10 Simple Ways Women Can Save a Fortune Every Single Month (3 of 3)

Prep up for your retirement

The days when your blood stays warm shall run out soon. The golden days of your life will come to an end, and it’s best to plan out ahead. Start building up your nest egg early so that your aged days are peaceful.

There are plans and pension schemes that allow you to deposit a certain amount of money that would be repaid to you later every month. Start investing in such plans, and maximize your savings. The sooner you start doing it, the better.

Keep increasing your contributions to such plans. You’ll have salary raises and increased incomes as time goes by. Your priority should be to increase your savings instead of increasing your expenditure.

Avoid going under debt

Going under debt is something you wouldn’t wish on the worst of your enemies. And we certainly don’t wish that upon you, either. Henceforth, you must save enough beforehand to avoid such situations at any cost.

And not just savings, it also includes using your credit and debit cards responsibly. Keep track of your investments and due dates on policies. A good trick is to avoid carrying a balance when it comes to credit cards so that you automatically limit your expenses.

Credit cards are for convenience, if you think you can’t afford the amount in hard cash, then it’s probably not worth it. Always make sure to pay your credits in full each month, and avoid paying just the minimum, as then you’d incur high interest and have the chances of putting yourself into debt easily.

Know your worth

It’s no news that more often than not, we feel privileged to be allowed to work for a firm. Not only does it mitigate your worth, but also acts as a major pitfall in your career time and again.

It’s very important to know your worth and negotiate accordingly. If you feel you’re being compensated enough for what you have to offer, ask for a raise. One of the biggest regrets which a lot of people realize later in life is how they never communicate their demands or negotiate their salaries because they underestimate themselves too often.

Especially if you’re a woman, you’re bound to face unfair situations when it comes to your pay in the corporate world. When you take a stand for yourself, you’re taking a stand for all the women out there. Always remember your worth.

Build an emergency fund

There’s always something coming in a few months that will cost money. It’s better to be prepared. Start on early, and build an emergency fund. Research says that only about one-third of Americans have saved up enough to face an accidental expense of about a thousand dollars.

Building an emergency fund is like creating a financial buffer that will help you in times of credit card crisis and hefty loans. It can be especially helpful if you’re under debt because it can prevent you from borrowing more than you already have.

If any unforeseen medical expenses or car or house repair rolls in, you can rest assured that your emergency fund has got you covered.

Start with small, baby steps. Maybe a monthly monetary planner for instance. Set goals that you want to achieve by the end of the month – like not getting a cup of coffee every day at Starbucks, or canceling your magazine subscription that you never bother to read.

Gradually climb the ladder to bigger steps, like seeking the help of a financial advisor or investing money in the right places at the right time. You’ll thank yourself later when life decides to throw in massive expenditures for whatsoever reasons.

The process may seem slow in the beginning, but keep your focus intact on the bigger picture. As Martin Luther once said, “You don’t have to see the whole staircase, just take the first step.”