The Dollar Diva's 10 timeless tips for women
Here are the top 10 things every woman should know
1. Setting financial goals is the key to financial success.
Write your goals down on paper. State the goal, when you want to
get there and what you've got to do to make it happen. If you've
always had trouble staying on a budget, try developing a
2. Spending less than you earn is the secret
to accumulating wealth. You can't have it all: choose a
fancy lifestyle, and you choose paltry savings by default. If
you'd like to become the millionaire next door live
well below your means, and invest what's left over.
3.If you don't allocate time
for managing your money, you won't have any money to manage.
Money gets frittered away when it's not managed; take the time to
track your cash. You can do it with a pencil and notebook, but it's
a lot faster to do it with a software program such as Microsoft's
Money or Intuit's Quicken. Many banks and credit card companies
let you download transactions from their Web sites to your software
program, making data entry a breeze. The four gauges you need to
review each month are (1) what came in, (2) what went out, (3) what
you own and (4) what you owe.
4. Education expands your
mind and your earning potential. As a rule, education means
a more interesting life and more money. Save some of that money,
and you can buy yourself financial freedom. Education is your ticket
to somewhere; don't leave life without it.
5. If you don't save when
the chips are up, expect to drown in debt when the chips are down.
Sooner or later you can count on being laid up, laid off
or laid out. It happens to the best of us, and a stash of cash will
cushion the blow. Without it, your lifeline will probably be high-interest
debt that will linger long after the storm has passed.
6. You can't accumulate wealth
if you charge more than you can afford to pay each month.
High- interest credit card debt is highway robbery without the mask
and gun. Motivate yourself to mop up your debt by using the Payment-push
7. Choosing a fiscally irresponsible
mate is hazardous to your financial health. Opposites tend
to attract, and fiscally conservative gals tend to be drawn to fiscally
liberal guys, and vice versa. If you're about to pair up with a
big spender, don't sign for any debt you wouldn't be able to manage
on your own. You and your partner should have a talk about any debt
you have and how you will deal with it so you don't end up deeply
in love and deeply in debt.
8. Shopping without a list
costs more than shopping with one. Shopping smart will help
you to live below your means. Everyone's familiar with the grocery
list, and how it helps curtail impulse spending at the market. Try
making a clothing list to keep you from the temptation of impulse
shopping at the mall. Makes a list of what you must have in your
wardrobe: number of shoes, blouses, suits, jeans, jackets and coats.
Take an inventory of what you already have, and make a list of what
you need to complete your wardrobe. That's your clothing-shopping
list. Goodbye recreational shopping, hello increased savings.
9. Buying a car and keeping
it until it dies is cheaper than leasing one. A car is wheels;
don't give it more status than that. When she can't pay for it outright,
the smart person saves up for the down payment, finances the car
over 36 months, and enjoys many payment-free years in between cars.
Educate yourself on the female
car buyer's bill of rights.
10. Money buys financial freedom:
go for it. Financial freedom is not gender limited: women
can achieve it as well as men. For the latest and greatest ways
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