6 smart financial habits every woman must adopt

It is critical to have your own savings, especially if you are a woman. You must understand how to save and invest money so that you always have something set aside for a rainy day. Here are six habits that all self-sufficient women follow to ensure that they are never broke.

Minimize credit card usage

Wherever possible, use a debit card so you can see how much money is left in your account right away.

Don’t waste time

Stop telling yourself that you’ll do it later. Do it right now! Set aside at least 10% of your salary for savings. Put in a little more if you can, but start now, no matter how much you get.

Impulse shopping

If you are prone to impulsive shopping, it is time to put a stop to it. It only provides temporary happiness, but the dent in your bank account remains. Make a list of everything you truly require and stick to it. If you really want to indulge in some retail therapy, go to markets like Sarojini, Banjara, local thrift stores, and so on.

Investment

Keep a portion of your salary for investment purposes. Open SIPs, PPFs, insurance policies, and so on. If you are interested in gold, join a kitty that many large gold brands provide and then, at the end of the cycle, purchase something that you can wear or buy as an investment.

Budgeting

Create and stick to a weekly or monthly budget. Manage all of your expenses within the parameters of your budget. Write everything down so you know where your money is going and what you’re spending it on.

Emergency fund

Make sure you have an emergency fund set aside. Even if your aunt hands you a small “shagun ka lifaafa,” instead of spending it, put it in your emergency fund.