I’m just going to say it…finances suck! For most people, thinking about finances is something to be avoided at all costs. One of the biggest reasons we avoid talking or thinking about finances is because we don’t really know enough about personal finance so it’s always an uncomfortable awkward conversation.
Smart Cents Mom is all about helping women find ways to reach financial freedom. We want to be your ultimate resource for job leads, extra income ideas, slaying debt, and building your personal finance knowledge.
So to help us jump into the conversation, I asked my FAVORITE financial bloggers to answer this question”What is your number 1 tip for women seeking financial freedom?” These ladies delivered valuable and priceless wisdom, which is why I love them so much!
1. “My number one tip is to find ways to monetize your skills. Ask yourself what am I good at, then find someone that needs the skill you have. If you get really good at offering your skills you might turn this side hustle into a full-time income!”
– LaTisha Styles, YoungFinances.com
2. “Get on a written budget and write out a new one every time you get paid. If you don’t tell your money where to go, it will disappear into thin air.”
-Toni Hammersley, A Bowl Full of Lemons
3. “My number one tip for women seeking financial freedom is to take control of your financial situation. Create a budget, find ways to save and make more money, start investing, and more. The first step is always the hardest but you just have to grasp your financial situation and take control!”
-Michelle Schroeder-Gardner, Making Sense of Cents
4. “The most important thing for women to know when they’re seeking financial freedom is to start today. It’s a long and overwhelming journey. I put it off for years because I thought that I could never be focused enough to actually get our debt paid off and our finances in order. But I started anyway. I calculated our total net worth, our debt, how much we were paying to interest and tried to work out a basic budget. And the rest is history. Even if you don’t think you can really do it… Start anyway.”
-Rosemarie Groner, The Busy Budgeter
5. Multiple streams of income. Having varying streams that light up your wallet is the best way to achieve financial freedom. This way you aren’t worried about your financial house crumbling if one stream dries up.
-Ginger Latte, Girls Just Wanna Have Funds
6. “My number one tip for women would be to start believing they are worthy of it. I’ve coached a lot of women and the biggest problem seems to be our own self-worth a lot of the time. We worry too much about what other people will think instead of just asking for that raise or setting a boundary when need be.
Also, we as women need to get more comfortable with risk. We like to play it safe to a fault. For example, Fidelity stats show that men invest in the market more than women do because they are more comfortable with risk. However, evidence also suggests that if women were to invest they’d actually be really good at it because they know how to save and have patience.”
-Amanda Abella, AmandaAbella.com
7. “My #1 tip for financial freedom is to set goals and get organized. Meaning, you don’t get financial freedom by reading tons and tons of books on money and finance, or trying to understand *everything* in the financial world. You get financial freedom by identifying what *you* want and setting a plan to make that happen. If you don’t know what you want (say you’re not sure how much money you’d like to, or need to have saved by the time you’re “x” years old), seek out resources to help you set your goals. That is sometimes the hardest part. People get overwhelmed with not even knowing what financial goals to set. Find someone you can ask or research online, then set your goals, then set your longterm plan that works for you.”
-Kathryn Cicoletti, Ms. Cheatsheet
8. “As women, we have to stop comparing ourselves to one another. Comparison is the most damaging money habit we have, because it not only steals our joy – it steals our paychecks. It’s so easy to spend too much money to keep up a lifestyle that we think everyone else is living and that we’re missing out on.
Social media is a huge part of this because it gives us a little window into someone else’s life. The Joneses no longer have to live next door for you to see their new car or kitchen renovation. Now, they live in photos on Instagram. We have to remember that what we see on social media isn’t reality – it’s someone else’s highlight reel. What you might not see is the huge monthly car payment they can’t afford or the second mortgage they had to take out for that kitchen renovation.
We have to understand that the cycle of comparisons leads to discontentment which can dead end in debt. And that is something to avoid for any reason.”
– Rachel Cruze, RachelCruze.com
9. “My No. 1 tip for women who want to achieve financial freedom, before you
do anything else, is get to know your money story. Once you determine how
your past experiences have shaped how you think, feel and deal with your
finances today, you’ll be even better equipped to think about your
financial goals more effectively–AND you’ll have a more positive outlook.
From there, you can start figuring out your money values and setting up
goals and budgets, or you can even working with a financial planner who
can help you on your financial journey. But first you have to get clear
about the emotions you have surrounding your money.” ~ Brittney Castro,
Founder and CEO of Financially Wise Women