13 Money Habits Wealthy Women Practice Daily

Do you struggle when it comes to money mindset? Or maybe you struggle to save your money? If you are tired of living pay check to pay check then you need to practice these 13 money habits of wealthy women. Today I am talking all about how to save your pennies so that you can finally feel financially stable. If you are ready to live your wealthiest life, then here are 13 money habits to start practicing right now!

13 Habits of Wealthy Women

1. She has a savings account

When it comes to feeling wealthy and financially stable it’s important to have a savings account. This is one of the best money habits to have. Regardless of what you are saving for, there’s just a secure feeling knowing that you have money saved in the bank. I try my best to not have to ever pull from my savings account. Being self employed I don’t receive any special benefits. That includes retirement. Instead, I make sure to save as much as possible and never touch it, that way one day I will have a retirement fund. It gives my mind a sense of ease when I have money saved! Even if you put aside $5-10 a week or day. It adds up! Think of it as an extra bill you have to pay.

2. She has an emergency fund

This is similar to a savings account BUT this is money saved up that you can use in case of emergency. There have been countless amounts of times when my car would break down or I receive an unexpected bill. When I don’t have an emergency fund in place, I usually find myself having to reach for a credit card. Instead of having to charge the cost and pay for interest, make sure to have an emergency fund for unexpected costs.

3. She cuts expenses

Wealthy women know where and when to cut expenses. I actually talked about 15 expenses that I cut here. It’s allowed me to save hundreds of dollars each month! Think about it, all those unused memberships, wasted money on eating out instead of creating meals and eating leftovers. The money adds up and sometimes you need to cut expenses when you can.

4. She pays more than the minimum payment

Another money habit wealthy women practice is paying more than the minimum payment. This is something I wish was taught to me when I got my first credit card. When you don’t pay more than the minimum payment, you accrue interest and end up paying a lot more than the price of the product. This goes for car loans too! Wealthy women always try to pay more than the minimum payment.

5. Doesn’t spend what she doesn’t have

Wealthy women only spend what they have. I won’t lie, when I first turned 18 I got my first credit card and I went on a shopping spree without a care in the world. Now a days I am a lot smarter with my spending. I only make a purchase with my credit card if I know that I have the funds in my bank account to pay off the purchase right away.

This is also a great way to build your credit. Fun fact, I was at a 630 ish credit score and now I am at an almost 720. I was not smart financially and I have learned the hard way slowly bringing myself out of debt. Do yourself a favor and only spend what you have.

6. She plans for the future

It’s important to plan for the future. This is a money habit I needed to pay attention to a lot last year. Think about your long term goals, including your long term money goals. Do you want to buy a house? Make sure you are saving for down payments and closing costs. Think about what you want financially and how you can plan for these bigger expenses.

7. She lives below her means

Women who are wealthy usually live below their means. They don’t live a luxurious lifestyle if they can’t afford it. Be realistic. If I have $1,000 I like to think as if I only have $800. Saving that $200 can make a huge difference. I talk about how to save your first $1,000 in this post.

8. She has a budget plan

This is the best money habit to have if you want to feel wealthy. Having a budget plan was a game changer for me. I realized I had more money than I thought because I was spending my money more wisely. I go over a budget plan a bit more in this post.

9. She doesn’t always buy the name brand

Sometimes the name brand really does NOT matter. I have gotten the target, walmart, price chopper brand of products in the past that have been JUST as good as name brand products. The best part is, I SAVE MONEY!

10. She uses coupons when she can

If you want to save money and feel wealthy, use coupons! I know it can be a pain in the butt to go through and find coupons but it can save you a lot of money in the long run, especially when it comes to grocery shopping!

11. She practices positive money mindsets

I know having a positive money mindset is a struggle for a lot of people. When I started practicing a positive money mindset I saw a positive shift in my income. I used to think money was the root of all evil and that I never had enough money to feel happy and financially stable.

The truth was that I just had a crappy money mindset. When you start thinking that money isn’t evil, that it’s okay to want more money and believe that if you let go of money it will come back… you will see a positive shift in how much money you have. Practicing positive money affirmations helps too. Check out this post for more money mindset tips!

12. She doesn’t impulse buy

This is a money habit every wealthy woman practices. It is so easy to impulse buy! However, it makes a huge difference when you think about the product you are purchasing in terms of “do I really need this or am I just purchasing this because I want it.”

It’s great to splurge on ourselves but sometimes we can over splurge. Try only to purchase items that you really need. If you are about to make a big purchase, wait and think the purchase over before buying the item right away.

13. She gives back

Paying it forward brings good karma. Remember how I said if you believe you are a money magnet, then the money you put out will come back. Paying it forward is a great habit to get into. Whether it be generously tipping your server or donating to a charity you love and stand by. Even paying for the person’s coffee who is behind you. It goes a long way and you will notice good karma and that money will always come back.

I hope you found these 13 tips helpful! What are some positive money habits you try to practice daily?