Five Money Habits of Never-Broke Women

Celebrating Women’s Month
Financial Literacy
1. Saving 101
2. Budgeting
3. Hustle 101
4. What is financial planning?
5. Five Money Habits of Never-Broke Women
6. Building Intergenerational Wealth
7. Managing Your Debt
8. The Relationship Between Finances and Mental Health
9. The Impact of Finances in Relationships
10. Managing Risk
11. Managing Personal Finances During Festive Season

Interesting Facts

According to a Sanlam online study of South African women, 72% of them believe they are living in “survival mode. “According to the report, financial concerns account for 86.4% of South African women’s sleepless nights, with health concerns coming in at a close second place with 65.4%. Due to needing to focus on everyday necessities, they find it difficult to concentrate on the long term, particularly financial planning. On the plus side, research indicates that women are 8% more likely than males to stick to their budget.

Money Habits of Never-Broke Women because they understand that they are building an intergenerational wealth, they are building a Legacy.

1. She Plans Her Expenses Carefully

  • She spends less than she makes; to do this, she needs a financial plan, which she can only have if she consistently follows a budget plan. She avoids using money she does not have.
  • She can distinguish between a want and a need.
  • She avoids emotional spending.
  • She creates a budget to allow her to live on 90% of her income and save the other 10%.
    • Perhaps she can survive on 80% of her income and she saves 20%.
    • She might be able to live of 70% of her income and saves 30% of her income.
  • She must establish a proper budget, and then she will learn what is feasible.
  • She sets a spending limit.

2. She Reduces Her Bills 

  • She pays her bills on time.
  • She must increase her income or reduce her spending.
    • Making more money is difficult but so is cutting costs.

3. She Sets Financial Goals

  • She automates savings, she has a monthly debit order into her savings.
  • She invests.
  • She sets short to medium goals to reduce debt.

4. She is Fully Insured

  • She plans ahead,
    • She plans for long term, she has life policies, she plans for retirement.
    • She plans for short term; she insures her car.
    • She has a Will.

5. Most Importantly, She Tries

  • She educates herself and her family about money.
  • She has multiple income streams.
  • She educates herself about different types of marriages and their financial implications.

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