12 Money Habits Of Women Who Are Never Broke

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money habits of never-broke women

It’s not uncommon to find women who are financially successful in the US. As much as men are usually at the forefront of financial success, women are also doing well to make their mark.

As a woman looking forward to making a lot of money and building wealth, you need to start from the base: trying not to go broke. As you deliberately develop healthy money habits to prevent you from going broke, you will begin to climb the ladder of financial success gradually.

Thankfully, this post will identify and explain some of the best money habits of women who are never broke. Studying these habits and adopting them will put you on the right track as a woman who wants to succeed financially.


What Are Some Good Money Habits Of Women Who Are Never Broke?

Saving extra money every month, avoiding late payments, and minimizing debt are some of the key money habits of women who are never broke. By practicing these habits consistently, you will become very accustomed to managing and growing your finances independently.

habits of women who are never broke


12 Money Habits Of Women Who Are Never Broke

Since you are ready to stop being broke, here are some helpful financial habits you should adopt and start practicing right now.


1. They Budget Their Income

Building a budget is probably the best place to start when managing your finances.

A budget is a simple financial plan that helps you to understand your expenses and your net income. You can easily figure out where all your money goes when you have a monthly budget. But most importantly, you can curb your expenses by budgeting your salary. This is one of the practical habits of women who are never broke. They generate extra cash by cutting down on their expenses using a working budget.

If you want to learn how to practically build a budget on your own, here’s a simple guide explaining the 5-step process for budgeting money.


2. They Spend Cautiously

Do you spend money as it comes or do you take your time to assess your financial situation before making major purchases? You can easily incur a lot of debt when you spend recklessly. You must understand that money is a delicate resource. You should never abuse it; otherwise, you will end up being broke.

Always make sure you purchase things you can honestly afford. Stop spending money you don’t have. It’s an unwise financial decision that never offers a good outcome.


3. They Set Relevant Financial Goals

habits of women who always have money

How often do you set financial goals? You must understand that setting and achieving financial goals is a significant aspect of your personal finance. This means you have to do it right. You have to set financial goals that are relevant to your situation. For example, if you don’t have money set aside for emergencies, building an emergency fund is a relevant financial goal to have in mind.

In a nutshell, setting relevant financial goals means spending your money on things that will either improve your financial situation or help you have a more comfortable life.


4. They Save

Without even being told, one should know that this is obviously one of the money habits of women who are never broke. Do you have any savings goals? How often do you keep money in your savings accounts? That’s a valid question you must answer if you don’t want to go broke.

Being able to save money doesn’t mean you have to earn a whopping $150,000 yearly. Even with your $70,000 yearly salary, you can save some money.

According to Dave Ramsey, you should save between 5-10% of your income every month. You can decide to save more based on your financial situation.


5. They Invest

Investing money is how most people get rich. If you want to attain financial freedom as a woman, you need to look out for possible investment opportunities that can help you increase your cash flow passively. It’s considered one of the top money habits of women who are never broke.

One fantastic thing about deciding to be an investor is the fact that you don’t need to be rich to invest. With around $1,000, you can invest in the SP500 or any other profitable stock market options. By doing this, you have created a passive income stream for yourself. You will be making money gradually without lifting a finger.


6. They Pay Their Bills On Time

Running away from bills that are supposed to be paid on time will only worsen your financial situation. This is because when you fail to pay certain bills on time, you will be penalized with “late payment” fees. So technically, you will be spending more money than you should.

Say your credit card balance is supposed to be paid off by the end of the month, and you skipped the payment; you will have to pay extra fees for clearing the balance late. In fact, this becomes a waste of money since you could have avoided the late payment fees.


7. They Learn About Money

How much do you know about managing and growing money? It’s safe to say that you will suck at handling your finances when you don’t know how to. Learning about money is one of the habits of women who are never broke.

Thankfully, you don’t need to have a one-on-one meeting with Dave Ramsey or any other revered financial advisor to learn about money. You can get basic knowledge of money by listening to personal finance podcasts or reading books that teach key financial subjects such as investing wisely, saving, or living frugally.


8. They Create Multiple Income Streams

One of the common money habits of women who are never broke is that they look for ways to diversify their source of income. Sometimes, the monthly income you get from your job may not be enough to pay for all your bills. You may even find it impossible to save. This is why some people are living paycheck to paycheck. To resolve a situation like this, you need to have another reliable income stream.

You could apply for another job or start a side business that allows you to focus on your main job. The main goal is to be able to generate money from multiple sources.

You can check out these 15 easy ways to make extra money if you need better ideas for building multiple income streams.


9. They Reserve Money For Emergencies

Building an emergency fund is one of the most important money habits of never-broke women. Ideally, you should have a separate savings account to reserve money for emergencies. No matter how careful you are, some bills actually come without any warning or notice.

For example, losing your job is not a funny situation. This could be the beginning of several other financial challenges if you aren’t well-prepared for it. Having a solid emergency fund is a brilliant way to prepare for unexpected expenses.

Think about it this way, when your emergency savings take care of unplanned expenses, you won’t be compelled to take loans or use your credit cards. Basically, reserving money for emergencies can prevent debt.


10. They Don’t Procrastinate

If you are the type that never procrastinates, then you sure have one of the good money habits of women who are never broke. You are probably wondering how procrastination can make you broke. It’s simple. They say “time is money”, which means you could make more money as long as you have enough time for it.

When you begin to procrastinate all the time, you are simply mismanaging your time. In the long run, it would reflect on your finances. You need to learn how to complete tasks as soon as possible rather than leave them for later. When you have some extra time without any pending activity, you could spend that time thinking about how to increase your cash flow, or you could get busy working on a side business instead.


11. They Know The Difference Between Needs And Wants

Knowing the right things to spend on is one of the money habits of women who are never broke. As a woman, you must draw the line between your needs and wants. Your needs are essential things you can’t do without. Your rent/mortgage, utilities, transportation, and groceries are good examples of your needs. Your wants are things that make you happier or more comfortable; meanwhile, you don’t need them.

Since you are trying to manage your money and avoid going broke, you should always focus on your needs first. It’s okay to spend money on your wants. But if doing it becomes detrimental to your bank account, you should avoid it.


12. They Set Their Priorities Straight

Prioritizing the right things is one of the habits of women who always have money. If you can’t set your priorities straight, you won’t be able to make the right financial decisions.

You should know when to attend parties and when not to. You should know when to focus on paying off your credit card debt instead of wasting money on late-night dinners. It’s all about organizing your activities in a way that favors you financially or prevents you from losing money unnecessarily.


Why Do Women Need To Avoid Going Broke?

Due to some of the societal standards that exist today, some women don’t see the need to be financially stable because they probably have a man to fill that vacuum. Notwithstanding, here are some important reasons why you shouldn’t go broke as a woman:


Women Who Are Never Broke Achieve Their Financial Goals

From time to time, we have financial goals that we must tend to. If you are a single mom, are you currently building a college fund for your child or children’s education in the future? That’s an example of a good long-term financial goal you can’t overlook.

To be able to plan for a goal like this, you can’t afford to be a broke woman. You need a reliable and stable cash flow. You need a good-paying job or a profitable side business that brings income unfailingly.


Women Who Are Never Broke Retire Early

This is certainly one of the obvious reasons why you should adopt the money habits of women who are never broke. Being able to retire early and successfully is such a big flex.

Imagine the freedom to spend time with your family and also pursue your passions. However, early retirement becomes unattainable when you keep struggling for money. If you have to keep your job in order to pay some debt and meet other financial obligations, you won’t retire early. By all reasonable means, you need to avoid being broke.

You have to start building your finances as soon as possible. You can’t afford to wait until you become a senior citizen before you start planning for retirement.


Women Who Are Never Broke Enjoy A Debt-Free Life

One of the most common challenges faced by broke women is debt. Credit card debts, mortgages, or student loans can be serious financial setbacks when you are broke. It’s important to note that these debts might be unavoidable.

Most people need to attend college even when they can’t afford it. Almost everyone in the US uses a credit card. If you have a family, you may be compelled to buy a house on loan. So apparently, debt is inevitable for some folks.

However, there is always an opportunity to get out of debt once you decide to stop being broke. Finding ways to increase your income and reduce your expenses can enable you pay your debt much faster.


Women Who Are Never Broke Have The Freedom To Invest

If you have ever fancied making cool cash through a legit investment, you shouldn’t be reluctant to learn some of the money habits of women who are never broke.

There are so many investment opportunities that can make you rich. From buying stocks to investing in real estate portfolios, you can create a reliable passive income stream that will catapult you to financial freedom. However, how can you achieve this if you are broke? It’s practically impossible.

You have to first break loose from the shackles of financial constraint before you can have the freedom to invest. You have to start managing your income wisely and stop living paycheck to paycheck.


Quick Summary: Habits Of Women Who Are Never Broke

You could know a thousand money habits of women who are never broke, but if you don’t practice them regularly, you won’t experience any progress in your finances. There’s more power in taking action rather than just getting information. The prerogative is yours. Practically applying these tips to your financial situation is a step towards attaining financial freedom.


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Author: Anthony Ihz

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