3 Money Moves Every Woman Must Make, According to Rachel Cruze

The Financially Savvy Female: 3 Money Moves Every Woman Must Make, According to Rachel Cruze

Gabrielle Olya    Sun, June 6, 2021, 6:00

OBankingRates wants to empower women to take control of their finances. According to the latest stats, women hold $72 billion in private wealth — but fewer women than men consider themselves to be in “good” or “excellent” financial shape. Women are less likely to be investing and are more likely to have debt, and women are still being paid less than men overall. Our “Financially Savvy Female” column will explore the reasons behind these inequities and provide solutions to change them. We believe financial equality begins with financial literacy, so we’re providing tools and tips for women, by women to take control of their money and help them live a richer life.

What is the biggest obstacle you face when it comes to financial success?

Comparison is probably the biggest struggle for me. It’s so hard to avoid these days because you don’t have to live next door to the Joneses to see their new car — we carry them around in our back pockets. But we’re comparing our real lives to someone else’s highlight reel. Comparison will steal your joy and your paycheck.

One of the best ways to overcome this is to unfollow accounts on social media that tempt you to shop. Out of sight, out of mind — you need to put some blinders on and focus on your own goals in life. Money is the tool to help you achieve them, and it’s hard to win with money when you’re spending it based on someone else’s values.

What is the best piece of advice you received along your financial journey?

Don’t do debt. Period! Debt will keep you paying for your past when you should be focused on your present and future. Our culture has normalized debt, but 78% of Americans live paycheck to paycheck. Not to mention that 40% of people can’t cover a $400 emergency with cash.

Being “normal” is not setting you up for financial freedom. Look, money flows two ways. If you’re spending more than you make, you’ll continue to repeat the cycle of debt. Start living below your means and cut down on expenses. It’s a simple concept, but it’s not the norm these days. Start budgeting your money and saving up for purchases that you would normally swipe a credit card to purchase. Practice delayed gratification!

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https://finance.yahoo.com/news/financially-savvy-female-3-money-220016201.html