How financially savvy are you?

Want to know what Financially Savvy Women do? Here are 5 steps to increasing your financial health so you too can be savvy with your finances.

Financially Savvy Women Stay on Top of their Daily Spending
When working out you may use a tracker that helps you stay on track with your fitness goals. Another way to track things, but through finances, is by tracking your spending daily. Create a spreadsheet or use a notebook that can fit into your purse. After purchasing anything, record how much money you spent and what you spent it on. At the end of each day review what you spent so you can stay on top of your budget.
Financially Savvy Women Know What They Should Spend and Where to Spend It
When it comes to your health, the best way to work on your physical fitness is to start with a workout that is within your limits of what you can handle. The same applies to your finances. Living within your means is when you are fully supporting yourself or family through the income you have coming in each month. To do this, it is important that there is not a deficit by spending more than what you earn in a given month. The power of living within or even below your means helps you to save more for the things or experiences that you value in life.
Financially Savvy Women Don’t Use Credit Carelessly
To stay financially healthy, make sure that you avoid bad decisions that can affect your overall financial wellness. Similar to how eating too many sweets can affect your physical health, the sweet temptation of credit cards can also lead you down a bad road of regret. The best thing would be to avoid credit cards for things that are not major purchases or necessary (especially if you are unable to pay the balance off in full each month). Don’t allow the luring words of “paying later” distract you.
Financially Savvy Women Increase Their Financial Knowledge
Another way to flex your financial muscle to improve your financial health is to increase your knowledge of finances. You can do that by reading a new finance book every year or every six months. Taking a trip to the finance section of your favorite bookstore or subscribe to a business or money magazine.
Financially Savvy Women Automate Their Bill Payments
The final way to take care of your financial health is to plan your financial diet. Exercise the habit of paying your bills ahead of time each month. Paying your bills before they are due, helps you become more responsible with your finances and helps you to avoid any slip ups where you may spend money that you needed to go elsewhere.
Stay on top of your finances by implementing these steps to increase your financial health.

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The Finance Bar is a personal finance suite helping women and couples achieve financial wellness through financial therapy, education, and an innovative learning hub on wheels. Creator Marsha Barnes is Certified in Financial Therapy, Financial Social Work, and serves as an Official FICO Brand Ambassador, and was named GOBankingRates’ Best Money Expert in the Net-Worth Category.

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