7 Financial Habits of Successful Women (Who Are Never Broke)

Do you want to know the financial habits of successful women who always seem to have money?

Us women are wonderful creatures that come in many beautiful shapes and forms. However, throughout my life, I noticed some women just have more money than others.

And here is the thing.It wasn’t because they came from rich families or had a better education.

The secret was, these women had good financial habits which helped them manage their finances like a boss and become financially free.

You see, I used to work in banking for over 8 years and I also worked in the debt department where I dished out financial advice to people from all walks of life.

A consistent theme that a majority of the people who ended up in debt was… they had bad financial habits.

So, to avoid you getting into that situation, here are 7 financial habits of successful women who are never broke.

Related articles on budgeting and saving money:  


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Financial Habits of Successful Women (Who Are Never Broke)

1-   Have A Separate Sole Bank Account

This can be controversial because when you have a partner, you want to share everything with them, which is fine.

But you can also have your own separate bank account, in addition to a joint account with your partner.

This will ensure that no matter what happens, you have a backup account to buffer you for any unexpected financial troubles.

When I worked in the debt department of my bank, I spoke to a lady who had a joint account.

Unfortunately, her husband racked up huge debts on their joint account. You are equally liable for the debt if your name is on the bank account. Any unpaid debt can negatively affect your credit rating too.

The lady said, ‘My husband takes care of the finances and I didn’t know he was racking up all this debt!’

If she had had her own separate account with some savings, she could have paid off the debt and closed the account, so she wouldn’t continue accruing interest on the debt and owing more.

If your partner questions why you have a separate account, just tell them you want to surprise him with gifts from time to time, so you want your own savings 🙂

2-   No Emotional Spending

Have you ever had a bad day and gone online shopping and said, ‘I deserve this’?

This is emotional spending. Its something you need to keep an eye on.

The reason for this is, you may have a bad week or a bad month and then your finances take a hit every time something goes wrong in your life.

Recognizing that you are emotionally spending is the first step.

The second step is finding free or cheaper replacements to make you feel better when you feel down.

For example, if I am having a bad day, I give myself permission to have the evening off and do nothing. No chores and I binge on trash tv.

Another option could be to take a walk or have a nice long chat with your family or best friend.

Find cheaper alternatives to curb your emotional spending.

3-   They Quantify Their Time

 ‘The true price of anything you do is the amount of time you exchange for it ‘

And this is so true. How many hours work does that purchase represent and are you willing to part with it once you know its equivalent to one whole day’s work?

Ask yourself this question every time you make a purchase.

How much of my time does this purchase represent?

4-   They Know How To Say NO

I don’t know about you, but I have a real issue saying no. Quite often when friends would invite me out for dinner or a holiday, I didn’t know how to say no.

I used to tell myself, I can afford this, I have no excuses!

Then I realized saying yes to one thing meant I am saying no to other opportunities, which I wanted or needed more.

A really good book that helped me learn how to say no, with respect and kindness is this book. It taught me the fine art of saying NO.

It’s pretty amazing and I use the tips every week.

financial habits of successful women

5-   They Track Their Expenses

Generally, unless you have a side hustle, your income remains consistent and won’t change unless you get a promotion.

However, expenses are ever-changing and are the real reason why people don’t save.Managing and tracking your expenses will allow you to manage and control your expenses.

A few budget trackers I use which can be downloaded for free on your phone are :

Alternatively, here is a free budget planner

6-   They Pay Themselves First

I always heard this but had no idea what it meant.

It refers to the fact that you should save first, spend after. So, when your salary comes in, you put away a portion of your savings and spend the rest.

How much should you save?

Follow the 50/20/30 rule which advocates saving 20% of your salary, spending 50% on your day to day expenses you need to live, and the remaining 30% on your wants.

The first thing you do when your salary comes in is to pay yourself 20% and keep it in a savings account.

If you want a bit more guidance on how the 50/30/20 rule works, you can read this book.

financial habits of successful women

7-    They Treat Themselves With 30% Of Their Salary

In line with this, when you budget you can still treat yourself and have fun, but you need to allocate funds for it.Many people have the perception that saving, and budgeting means you can’t have fun.

This isn’t true, because you can. You just need to allocate funds for it in your budget so you can have fun AND save.

If you are following the 50/20/30 rule, this means you can spend 30% of your salary on your wants and non -essential items.

Good financial habits may take a while to get used to but I am a true believer in the saying: ‘The best way to get good at something is to do it often’

So, start now and try implementing a few good financial habits so you can become the financially independent boss you were meant to be!

If you are looking for ways to make extra money, here are some articles that will help :

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2 thoughts on “7 Financial Habits of Successful Women (Who Are Never Broke)”

  1. Thank you for the great tips Aisha as well as the book. Eye opener for the art of saying no which I never realized.

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