An old phrase that appears to be more true than not goes something like this:
“Behind every successful man, is a strong woman.”
As we celebrate women’s month, we empower all women out there.
I am grateful to be surrounded by a lot of sister friends, aunts, godmothers, my mom, my mother-in-law and my grandma. They are my role models and I learned a lot from them on how to live life and how to handle money. I am sharing with you the 5 secrets that I learned from them on how to become a strong woman on money matters and here they are.
- Set financial goals for yourself alone.
Single or married, set your own financial goals so that you will always be motivated to earn income or motivated to save more from your allowance (if you are a housewife) that you receive every month. Commit to a fix amount to save every month so that you won’t spend it on unplanned and unnecessary expenses. It is important to set budget. For household expenses, I’m sure you can save a lot more if you are conscious in the consumption of food, electricity and water. Being resourceful will save you a lot of money too.
[bctt tweet=”Set a deadline for your savings goal. Sometimes your plans change over time due to the people around you but surely it will be a big help to your husband or to your family. Having your own savings gives you the power of choice.” via=”no”]
- Create a separate account for yourself.
As you save money every month for your goal, put it in a savings account. If it becomes bigger, place them in an investment instrument that aligns with the timeline of your goal so that it will grow. Here’s an example.
|less than 2 years
|3 to 5 years
|Bonds, UITF, Mutual Funds
|5 to 10 years
|Stocks, Real Estate
- Be simple and contented in life.
It is expensive to be a woman, we need to spend for parlor, make-up, body treatments, and more to maintain our beauty. But sometimes, natural beauty is more beautiful. We must not spend carelessly.
Here are some tipid tips every woman must know.
- It is okay to re-wear your gowns. It’s also wasteful to unnecessarily discard clothing that has only been worn once because it takes a lot of time and effort for a designer to design and create a garment.
- It is okay to just maintain 1-2 luxury bags or luxury shoes. If you buy a lot of these, remember that someday it will just dry up and crack. It becomes trash. Your hundreds of thousands will become garbage while if you save and invest, it can become millions over time.
- Do not buy new gadgets unless it is necessary or if the old one is broken. Gadgets depreciate, these are not investments.
- Always wait for the sale before buying new things. The “Sale” always happens sooner or later.
- Take advantage of credit card promos, store vouchers offered.
- Insure your husband.
It is important to insure your husband. With the current pandemic, life is really uncertain. It is best to have a back up fund or security fund. Make life insurance policies your Plan B. If ever your most fearful thing happens, losing your husband. You won’t have a hard time to be a breadwinner and a housewife at the same time all by yourself.
Life insurance proceeds will help you to grieve properly without worrying about finances. It gives you time to adjust and move on with life.
If your husband is not a believer of insurance, tell him that this is the one of the ways he can make you feel his love and care.
- Set up your retirement fund.
Preparing for retirement is sometimes always being neglected maybe because it feels like “matagal pa naman”, due to busyness of our daily lives and also due to unexpected things that are happening to us.
I advise you to give priority to retirement life as life expectancy is now becoming longer. Study shows that the average life expectancy now a days reach up to age 94 due to medical advances. It is really wise to start young in preparing for your retirement fund.
Let me know what secret item will you be applying immediately?
If you need an in-depth financial advice, send me a message.