10 Simple Ways Women Can Save a Fortune Every Single Month
You never know when accidental expenses might start rolling in, or you’d suddenly need a thousand dollars to get your car repaired. You have to plan to ensure that you are financially secure. You don’t have to be minting millions to secure yourself financially, a bit of saving each day goes a long way.
There’s a lot you can do to save a decent amount of money that will not only take care of your sudden expenses but also your retirement days. You can invest your money to help it grow, build up an emergency fund, or even end up saving a chunk load of bucks by cutting down on daily expenses.
Because you never know when you might be thrown into a situation where you’d need to solely rely on your savings. We never knew we would be struggling to make ends meet in this pandemic either. But here we are, thousands have lost their jobs, thousands are at the end of their savings, and thousands are suffering because they never saved enough.
Especially for women, saving money is a struggle. You mightt already be facing gender bias in the firm you are working – lower pay than what a man would get for the same, no hope of promotion and being bestowed with a lot lesser responsibilities than the other gender.
We understand how hard it must get to save more than you spend. But hey, it isn’t impossible. We’ve jotted down ways through which a woman can save a fortune, even when it seems impossible!
If you’ve never considered saving money before, and are just starting, it’s okay to feel confused. Don’t worry, we’ve got you covered! We’ve listed down 10 rules that you need to diligently follow to stay safe financially.
Set it and forget it
The best thing that you can do when it comes to saving money is to set aside your savings and forget about it. It’s common to be tempted to spend on that Europe trip you’ve been dying to go to, or on those concert tickets that might cost you a fortune, or maybe those cute pair of heels from Steve Madden that you’ve always stared at for at least five minutes on your way to work.
And every time you’re on the verge of making an impulsive expenditure, you always tend to think about your “savings” and assume it’s safe to spend it because it’s just a “one-time” thing.
Chances are, this “one-time” thing can turn into a “multiple times” thing very soon. So the best approach is to save money and forget about it. Invest it and let it grow. If you don’t have a way to access your savings, you won’t be able to spend it on unnecessary causes.
You’ll get your reward later, and you’ll be thankful for that.
“It’s not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for.” – Robert Kiyosaki
It’s okay if you haven’t chalked out a way to invest your money because you feel you’re at a loss and don’t know where to invest and how. Get in touch with a financial advisor and let them guide you through. Especially when you’re a woman, you’re bound to face gender bias in the workplace and probably get a much lower pay for your work than a man would for the same. It’s always better to plan.
They’ll make sure that your money is invested in the right places so that it grows. They’ll help you create a diverse selection of places where you can invest your money.
Play an active role in managing your finances
Take lead and make it a point to always plan out your expenses every month. You can try out money-managing apps, or just jot your estimated expenditure down every month.
Similarly, if you’re married, ensure that both you and your husband play an active role in formulating the monthly outlay. Calculate your total income, possible investments, and upcoming expenditures. Find out how much you’ll be saving that month, and chalk out a plan if there’s a scope to save more by cutting down a few expenses.
Also, make it a point to always have a monthly monetary meet with your husband. That should be one thing on your monthly checklist that has to have a check on its box. A penny saved is a penny earned.