Money is hard to come by but easy to lose. Here are five healthy money habits women should have to keep the money coming, according to Oluwatosin, founder of Money Africa, an ed-tech platform that enhances financial literacy.
1. Commit to changing your mindset about money
Did you know that by the age of seven, many of your money habits are already set? The first step is to understand your relationship with money and if that relationship is unhealthy, you have to be deliberate about changing it. Figure out your budget and maintain it. Cultivate a mindset of abundance. Personal finance is 80% mindset and 20% knowledge. You need the right mind to sustainably build wealth in the long run.
2. Track your spendings as much as you can
Many people see this as a hard nut to crack but you can start with something simple like drawing up a budget. Try to maintain the budget. When you fail, go back to it. This way, it’s easy to see where your money goes when it comes in and you can make room for more. You can’t spend measure what you don’t track.
3. Learn to take risks
The truth is nobody can get rich just by saving. Inflation is a thief and if you’re only saving, inflation will strip you of value. Investment is what you need to be financially independent. Take risks and succeed, albeit calculated.
4. Negotiate every deal
Remember that nothing is final until you have negotiated. Ask for a deduction on your insurance premium or your flight tickets. Ask for a raise on your salary, side hustle income or your project. You don’t know what will change when you ask so try. Do your research and negotiate to your advantage.
5. Resist instant gratification
The big money win comes from the long wait. As Bill Gates said, “Most people overestimate what they can do in one year and underestimate what they can do in ten years.” Start planning for ten years from now. Learn patience and play the long term game.
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