7 Financial Habits You Should Adopt in 2019

Financial Habits of Successful Women

We all have certain financial habits. Some are good and others are just plain bad.

When you make the decision to focus on your financial health, you have to take a good look at your financial habits.

This focus allows you to eliminate bad habits and consciously adopt new financial habits that will help you increase your wealth.

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Learn 7 Financial Habits of Successful Women that you should adopt this year. Managing your finances properly takes a few core actions that anyone can master.  Learn to manage your personal finances by adopting the financial habits of successful women. #finance #personalfinance #financialhabits #budgetingforwomen #budgeting #savingmoney #investing #femininefinancial

Financial Habits of Successful Woman

When you study the financial habits of successful women you will find a lot of similarities. Here are 7 financial habits that you should adopt in 2019 to help you stop wasting money and find success on your financial journey.

Financial Habits of Successful Women that You Should Adopt - Create a Budget

#1 Have a Budget

The first step to managing your personal finances is to set up a realistic budget for where you are right now.

There are multiple tools available to help you create and manage your budget. You can use a printable budget worksheet, an app, or a simple spreadsheet to create your budget. 

Some banks also have budgeting features built into their online banking applications.

Popular Budgeting Apps

Choose the tool that is the easiest for you.  For some, this might be keeping a budget notebook.  The tool you use isn’t important.  The steps to developing a budget are essentially the same no matter the method.

Related Content: Why You Need a Household Budget

Financial Habits of Successful Women that You Should Adopt - Track Your Spending

#2 Track Your Spending

Learn how you spend your money. The best way to do this is by writing down everything you spend money on – whether it’s cash, credit, or a debit card. It doesn’t matter if it’s 1 buck or 100 bucks; you need to track it and categorize it.

List all your fixed expenses first. These are items that cannot be adjusted like your rent, mortgage, car payment, utilities and so forth.

Then make a separate list with variable spendings such as eating out, entertainment, groceries, and gas. If you want to do this fast, you can look at your past records on your bank statements and credit card accounts to organize it all.

Related Content: 15 Free Finance Printables to Keep You on Track

Financial Habits of Successful Women that You Should Adopt - Save Money - Emergency Fund

#3 Save Money

Saving money is essential to your financial stability. Saving money consists of having an emergency fund and regular savings.

One of the best defenses against job loss, illness, and other problems is an emergency fund. An emergency fund is money set aside that is in a normal bank account that you can access quickly.

For example, if your car breaks down, that is when you’ll use your emergency fund.

Related Content: 50 Ways for Women to Save Money

Financial Habits of Successful Women that You Should Adopt - Eliminate Debt

#4 Eliminate Debt

One of the biggest factors in financial issues people face is debt. People from all income brackets tend to have too much debt.

Even if you’re a six-figure earner, you may have debt that is causing you to feel broke. It’s important to limit the amount and type of debt you take on.

The most popular method of debt repayment is to organize your debts from highest interest rate to lowest interest rate.  

You begin by paying off those debts with the highest interest rates because you will save more money on interest over time.

As you pay off one high interest debt, you move to the next debt on the list.

It is also a good idea to pay off any small debts that you can take care of quickly.  These are considered low hanging fruit.

You can easily pay them and get them off of your list. Getting rid of items on your list can be very motivating.

Financial Habits of Successful Women that You Should Adopt - Plan for Retirement

#5 Plan for Retirement

One thing you shouldn’t overlook is planning and saving for your retirement. It’s very easy to say when you’re young that you won’t ever retire, but you may need to.

Your job may be killed off due to technology, you may develop illnesses and be unable to work, or you may change your mind and decide you’d rather spend your golden years traveling than working.

At the very least, start saving now for retirement so that you have a choice.

Tips for saving for retirement:

Maximize Your Employer Contributions – If you have a job with a retirement savings plan, invest the maximum amount that the company matches. If they match up to 5% of your income, you should donate 5% of your income.

Open Your Own IRA – You can easily open your own IRA through your credit union or via another method. Donate the maximum amount you’re allowed by law.

You may want to talk to a financial planner to help you with this. Most credit unions offer some financial planning free with your account.

Set Up Direct Deposit – Don’t make yourself think about it too much. Once you’ve set your intentions and budget for your retirement savings, do it automatically so that you never think about it again.

Just set it up and forget it. Don’t micromanage it or try to figure it out.

You can also contribute to bonds, CDs, and other investments but if you do nothing else, use your employer’s system and an individual retirement account via your credit union based on the year you want to retire, and your projected needs based on your budget and your credit union’s recommendations.

Financial Habits of Successful Women that You Should Adopt - Live Frugally

#6 Live Frugally

Frugal living is not going without or buying cheap.  Living the frugal lifestyle simple means spending less by being resourceful and not wasteful. 

You can live a frugal life without depriving yourself of the things that make you happy.  Living frugally allows you to spend less to create a life that makes you and your family happy.

Financial Habits of Successful Women that You Should Adopt - Don't Just Save - Invest

#7 Start Investing

Investing your money allows your money to work for you. If you want to truly become financial savvy, investing is the way to go.

Statistically, women are less likely to invest then men. Investing will allow you to reach financial equality, achieve your financial goals, and ensure you are ready for retirement.

Simply saving money is not enough.

Related Content: Top 5 Ways for Women to Start Investing

Leave a comment and share you good financial habits.

Personal Finance - Learn 7 Financial Habits of Successful Women that you should adopt this year. Managing your finances properly takes a few core actions that anyone can master.  Learn to manage your personal finances by adopting the financial habits of successful women. #finance #personalfinance #financialhabits #budgetingforwomen #budgeting #savingmoney #investing #femininefinancial

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  1. I enjoyed this post. I started my budget and savings plan yesterday and I am excited to add these tips. I really want to see how much I can save in a year.

  2. I love these tips. We really want to start looking into investing for our future and saving money where we can. These tips will be very helpful for us. Thank you for sharing.

    1. Author

      You’re welcome Judy! I’ll be putting more focus into investing in 2019 as well.

  3. Ahhhh i needed to read this. I need a budget! I have no problem making one, but my problem is sticking to it. I’ll be like eh, this $5 won’t make a dent. But then I continuously do it!! My new 2019 goal

  4. I have started some of these for 2018. Now adding more ideas from here to my budget for 2019! I am forever the Frugal lifer. 🙂 Nicely written!

    1. Author

      Thanks Beth! Good luck in continuing your financial journey.

  5. Love this post! I’m doing most of these things now except living frugal lol maybe in 2019

    1. Author

      Thanks Alma! If you are doing most of these things you are already ahead of the game. 🙂

  6. I think tracking your spending is very important. It’s amazing to see how wasteful we can be and tracking your spending helps eliminate this. Also, everyone should save for retirement. You may think you have a lot of time before retirement but it is how you save and invest when you’re young that determines the quality of life you have when you retire.

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