5 money habits of women who are never broke.

“why am I broke?” If you find yourself asking this question month after month, then you are not the only one.

We are all creatures of habit. Most especially as women, we do what we think we’re supposed to do when we’re supposed to do it because that’s what we feel is “right” at that moment. For instance, we go retail shopping to give us a confidence boost after a long day, even if our account balance is red. And when there is a big celebration? We don’t mind going all out just to make the day extra special. And that bone-straight wig we just sighted on Instagram? If we want it, we go for it, regardless.

Frankly, these are great self-care choices, but you have to prioritize good money management practices to ensure you are not spending more than you earn because being broke is not always about the amount of money in the bank but the amount of money you spend.

Your financial stability should not be a swinging pendulum, being moved by waves you can control. Successful women don’t get rich by chance; many build their wealth.

Here are some of the money habits women practice, so they are never broke.

1. They upscale skills

People often talk about investing and saving, but how do you do these if you barely have enough to sustain yourself?

A common habit for women who are never broke is the ability to evolve their skills to the tune of in-demand skill systems. Upskilling increases their career growth and advancement, automatically impacting their earning potential and financial stability. It places them on a competitive advancement in the job market and opens doors to multiple income streams.

2. Set Financial Goals

Written down plans are better achieved than merely speaking about them. Knowing the means (plans to achieve a goal) is equally as important as the end (goal).

Financially stable women are great at setting goals and checking them off. They have laid down step-by-step courses of action to get there. They have specific monthly and yearly goals for their savings and take time to write down what they want their goals to be. Setting your financial goals is the beginning of achieving your dreams.

3. Plan expenses carefully

A financial plan saves you from reckless spending and helps track your expenses. Consistently following a budget plan helps avoid debt and frivolities you don’t need. It prioritizes your expense into wants and needs, which helps you achieve the important while filtering the trivia, and every successful woman abides by this.

Work with a budget plan that is neatly mapped out; the most popular is the 50%,30%, and 20% budgeting system. 50 percent of your income should go to needs — food, rent/, and utilities, while 30% should be dedicated to wants- self-care. Lastly, 20% should be saved/invested. Self-control falls into this; planning your expenses helps you cut down on cases of splurging.

4. Investing/proper knowledge of investing

A top habit for a successful person is investing rightly. Investment equals working passively; this could be a side hustle. Successful women take the time to set up investing plans and add money to them consistently. They understand that it may not seem like a lot at first, but over time, it grows, and they’ll end up with much more than they started.

They also understand the basics of investing; they have studied their investment habits and know their strengths and appetite, so they invest accordingly. High-risk investments typically get you higher returns over time but are also riskier. By contrast, medium to low investments is more stable but with lower expected returns. ComX has investment options for every risk appetite, from spot trading for high-medium risk takers to fixed income for low-risk people.

Investing is helpful for many things in your future, and the more time you have, the better.

5. Relax and take needed breaks.

They understand the concept of burnout and try not to reach the level they cannot control their bodies. Understanding that they need to schedule rest before their body shuts itself down is a priority for them. Rest is vital for better mental health, increased concentration and memory, a healthier immune system, reduced stress, and improved productivity.

Taking time off to restore your mind and body balance would be best. The goal with rest is to achieve a complete state of relaxation.

Remember: it is one thing to complain about being broke and another to realize that you may be contributing to your predicament. Acknowledging is not enough; you need to act on it. See you on the richer side of life.