Assess Your Current Financial Situation
The fastest way to financial freedom is to understand where your money actually goes. Seeing the figures in print can make your spending habits more real and allow you to feel more in control.
There are even websites that can track your spending habits for you. Mint.com allows you to enter your credit card and bank account information securely, and then sends your constant updates on your spending.
This will keep you informed and allow you to monitor your spending habits. You might decide to get your nails done less often once you realize the actual amount you are spending on this expenditure.
Break Away From Credit Card Debt
All successful and wealthy women have the same advice; don’t carry high balances on your credit cards. Credit card debt is often the downfall of women that enjoy shopping sprees.
Simply swiping your card and carrying a high balance will result in high credit card debt that can be impossible to escape. The best way to avoid high interest rates on high credit card balances is to look into balance transfer options.
Many credit cards regularly offer introductory low interest rates and balance transfer options that allow you to move your high balance to cards with lower interest rates.
This will enable you to pay the actual balance of your card down instead of paying large sums of interest. High credit card balances can also lead to low credit ratings and should be avoided at all costs.
Simply Pay On Time
Getting in the habit of paying your bills on time can eventually lead to financial security.
You will have the ability to avoid late payment fees and can even get incentives for paying your bills regularly and on time. The best way to stay on top of your payments is to make an email account dedicated to bill payment alerts.
This will keep your organized and ensure that all you bills are paid in a timely manner.
Avoid Overpaying On Rent
Rent is one of the most significant expenses that women incur, but overpaying for rent can leave your wallet empty. Only live in areas that you can afford and try commuting to work to lessen your rent expense.
Try to keep your rent payment below 30% of your salary. This will ensure that your living costs are manageable and will not erode your financial situation over time.
Rent is necessary, but like all of your other expenses it should be managed and monitored over time.