Sometimes, we are our worst enemies. It can be too easy to give in to temptations and spend more than you should at times but before you know it, there’s nothing left for your savings and investments. We also know that pieces of advice like “mind over matter” are easier said than done. So when they do fail, there has to be a backup plan, right?

You have to be able to make adjustments and take necessary precautionary measures. In a case like this, automating your savings will come in handy. Inquire about this option at your bank, and make sure those savings do get in your savings fund before you splurge them on something else.

At first, it might be difficult to see how some borrowed money or credit balance here and there could hurt. But take our word for it when we say that many women have witnessed their finances dwindle because of them. Whenever you are tempted to keep a debt, remember that you are not only supposed to worry about the actual money you owe but also the interest (which may grow bigger and bigger over time) and other fees that come with them.

Among the possible worst-case scenarios is that the interest and miscellaneous rates get so high that they are even bigger than your actual debt. Don’t wait until it happens to you. Avoid spending more than you have and credit card debt by reading these tips!

The climb to success and financial freedom is not easy; it will require a lot of sacrifice, especially when you are just starting. On one hand, this means saying no to that high-end bag or pair of shoes for now. Instead of ‘upgrading’ your lifestyle for every promotion or raise you get, think long term and try to live below your means so that you can enjoy more in the future.

On the other hand, learning to be contented with a simple lifestyle might be a better idea. A decluttered, Zen lifestyle work for some, and you should give it a try.

This does not mean that you should always go for the cheapest options. For instance, rather than opting for $1 meals or eating at fast food chains, invest on nutritious ingredients like veggies and fruits which you can cook on your own.

Another approach is to find the product or services that will make you say “that was money well spent.” Instead of going for that cheap pair of shoes that will only be usable for a month or two, invest in ones that may be a bit more costly but will last for years. No, we do not mean designer items, buthigh-quality ones.

Saving does not only mean transferring a part of your regular income to your savings account. You can also apply it to other things. Going shopping for basics like food and clothes? There are ways to make the most of your money when you do so, and that we call smart grocery shopping.

READ MORE: 8 Simple Ways To Save More Money On Groceries

Attending a wedding party? You do not always have to buy the most expensive gift. There are wedding favours that come cheap and will be loved by your couple friends to be wed! The point is, there are many ways to save, and the rich who started from scratch know this too well.

Countless of successful women serve as witness to the fact that meditation increases productivity. Heather Hancock, CEO, is one of them: “There was no clutter in my mind anymore, and I started to do things at work in a lot less time; something that used to take three hours now takes one.”

It is also a way to discover great ideas that might give you your ‘big break.’

As New York photographer and artist Olivia Locher puts it, “To find the best ideas you have to go deep within yourself”. Even big names like Arianna Huffington and Oprah Winfrey consider meditation as an imperative to their success.

May it be five or 30 minutes a day, meditation can take you a long way. This should include, of course, taking good care of yourself – physically, mentally, emotionally, etc. – by sleeping early, eating healthy, exercising regularly, decluttering your environment and cyberspace, and spending time with family/friends. Consider these alternative ways to manage stress as well.

Attending conferences and hearing what financial advisors have to say are one thing, but you can dig deeper. You may have earned a couple of degrees, various certifications and years of experience in your field/s, but successful people know that you can always learn a thing or two from people from every walk of life.

You might receive some lessons and pointers from their stories and experiences, whether good or bad, so keep your ears open!

Having goals and aspirations in life are crucial because they are propelling agents, motivating you to not waste time and act for what you want to achieve. When things are not going the way you want them to, remembering what you are aiming for usually pushes you to keep moving forward.

Here is an efficient way of goal-setting: Keep the acronym S.M.A.R.T. in mind. They stand for specific, measurable, attainable, relevant, and time-bound goals. Write them down and review them every few months to see if you’re on the right track.

Having a to-do list or a planner of sorts may also be a great idea. For one, they serve as reminders not only of your goals but also the tasks you need to accomplish. Think of these to-do’s as your stepping stones to your end goals, and do not leave those checkboxes unmarked.

Having a planner is also advantageous regarding time-management. When you set time for what you have to do throughout the day or week, they turn into ‘mini goals’ which you can check up on more easily and adjust if left unfinished.

Think of savings for instance: start saving $100 a month at 25, and you will have a total of $18,000 (without interest) by the time you are 40. If you start saving at 30, you will only have $12,000.

This also means you should start building your reputation, network and skills as early as you can. Don’t be afraid to meet and befriend people of different professions and fields. You may also want to consider learning another language – this is a proven advantage and can raise salary offers significantly.

Such advice also applies to daily routines. For instance, when there are tasks at hand, be an early bird and start working on them early instead of procrastinating and waiting until the deadline is draws near.

Other than that, waking up early (after a proper good night’s rest, that is) might also be a good idea. A lot of successful people find that being early risers increases their productivity; it lets them start their work way ahead of others and provides them with some quiet, personal time and space.

Why should you manage your money? Why not just let your secretary, assistant or financial advisor do it for you? The thing is, there are benefits to being able to handle your financial matters. Being able to manage your finances means you can check and control your spending and balance them correctly.

You are less likely to go beyond your means when you do your own budgeting and computations, and the chances of you following your financial plans are even greater. More than that, it is a valuable skill that needs to developed over time.

READ MORE:
5 Things You Can Do In Johor Bahru That Will Help You Save Money
8 Ways To Save Money When Booking Holidays Online
Clever Things To Do With Your Year-End Bonus

Text: Anna Haotanto, The New Savvy  / Additional Reporting: Elizabeth Liew
Photo: Pixabay

The New Savvy is Asia’s leading online platform that focuses on financial and career issues for women. They empower women to make smarter financial decisions and transform their money relationships.