More than often, I see savvy women dressed to the nine with matching manicures and pedicures, designer hand bags and pricy labels. Establishing your own identity is important. Defining yourself through material possessions can become costly. For many people, money is emotionally driven by status, power, love (or lack of) and control. The belief about money and emotional attachment strongly influences the way we spend money.
This is a great time of the year to get your mind and money right. If you aren’t where you want to be financially, examine what drives you to engage in emotional spending. Address why you are putting so much into appearance for others to acknowledge your existence. Have you ever spent your money on an item that you really didn’t need? Do you purchase wants before needs based on how it makes you feel? Is your shoe collection valued more than your financial portfolio?
Once you understand and accept your full potential then you are able to improve both yourself worth and net worth. I’m not saying to never treat yourself because women are always the caregivers. It is, however, important to establish quality time for yourself with a set budget.
In order to improve your worth you should have a C.L.E.A.R. understanding. Here are ten tips that women need for themselves and their financial future:
1. Change your financial behavior one step and day at a time. Acknowledge why you spend your money, establish the difference between wants and needs and set financial priorities.
2. Spend less than you earn. This will allow you to leave a legacy.
3. Set personal and financial goals, which is key to success. Begin with clarity of what you want to accomplish.
4. Build an emergency fund. Without a fund, unemployment could cause you to incur large credit card debt by relying heavily on plastic. This will add to your financial burden.
5. Find other ways to seek validation without spending money. Don’t use money to make yourself feel good.
6. Be involved in the daily management of your family’s finances.
7. Create a budget plan that will keep you focus. Also, budget for activities that you engage in (i.e. date night and spa treatments). Keep track of your expenses to regard how much money you’re spending.
8. Set financial boundaries- learn to know when to step away from an irresistible purchase and stop helping everyone with their financial crisis.
9. Surround yourself with a support system. Your friends will hold you accountable when you’re feeling weak.
10. Learn from your mistakes. Don’t allow it to discourage you from moving forward. Look at it as a lesson to improve for success.
Your financial future is dependent on the steps you’re willing to take. The approach to money you have today is the financial behavior you leave for others tomorrow. No one wants to feel financially insecure while driving a status vehicle or wearing pricey tags. When it’s all said and done and the clothes aren’t there it’s about the naked truth of the true feeling of yourself.
“Love yourself enough to support yourself”