Building Wealth: Top 10 Tips for Women on the Path to Riches

Right from a soaringly successful startup to a cruise vacation or a beach-facing house in Hawaii, every dream (big or small) calls for stable financial independence. Let's accept it: earning big bucks and living the dream life is something every woman envisions. After all, money brings with itself financial independence and freedom to live life on your own terms. If you are a woman who has just started earning or if you have recently decided on managing your money better, then you're at the right spot. Below enlisted are ten tips that can help you manage your finances better!

1. Self-education is the best education

The biggest tool that you have in the contemporary world is education, ladies! The more you educate yourself on finances, taxes, investments and other areas related to money, the more informed decisions you will be able to take on management. Women are naturally good at management and having enough knowledge can help you practice that superpower with ease. As an independent and dynamic career woman, you sure don't want to be schooled by men on every turn regarding your money. So, take the charge and know your money better.

2. Budgeting works

Setting up a monthly budget plan and sticking to it is a satisfaction like no other. Know your expenses and spending capacity beforehand so that you can plan ahead for the month and have a well-defined idea of how much or less you can spend in a month. This will also help you save up more and maybe you can finally afford that luxury handbag you were eyeing for the last 5 years! 

3. Control urge to splurge

Controlling the urge to splurge is particularly difficult when you're running the world from your Instagram and have got an audience to please. But rest assured, your monthly grocery and electricity bill is way more important than that designer dress which makes you feel good about yourself and is made just for you! Choose wisely and learn to differentiate luxury from necessity. The easiest way to control the urge to spend mindlessly is to rethink your decision and wait for at least a day before adding it to your cart; that way you can get a perspective on whether you really need that automatic onion chopper or not.

4. Rich women build emergency funds

Bad times can come to anyone unannounced and having financial security during those times gives you added comfort and hope. So, keep an emergency fund pool ready at all times. Make it a point to invest at least 10% of your savings in that pool and do not take it out unless absolutely necessary.

5. Invest regularly and let the money work for you

Start with a small investment plan to begin with. Each rupee invested wisely each day, each month can land you as a millionaire! Let the money work for you as you educate yourself about mutual funds, stock markets, bitcoins, gold, and business investments. Many people still believe the myth that you can invest only after saving a huge amount but the truth is, you can invest any time you feel confident enough to venture out. You can hire a financial consultant to help you with your investment planning.

6. Plan your retirement

If you are a young woman who has just started earning, retirement plans might be the least of your concerns. You may think you are too young to start planning it. But this is often a common mistake that youngsters make that bites them back later. Start planning your retirement as soon as you get financial security. You may have elaborate plans to make a cottage in hills and start organic farming post-retirement and you sure do not want lack of funds to hamper this vision. Make arrangements about your income post retirement and start saving for your dream.

7. Go big on savings

It doesn't matter how much you earn, what matters is how much you save.

The best way to manage money is, of course, to save it! The golden rule is to spend less than you earn and save as much as possible. Be smart and use your hard earned money in the most efficient way so that you can save more. You can also use various apps designed to keep a track on your expenditure and help you save. There are also various loyalty cards, coupons, and discounts that are offered by big stores and can help you spend way less.

8. Negotiate for the best, don't settle for less

  Having a long and deep-rooted history of patriarchy and intense socialization influences. We women often tend to underestimate our worth and settle for way lesser than our male counterparts. The same applies to finances as well, we are paid less for the same skill as a man mostly because we agree to settle for it and do not negotiate. So ladies, take the plunge and believe that you deserve the best possible deal for your valuable services.

9. Get rid of debts

This is the foremost important thing to do in order to manage money - pay off your debts as soon as you have the money. Not only are debts a physical constraint and source of tension, but they also cut down your savings and might be a hindrance to other big plans and investments. It's better to own a house that is off any debts and ride cabs than get a swanky car and a house, both of which make you ridden in debt.

10. Learn a skill that people will pay you for

We often focus on earning money so much that we forget to focus on the reason why someone would be willing to pay us. Pick up any one skill that you think you're good at and hone it to a point that you're sure no one can do it better than you. Let that skill become your selling point and you'll see how money comes in easily.

We hope our compilation on money management helps you earn big and fulfill your dreams. Now go on, conquer your financial independence!