3 Lessons For Women: How To Empower Yourself Financially

This may end up being the most important article you read all year. Really!


3 Lessons For Women: How To Empower Yourself Financially

Minimize and Track

As glam girls on the go, we’re exposed to so many fabulous products and services that we often have too many choices to choose from. But the problem is, not every product and service is good for us, even if it is good to us.

I know, I know: I sound like such a MOM. Ug. But let me explain what I mean.

Skipping those three trips to Starbucks a day, or packing a lunch instead of buying one, will save you almost $20 dollars a day; invest the $600/month you saved, tack on compounding interest, and voila — in 30 years you’ll have over a million dollars saved.

Wondering how we came to that? It’s easier than you think. Check out this handy calculator. All that saving, if invested well with a good financial planner, could add up to a lot more than you imagined it would, over time. Just imagine what you could save if you skipped those a few (admittedly, unnecessary) seasonal Montclair or Prada purchases and invested the money instead!

It sounds banal, but it’s time to start taking full responsibility and accountability for your spending.

Step #1 is to set up a budget. It’ll help you figure out where all your money is going and where you can cut back a little. Until you step back and properly assess your financial situation, you won’t be an effective saver.

Radius Bank‘s banking platform has built-in budgeting features, and doesn’t drip-drain your bank accounts by charing hidden fees. Instead they drip money IN and help your savings grow by adding interest! Ka-ching!

Step #2 is to emotionally commit to living a low-waste lifestyle. There’s a big movement amongst bloggers and other influencers to lead a less consumer-focused lifestyle. Minimal is the new luxury! Between the book The Life-Changing Magic of Tidying Up (seriously, read it!), which caused an absolute sensation, and all the news about the zillions of pieces of plastic packaging in the ocean, this is a trend that’s here to stay.

If you want to build (and keep) your financial worth, don’t spend much of your money on non-appreciating assets like luxurious clothes, cars, toys, yachts, or a giant collection of designer handbags. Before you buy an item think, is it a want or a need? What about that gym membership, club renewal, or that third pair of cute little black heels? Cancel your $150 cable subscription and get Netflix instead. Use my tips to shop on eBay and get your heels for 90% off. Cut and color your hair at home to save on expensive salon fees. I do!

Radius offers a free Money Management Academy, and I highly recommend you check it out. It’s full of useful info that could make the difference between you saving enough to upgrade to the house of your dreams, versus getting stuck with ‘that house that was all you could afford’.

Once you’ve mastered the art of consumer minimalism, and seen how much money you were actually wasting of stuff you don’t need, it’ll be easier to spend less and save more. As they say — a penny saved is a penny earned!

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A writer, artist, and designer since she was young enough to put pencil to paper, Hilary taught herself code and created Urbanette when she was a teenager. Currently, she lives in Monte Carlo, but spent the past decade living in NYC, still considers herself a New Yorker, and visits regularly. She's always traveling, looking for hot new topics, destinations, and life hacks to bring to Urbanette readers.

Reader Discussion: 184 Comments

  1. Kelly Gonzales

    I’m a single mom and surviving with a single paycheck is driving me nuts.

  2. Candis Melton

    Women need to be financially dependent. You’ll never know what will happen in the future.

  3. Carrie Bleau

    Budgeting is really important but what sucks about it is that you have to have enough emergency funds. I always get a lot of emergencies and uncontrolled expenses, which results to spending the savings that I have. As much as I didn’t want to touch my savings, I really can’t do much since it’s for emergency. I guess my next goal is to earn more in order to have extra money for emergency funds. Can’t do much about the budgeting part unless I really earn more. ?

  4. Judith Jones

    It was only recently that I learned about how money is really hard to earn and that I need to save up. I was a late bloomer, okay?

  5. Cheryl Cox

    It’s not smart for women not to make investments. Financial stability can be very critical.

  6. Shirley Flores

    I’ve been trying to remind my daughter to be responsible about her purchases. I’m having a hard time explaining to her that even if money is a necessity, material things shouldn’t be the main focus of her life. It’s actually very hard to explain because look at this article. It’s trying to tell us that money is everything.

  7. Diana Scott

    Radius bank is actually really cool. It also has stuff about how you can invest and all. Super love the interface and you can really personalize the settings so you can figure out how much you’re spending on certain categories such as health related stuff, food, rent, etc. I find it really helpful because it can help me plan ahead with my money. It also made me realize that even the smallest savings can turn out to be a big thing if you really take the time to save it.

  8. Jeannie Hernandez

    I have a friend who’s a little loose on screws. She and her husband earn a good amount of money but she only spends her salary for luxury. Then, she relies on her husband to take care of all the bills.

    • Cherri Evans

      Not sure if that’s smart, or a root of horrible arguments in the future.

  9. Maria Wilkins

    Having a side business isn’t always easy. There’s always a risk of failing at some point and it’s not exactly for people who don’t have much extra money.

  10. Tami Ruiz

    Women need to have great money management talents. You can earn a lot of money but if you don’t know how to manage it, it will all go to waste. Even if you’re not earning a lot, money management can really help. It’s true that there are actually a lot of available companies that help women be empowered with money. It’s great when it’s specifically for women because not all general approach works for everybody. It’s great when it’s especially for us women because they know how our mind works.

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