Realistic: This is something she can do even if it might be a Big Hairy Goal.
Timed: There’s a time limit set on this goal. Her trip is in December so she set the goal date for October 1st.
Evaluate: When October comes she checks to see if she reached her goal and if not where did she fall short.
Reset / Re-do: She either resets the current goal or redoes the process for the next goal.
Money Habit #2: Living below her means
She doesn’t overspend on things and she doesn’t put things on credit once all the cash is gone. She saves for those large purchases. She has very little reliance on credit and lives within her means. She realizes that she can’t have a caviar dinner out on a ramen noodle budget. Which brings us to money habit #3.
Money Habit #3: Create and Use a Budget / Spending Plan / Money Magic Plan
A budget is not a restraining order. It’s a roadmap for you to tell your money where to go. If you have a Starbucks habit like I do then that habit is included in your budget. If you want to reduce the amount of that line item, consider ways to do that but that’s not what your budget is for. If you spend $400 on groceries then that line item in your budget for groceries should initially be $400. If you need ways to reduce that then conduct some research and maybe clip some coupons.
Money Habit #4: Make More Money
This can actually happen in numerous ways. You can adjust the payroll tax deductions so you only pay what you actually owe and reduce the “refund” at the end of the tax season. You can also pick up a side hustle. I talked about using side hustles to get out of debt here. If you put what you are good at out there you may end up with a side hustle that makes more money than your current job. Win!
Money Habit #5: Financial Literacy
She’s not “bad” with money. She is educated about how money works. She reads books, blogs, magazines, and articles about money. She realized a long time ago that her parents didn’t teach her about money (probably because they didn’t know and secretly because some guy would take care of their daughter…but I digress). Her high school and college didn’t teach her about money. If she wanted to be wealthy she’d have to teach herself. It’s not her fault that she wasn’t taught but she knew it’d be detrimental if she didn’t learn. Check out this article on Elderly Women and Poverty Here.
She’s not “bad” with Money. She is Financially Literate
Money Habit #6: It’s not all about the money
You can live your life trying to count every penny but it won’t be any fun. There’s so much more to life than budgets and spreadsheets this is true. In order to enjoy them, however, you do need to have a spending plan that allows you to live a comfortable life, and gives every dollar a mission so to speak. Here’s a blog post I wrote on how to build a better budget that you will actually stick to! Check it out here. Also here’s a blog post I wrote about getting out of debt! It’s not all about spreadsheets. Read it here.
Money Habit #7: She has an attitude of gratitude for what she has.
She appreciates what’s flowing into her life currently. She honors her money and treats it with respect. She doesn’t throw it around and squander it. She takes care of the things she currently has. She reduces her reliance on trends and purchases clothing and items that are durable. Because of this she always looks great and her happiness is really high. She may not be “rolling in the dough” but she isn’t en route to the poor house either. She has an energy about her that is magnetic. It is through this energy she is attracting abundance in her life! This might be a little on the “woo woo” side but it’s true!
Women who are successful with money have an attitude of gratitude
A bonus habit that is reserved for women in the know (YOU!):
Surround yourself with women who inspire you to be better than what you are. Surround yourself with women who want to lift you up. This is the best thing you can do for yourself, your life, and your career. Women who surround themselves with like-minded and advance women go further, faster, and higher than those who try to go it alone.
I hope these money habits give you something for which to strive. I hope these habits help you build the wealth and freedom of your dreams. I hope you notice that it isn’t always about budgets and spreadsheets but also about mindset and environment.
Share this post with the women in your life using the buttons below and continue the conversation on Facebook where we discuss tons of interesting things 😀 . See you there!
