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3 HABITS OF WOMEN WHO ARE NEVER BROKE (BESIDES SAVING)

Women who are never broke know how important it is to save and not live pay cheque to pay cheque. While saving is important, there is more to being financially smart than simply putting 20% of your income aside every month.

Here are three simple, yet effective habits of women who are never broke that you can start adopting into your everyday life.

1. They Don’t Rely on One Income Stream

As the old saying goes, ‘never put your eggs in one basket.’ This is just as true when it comes to your income and earnings. The traditional way of working has typically included having one full-time job and doing the standard 9-5 in an office Monday through to Friday. Of course, it all depends on your goals, but in 2020 having only one income source isn’t enough to fall back on if you dream of having more money in the bank.

Those who are never broke recognise that one source of income limits them, and instead look to other sources to diversify their income streams.

Many people these days have started their own ‘side hustle’ or business to earn more while having multiple sources of revenue. Starting a blog or Youtube channel, for example, have become increasingly popular over the years due to their potential for producing passive income. This is where you can still make money without actively working.

Women who have multiple streams of income to fall back on, in case their primary source isn’t going as planned, have more financial stability and freedom while increasing their earnings.

2. They Wait Before They Buy

You will rarely find the financially savvy making impulse purchases. In today’s fast fashion and fast consumerism world, people tend to have eyes bigger than their wallets and spend without really thinking about what they are buying. This leaves people regretting their spending decisions later on.

A good rule of thumb is to wait at least two weeks to a month to see if you still really want or even need the item. Most of the time you will find that you’ve changed your mind and have realised that it’s not for you after all. If, however, you find that you are still thinking about the item once a few weeks have passed, you can go ahead and make the purchase. That way you will know that you’ve given it some serious thought and that you’ll love your new purchase for years to come.

Waiting also gives you time to do more research, particularly for items that are more significant investments such as cars. Searching around for the best deals and financing options with companies such as reed autos will help you secure the best financial arrangement for your budget.

3. When They Do Spend They Buy Good Quality

That’s not to say that women who are never broke don’t spend. But what makes the difference between their spending habits, is that rather than purchasing a coat from popular high street retailers, they might spend more on a coat from a high-end retailer instead. Now you may think this means that they are paying a lot more when they find something similar for less. This is true, but what they are actually doing is investing in good quality products that will last for much longer.

While the initial cost may be more expensive, purchasing items made from excellent quality materials that are made well will ensure that they can wear it year in and year out and still look amazing. In comparison, when we shop in fast fashion stores, the items that we purchase are often so inexpensive due to lower quality materials and craftsmanship. This means that they will only last for a few months, or in worst-case scenarios, sometimes even weeks.

Good quality may be more expensive, yes, but by purchasing fewer, but higher quality goods, you will be saving a lot of money in the long run. This results in more cost per wear, while also making a positive impact on the environment due to less consumer waste.

If you follow these three habits of women who are never broke, you should have more money yourself!

3 Habits of Women Who Are Never Broke

3 HABITS OF WOMEN WHO ARE NEVER BROKE (BESIDES SAVING)

1. They Don’t Rely on One Income Stream

2. They Wait Before They Buy

3. When They Do Spend They Buy Good Quality

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