Every Mum wants their daughters to become self-sustainable financially, and speaking of mothers, it doesn't have to be a biological mother in its own right, but lessons from more advanced women who have gone ahead of us in terms of age and experience. I love to take lessons from people like that, and I think it is good for other young ladies like me to do the same.
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The tips I learned from these experienced mothers, I believe are highly significant;
*Learn to enjoy saving: As you spend as a woman, you need to have it at the back of your mind about how your future is being affected. This way, your short-term needs, and wants will not compromise your long-term needs and wants. Debbie Schwartz, encourages women to save as much as possible in their 20s, although this may not be so easy to do especially if you have other financial obligations like paying rent and student loans at the same time, this is also where the power of compound interest comes in handy.
- Get familiar with your money: According to Erica Sandberg, she believes it is important that her daughter is empowered not to be removed from her money, this means that regular routines are created and account balance is checked regularly to help you know how much you have made, how much you have spent and how much you have left.
Checking your account balance regularly will help you stay away from any form of trouble that could arise from there. Even if you decide to combine finances with your partner, still try to check it consistently.
- Stop trying to keep up: It is easy for us to get attracted to the flashy lifestyle, keeping up with your girlfriends who happen to be living the life may blow up your budget.
Of course, this is not to discourage you from enjoying yourself and having fun, but you do not necessarily have to buy the most expensive item on the menu just to keep up with the girls.
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Whenever you want to spend, remember that is your energy, your sweat, and your time you are willing to give away just like that, so think twice about it.
- Make quality purchases: When you want to purchase, go for quality, according to Grace Alexander, says
Even if you have to save up for and buy one item at a time".
Spend more money on an item you wouldn't have to think of replacing every month or year.
Handle credit cards with maturity: Credit cards happen to be an amazing financial innovation, a very helpful one at that, but if you fail to understand how it works, they could get your finances on the wrong side. It is better to stay off credit cards if it is going to get your finances in more trouble.
Learn from mistakes: Mistakes are very normal, particularly if you are trying to navigate this life and this financial world on your own. So, when mistakes happen, do not beat up yourself too much about it, instead, take the lessons attached to it and simply move on.
P.S; I got some tips from Here
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