Written by Earlyn Sharpe
In this unprecedented time many of us are very uncertain of what the future holds. At the end of 2019, folks could not wait to usher in the twin year of 2020, which was met with extreme hardships for many. Turning on the television for many was no longer for entertainment, but information and new updates as the world shut down for the first time in our history.
The Covid-19 virus took away what we knew as normal as most of us adorn ourselves with face covering to keep one another safe. We wonder what our next steps were. For many, mental health and money is the balance that they are trying to maintain. So how do financially successful women achieve or maintain their finances in a time of uncertainty? What habits do they employ to emerge victorious after the pandemic?
Good financial habits are essential to achieve long-term investment success and a sound monetary plan. In this unprecedented time, you must, at least, learn to develop basic financial principles to manage your money better and save more. You may not have substantial funds to invest nor a budget to afford you certain privileges, but only by establishing the habit of taking care of your finances will you be able to turn your situation around. A great place to start is by implementing these five habits of financially successful women.
- Create a plan and a schedule. Set up your short-term and long-term goals and determine when you should put money in them. Prioritizing is essential, so you will have an idea of the amount required to accomplish each goal. The schedule will serve as your guide to mark when you’re supposed to invest, spend, and save. Short-term goals will probably require a weekly schedule, while long-term ones should be made by months or years. You may be asking yourself if you should be budgeting, investing and planning in a pandemic. My answer to you is absolutely!
- Keep track of your paperwork. Organize your financial documents for future reference to determine how you can minimize costs and expenses. Review each statement to ensure correct amounts and try to see where you’re falling behind. Annual statements are like summaries of all your past reports so that you may dispose of outdated files.
- Allocate your resources properly. This not only goes for investing but also in every financial aspect, whether for manpower, assets, or labor. Diversifying your resources is an excellent strategy to spread the risk and opportunity, and with a little research, you just might be able to outweigh the dangers. Set aside a certain amount to pay your bills in advance, but leave some for small investments or emergencies.
- Update and stay informed. As you are now aware that life can change in seconds, and so can the market. So it would help if you always stayed on top of all the commotion. Read articles and business journals to update yourself with prices and trends. Try to be flexible; because this is important for you to adapt to the constant changes quickly. Review and balance your portfolio according to the needs of the current market.
- Protect yourself. Always leave an amount for your own wishes. It does not mean that you spend on material things, but you take full advantage of your privileges through plans or retirement savings. Get an insurance health policy if you may, as this can significantly reduce your overall cost in the long-term.
Many make the wrong move of investing too quickly, spending on impulse, or saving too little. You can maximize your finances so that all your investments are well-maintained, your budget on spending is satisfactory, and your savings are prepared for emergencies or untimely operations.
With these steps, you hopefully will develop good financial habits to stay focused on your goals. The road to financial success will always have its highs and lows, but now that you have the knowledge and skills to protect and invest your money, you’re most likely to stay on course. Determination is every successful person who invests in the market to remain prepared for major market shifts and life events.