Lifestyle

5 ways to avoid being broke as a woman

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Are you a young woman who finds herself always in debt or out of cash?

You need not worry as you need to put just one or two things in place and you’d be fine.

Below are some tips to help you:

1. Budget your spending

Budgeting is one of the best ways your money can work for you because when you budget, you want your money to do what you want it to do.

Allocating a certain amount of your earnings to accomplish certain goals allows you to control your money and by that, you avoid unnecessary spending and save more.

2. Live below your means

Spending above what you earn will only leave a trail of debt behind you. If you’re spending beyond your means because you need to keep up with your friends or show others that you can afford a certain lifestyle, you’re not doing yourself any good.

Stop worrying about what others can afford and think about how you can live within your means. Put your credit or debit card away. They make it easy to spend money you don’t need to spend. Avoid impulse buying as much as possible.

3. Be debt free

Having too many debts to settle hinders you from achieving your financial freedom and it can delay other opportunities. However, settling your debts and getting out can give you enough financial freedom.

4. Only lend money you can afford to lose

Leave a comment below if you have had a bad experience lending money to someone close to you. Many people have had bad experiences with lending money to friends as it may lead to the end of the friendship.

It’s okay to lend a helping hand to someone in need. But that should be when you can afford to. If you are still struggling to find your feet financially, lending money you cannot afford to lose leaves you at the mercy of the borrower. To be on the safer side, only lend money you can afford to let go in the worse case.

5. Save and keep saving!

It is important you make saving your hobby once you pay all your debt. Saving will reduce your financial anxiety and also help you handle the ups and downs that will happen throughout your life.

However, saving alone will not make your money work for you except you invest. It is important you invest your money in one business or the other to grow it and help you attain the financial freedom you seek.

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