Too often women care more about the size of their thighs than the size of their bank account. They research the best skin care regimens but not the best investment opportunities. They worry about looking older but not about how they will pay for their expenses when they actually get older.
However, this does not have to be the case. Women can take hold of their finances, no matter what they currently look like, and focus as much on financial fitness as they do on physical fitness.
There are many things women can do to up their financial fitness game. The key is to start concentrating on being financially healthy.
Work on setting financial goals and focusing on the future. Do not settle for living paycheck to paycheck, or robbing Peter to pay Paul. Following the five basic steps below can boost your financial fitness and get you on the road to where you want to be.
1) Open a checking account.
It is amazing the amount of money one can spend over the course of a lifetime at “check cashing” establishments. Look for checking accounts that are free and have an established network of fee-free ATMs.
2) Pay bills as they come in.
The best way to get out of debt is to never get in it. But even if you are in debt up to your eyeballs right now, work on paying each bill as it is received in the mail. Any extra money should go towards paying down any debt that has already been accrued.
3) Create a budget.
Figure out where the money is going right now and then set realistic money management goals that can be kept. Educate yourself on how to maintain that budget and stay on track with this money management plan.
4) Stop the “broke” talk.
Resist the temptation to talk about being broke, poor, having no money or any other negative self-talk. It can become a self-fulfilling prophesy. Instead, focus on all the good things being done to achieve financial fitness. Creating a positive affirmation such as “I am becoming financially fit,” can be helpful to say when self-doubt creeps in.
5) Make debt-repayment automatic.