10 Financial Habits of Successful Women
Successful women have some things in common when it comes to their finances. Whether you’re just starting out in your business or you’ve been in the industry for awhile these are all tips that you could and should start to implement with your business finances. These are all things that I implement in my business finances because I agree with them all 100%.
1. She knows her expenses and keeps track of them meticulously
Successful business women always know what their list of expenses is and when everything is taken out during that month. She knows that she’ll always be in the green when expenses are taken out because she strategically planned it that way.
2. She only buys what she can afford, she doesn’t put meaningless things on credit cards
A successful business women doesn’t go out and spend a fortune on new office furniture when she knows that the slow season is coming. She doesn’t put meaningless stuff like that on her business credit card because she knows she can hold out until business picks back up again.
3. She has a budget and sticks to it
Successful business women know where their limit is. They don’t shy away from creating a budget for her business, and especially not with her personal finances. She keeps a close eye on her bank account and knows that she can’t afford to invest in herself this month because she already met that cap. She decides to wait a month to invest back into herself when it feels right for her business and fits into the budget.
4. She pays off her highest interest rates first
If she has business loans, she always pays back the higher interest rates first. She knows that she needs to throw every extra penny towards the higher interest rate loan to save herself in the long run.
5. She understands the importance of investing in herself
A successful business women knows that what you put into your business is what you get out of it. She freely invests in herself to grow her business and knows when to stop. She also understands that the value of other entrepreneurs and doesn’t haggle with them to get the price down just like she doesn’t allow others to do to her.
6. She avoids unnecessary expenses and cuts back when needed
She knows the going ons in her business. Every. Single. One. of. Them. She understands that if it’s a tight year, that she needs to cut back on unnecessary expenses and doesn’t purchase frivolous things.
7. She pays herself first
She knows that without covering her personal life, her business life will suffer. She pays herself first before she invests into her business. If the head of the company is suffering, the business will suffer too. This also dips into the next point.
8. She has a retirement account
Not only does she pay herself first, but she also pays her future self first too. Keeping up on your retirement account is so important because one day you will retire and you want to make sure that you don’t touch the retirement account ever. This is something that is for your future self and your future self only.
9. She knows that business fluctuations and saves up for the dips in the economy
A successful business woman knows that with the seasons, the business revenue constantly fluctuates. She follows her statistics and plans for the dips and plans for the high points as well. She schedules her big launches for the high points and works tirelessly on the launches during the low points.
10. She doesn’t depend on her money making her happy
She understands that if this business doesn’t work out or the economy crashes, that her happiness doesn’t depend on the success of the business. She knows that life has more meaning than earning money and can easily pick herself up from the bottom if necessary.