There’s a belief that men and women have a different philosophy when it comes to the treatment of money. For men, it’s a matter of winning or losing, while for women it’s about the lifestyle that comes with it. Unfortunately, only a fraction of women buy/sell stocks, compared to their male counterparts and it’s estimated that only 19 percent of women negotiate their salary (compared to 28 percent of men who do it). This means that women, in general, might greatly benefit from increasing their financial awareness. Here are six finance tips that could help them out in this regard.
1. Values and Priorities
Once you know your priorities, it will be a lot easier for you to tell whether the purchase that you’re making is taking you one step closer or several steps further away from them. Even if you’re planning to just save money, by knowing what you’re saving for, you’ll have a much easier job restraining yourself. For instance, you may aim to start your own business or travel to your dream location, either way knowing what your priorities are and how the purchase affects you in terms of values will definitely help.
2. Buying on a Discount
Investing in quality items like devices and clothes is a great investment. However, the majority of these purchases might become a lot more cost-effective if you manage to buy on a discount. There are, however, two major problems with these discounts. First, brands like Louis Vuitton have it in their business model that their items are never on sale. Second, discounts usually aren’t something that you can easily predict. Fortunately, you don’t have to focus on a single brand and by having a “discount fund”, you can be prepared to act in these kinds of scenarios.
3. Invest in Order to Save
Having money in your savings account is always a good idea. However, having cash that you can easily withdraw in your savings account sometimes poses as too much temptation. Therefore, if you have a goal that you’re saving towards, you might want to try investing your money in order to keep it more secure. Investing in commodities like gold is the most logical option since gold prices tend to be more stable than stock or bond investments. Also, keep in mind that it allows you to diversify your portfolio, allowing for an additional layer of financial insulation.
4. Sell Things You Don’t Need Online
Another amazing way for you to expand your budget is to start selling items that you no longer need online. The first thing worth thinking about here is the full wardrobe that’s often described as one “having literally nothing to wear”. Nowadays, with the existence of online market platforms like eBay and Amazon, you can easily sell these items to improve your cash flow. Doing so via an app is even more effective and user-friendly. Of course, you don’t have to part with everything, only with those items that you’re 100% positive that you won’t wear again.
5. Increase Your Earning
The 21st century is the age of opportunity and there’s no excuse for not being able to come up with a plan. Online freelancing alone is available and accessible to both single moms and those who are overworked as it is. This is due to the fact that you can A) telecommute and B) choose your own work hours. This is also a great way for you to increase your own earnings, which should make saving and, overall, managing your own finances into something a lot easier and more efficient.
6. Learn More About the Topic
Another important thing for you to follow through with is the improvement of your financial education. You should handle your own funds, manage your own taxes and make financial decisions on your own. However, in order to be able to do this, you need to become more knowledgeable on the topic in question. There are numerous online resources available for you to improve your financial prowess but paying for an online course might be an even better idea. Just remember that you shouldn’t see this as spending but rather making an investment in a better financial future.
In the end, we should definitely strive towards equality in all things, which means that the division that we make here shouldn’t be the one that revolves around male and female financial habits but about good and bad financial management. Here, with the above-listed six tips on your side, you have a much better shot at making financial decisions that count.